ITT (NYSE:ITT) Issues FY 2022 Earnings Guidance

ITT (NYSE:ITT – Get Rating) updated its FY 2022 earnings guidance on Thursday. The company provided EPS guidance of $4.35-$4.65 for the period, compared to the consensus EPS estimate of $4.36. The company issued revenue guidance of $2.96 billion-$3.01 billion, compared to the consensus revenue estimate of $2.97 billion. ITT also updated its FY22 guidance to $4.35-4.65 EPS.

Analysts Set New Price Targets

A number of brokerages have issued reports on ITT. DA Davidson cut their target price on ITT from $110.00 to $100.00 and set a buy rating for the company in a research note on Tuesday, June 21st. Cowen lowered their price target on ITT from $105.00 to $92.00 and set an outperform rating for the company in a report on Monday, June 13th. Robert W. Baird lowered their price target on ITT from $90.00 to $84.00 in a report on Wednesday, May 4th. StockNews.com upgraded ITT from a hold rating to a buy rating in a report on Friday. Finally, Bank of America cut ITT from a buy rating to a neutral rating and lowered their price target for the stock from $113.00 to $74.00 in a report on Monday, July 11th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, ITT currently has a consensus rating of Moderate Buy and an average price target of $94.00.

ITT Trading Up 1.7 %

ITT stock traded up $1.33 during midday trading on Friday, reaching $78.37. 505,932 shares of the stock traded hands, compared to its average volume of 388,832. The company has a 50-day simple moving average of $70.04 and a two-hundred day simple moving average of $76.27. ITT has a 12-month low of $63.77 and a 12-month high of $105.54. The firm has a market cap of $6.54 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 1.48 and a beta of 1.47.

ITT (NYSE:ITT – Get Rating) last announced its quarterly earnings data on Thursday, August 4th. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.02. The business had revenue of $733.30 million during the quarter, compared to analysts’ expectations of $715.19 million. ITT had a return on equity of 16.13% and a net margin of 12.01%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.94 EPS. Equities research analysts anticipate that ITT will post 4.4 earnings per share for the current year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Friday, September 2nd will be paid a $0.264 dividend. This represents a $1.06 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, September 1st. ITT’s payout ratio is presently 26.63%.

Institutional Investors Weigh In On ITT

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of ITT by 10.5% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 31,372 shares of the conglomerate’s stock worth $2,359,000 after acquiring an additional 2,992 shares in the last quarter. Capital Group International Inc. CA increased its position in ITT by 1,278.7% during the first quarter. Capital Group International Inc. CA now owns 27,078 shares of the conglomerate’s stock worth $2,037,000 after buying an additional 25,114 shares during the period. Dynamic Technology Lab Private Ltd increased its position in ITT by 88.4% during the first quarter. Dynamic Technology Lab Private Ltd now owns 21,710 shares of the conglomerate’s stock worth $1,633,000 after buying an additional 10,189 shares during the period. Hsbc Holdings PLC increased its position in ITT by 4.3% during the first quarter. Hsbc Holdings PLC now owns 19,753 shares of the conglomerate’s stock worth $1,503,000 after buying an additional 816 shares during the period. Finally, Synovus Financial Corp increased its position in ITT by 1.2% during the first quarter. Synovus Financial Corp now owns 17,523 shares of the conglomerate’s stock worth $1,330,000 after buying an additional 208 shares during the period. Institutional investors and hedge funds own 95.64% of the company’s stock.

About ITT

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ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates through three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. 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.