ITT (NYSE:ITT) Issues FY 2024 Earnings Guidance

ITT (NYSE:ITT) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 5.800-5.860 for the period, compared to the consensus EPS estimate of 5.830. The company issued revenue guidance of $3.6 billion-$3.7 billion, compared to the consensus revenue estimate of $3.6 billion. ITT also updated its FY24 guidance to $5.80-5.86 EPS.

ITT Stock Performance

ITT stock traded down $4.71 during midday trading on Thursday, reaching $140.12. The stock had a trading volume of 647,275 shares, compared to its average volume of 386,273. The stock has a market cap of $11.45 billion, a PE ratio of 28.05, a P/E/G ratio of 1.92 and a beta of 1.40. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.10 and a current ratio of 1.55. The firm has a fifty day simple moving average of $142.79 and a two-hundred day simple moving average of $136.09. ITT has a 52-week low of $91.94 and a 52-week high of $153.99.

ITT (NYSE:ITT) last issued its earnings results on Tuesday, October 29th. The conglomerate reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.03. The company had revenue of $885.20 million during the quarter, compared to analyst estimates of $884.50 million. ITT had a return on equity of 18.30% and a net margin of 12.47%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $1.37 EPS. As a group, equities research analysts anticipate that ITT will post 5.84 EPS for the current year.

ITT Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, November 29th will be given a dividend of $0.319 per share. This represents a $1.28 annualized dividend and a yield of 0.91%. The ex-dividend date of this dividend is Friday, November 29th. ITT’s dividend payout ratio is currently 24.90%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ITT. Robert W. Baird dropped their target price on ITT from $165.00 to $163.00 and set an “outperform” rating on the stock in a research report on Wednesday. TD Cowen raised their target price on ITT from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday. KeyCorp raised their target price on ITT from $155.00 to $164.00 and gave the company an “overweight” rating in a research report on Monday, October 14th. Stifel Nicolaus raised their target price on ITT from $157.00 to $167.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group raised their target price on ITT from $150.00 to $166.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, ITT currently has an average rating of “Buy” and a consensus target price of $157.78.

ITT Company Profile

ITT Inc, together with its subsidiaries, manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets in the United States and internationally. The Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, trucks, light- and heavy-duty commercial and military vehicles, buses, and trains.