ITT Inc. (NYSE:ITT) to Post Q1 2024 Earnings of $1.34 Per Share, Zacks Research Forecasts

ITT Inc. (NYSE:ITT) – Stock analysts at Zacks Research upped their Q1 2024 earnings per share estimates for shares of ITT in a note issued to investors on Wednesday, March 27th. Zacks Research analyst R. Department now expects that the conglomerate will post earnings per share of $1.34 for the quarter, up from their prior estimate of $1.33. The consensus estimate for ITT’s current full-year earnings is $5.76 per share. Zacks Research also issued estimates for ITT’s Q4 2024 earnings at $1.48 EPS, FY2024 earnings at $5.67 EPS, Q3 2025 earnings at $1.73 EPS and FY2025 earnings at $6.47 EPS.

A number of other equities analysts have also recently commented on ITT. DA Davidson lifted their price target on ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research note on Tuesday. Stifel Nicolaus lifted their price target on ITT from $122.00 to $131.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. StockNews.com cut ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Finally, Citigroup lifted their price target on ITT from $122.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $124.57.

ITT Trading Down 0.2 %

Shares of NYSE ITT opened at $136.85 on Thursday. The stock’s 50-day moving average is $125.45 and its 200 day moving average is $112.68. The stock has a market cap of $11.24 billion, a price-to-earnings ratio of 27.59, a P/E/G ratio of 1.89 and a beta of 1.42. ITT has a 1-year low of $75.82 and a 1-year high of $138.29.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.34. The company had revenue of $829.10 million for the quarter, compared to analysts’ expectations of $814.38 million. ITT had a return on equity of 17.91% and a net margin of 12.50%. ITT’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $1.29 EPS.

Institutional Investors Weigh In On ITT

Several hedge funds have recently made changes to their positions in ITT. IFP Advisors Inc boosted its holdings in ITT by 63.4% in the third quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock worth $30,000 after acquiring an additional 118 shares in the last quarter. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of ITT in the third quarter worth $34,000. AdvisorNet Financial Inc raised its stake in shares of ITT by 101.0% in the fourth quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock worth $48,000 after purchasing an additional 204 shares during the last quarter. KB Financial Partners LLC purchased a new stake in ITT during the first quarter valued at $36,000. Finally, Bartlett & CO. Wealth Management LLC purchased a new stake in ITT during the fourth quarter valued at $57,000. 91.59% of the stock is currently owned by institutional investors.

ITT Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Investors of record on Friday, March 8th will be given a dividend of $0.319 per share. The ex-dividend date is Thursday, March 7th. This is a positive change from ITT’s previous quarterly dividend of $0.29. This represents a $1.28 annualized dividend and a dividend yield of 0.93%. ITT’s payout ratio is currently 25.81%.

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.