ITT (NYSE:ITT) Posts Quarterly Earnings Results, Beats Estimates By $0.18 EPS

ITT (NYSE:ITT) issued its quarterly earnings data on Wednesday. The conglomerate reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.08 by $0.18, FiscalAI reports. ITT had a return on equity of 15.90% and a net margin of 8.90%. The business had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the company posted $1.78 EPS. The business’s revenue for the quarter was up 44.2% compared to the same quarter last year.

ITT Price Performance

Shares of NYSE ITT traded down $3.64 during mid-day trading on Wednesday, reaching $201.47. The company had a trading volume of 1,159,465 shares, compared to its average volume of 711,321. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 0.60. The stock has a market cap of $18.01 billion, a PE ratio of 39.50, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a 50-day moving average price of $201.49 and a two-hundred day moving average price of $199.15. ITT has a 1-year low of $166.96 and a 1-year high of $230.32.

ITT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Tuesday, September 8th were issued a $0.3860 dividend. This represents a $1.54 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date was Tuesday, September 8th. ITT’s payout ratio is presently 30.20%.

Analyst Upgrades and Downgrades

ITT has been the topic of several recent analyst reports. Weiss Ratings downgraded ITT from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, October 23rd. Wolfe Research assumed coverage on ITT in a research note on Tuesday, September 15th. They issued an “outperform” rating and a $272.00 price target for the company. KeyCorp raised their price target on ITT from $250.00 to $263.00 and gave the company an “overweight” rating in a report on Friday, August 7th. Citigroup upped their price target on shares of ITT from $254.00 to $267.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, DA Davidson increased their price objective on shares of ITT from $255.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $260.22.

Insider Buying and Selling at ITT

In related news, CEO Luca Savi bought 5,019 shares of ITT stock in a transaction dated Monday, August 31st. The stock was acquired at an average cost of $199.56 per share, with a total value of $1,001,591.64. Following the completion of the acquisition, the chief executive officer directly owned 267,373 shares in the company, valued at approximately $53,356,955.88. This trade represents a 1.91% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Graziano De sold 700 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $214.54, for a total value of $150,178.00. Following the completion of the transaction, the chief accounting officer owned 7,159 shares of the company’s stock, valued at $1,535,891.86. This trade represents a 8.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.88% of the company’s stock.

ITT Company Profile

ITT Inc (NYSE: ITT) is a global industrial manufacturer that designs and produces highly engineered components and technology solutions for transportation, industrial, energy, aerospace, defense and other specialized markets. The company serves original equipment manufacturers, distributors and end users through operations in North America, Europe, Asia and other international markets.

ITT operates through three primary business segments. Motion Technologies develops brake pads, shock absorbers, sealing products and other engineered components used in automotive, rail and related transportation applications.