KeyCorp Analysts Cut Earnings Estimates for ITT Inc. (NYSE:ITT)

ITT Inc. (NYSE:ITTGet Rating) – Equities researchers at KeyCorp dropped their Q1 2022 EPS estimates for shares of ITT in a note issued to investors on Tuesday, April 26th. KeyCorp analyst J. Hammond now expects that the conglomerate will post earnings per share of $0.96 for the quarter, down from their prior forecast of $1.03. KeyCorp also issued estimates for ITT’s FY2022 earnings at $4.40 EPS and FY2023 earnings at $5.04 EPS.

Several other research analysts have also weighed in on ITT. StockNews.com began coverage on shares of ITT in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Citigroup reduced their target price on ITT from $124.00 to $112.00 in a report on Friday, February 11th. Stifel Nicolaus dropped their price objective on ITT from $107.00 to $91.00 and set a “buy” rating for the company in a report on Monday, April 18th. UBS Group raised shares of ITT from a “neutral” rating to a “buy” rating and cut their price target for the company from $107.00 to $95.00 in a research note on Friday, April 8th. Finally, The Goldman Sachs Group lowered their price objective on shares of ITT from $109.00 to $94.00 and set a “buy” rating on the stock in a report on Thursday, April 7th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, ITT presently has a consensus rating of “Buy” and a consensus price target of $106.09.

ITT opened at $70.14 on Wednesday. ITT has a 1-year low of $69.94 and a 1-year high of $105.54. The firm has a market capitalization of $5.88 billion, a P/E ratio of 19.22, a price-to-earnings-growth ratio of 1.30 and a beta of 1.56. The business has a 50 day moving average price of $78.17.

ITT (NYSE:ITTGet Rating) last released its earnings results on Wednesday, February 9th. The conglomerate reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $685.40 million during the quarter, compared to analyst estimates of $700.80 million. ITT had a net margin of 11.44% and a return on equity of 16.29%. During the same quarter in the previous year, the firm earned $1.01 earnings per share.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 4th. Investors of record on Wednesday, March 9th were issued a $0.264 dividend. This is an increase from ITT’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Tuesday, March 8th. This represents a $1.06 dividend on an annualized basis and a dividend yield of 1.51%. ITT’s dividend payout ratio (DPR) is presently 29.04%.

In other ITT news, CEO Luca Savi sold 10,290 shares of the stock in a transaction that occurred on Thursday, February 17th. The shares were sold at an average price of $87.44, for a total transaction of $899,757.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the business. Capital International Investors lifted its position in ITT by 7.2% during the fourth quarter. Capital International Investors now owns 9,913,100 shares of the conglomerate’s stock valued at $1,013,020,000 after purchasing an additional 669,698 shares during the period. BlackRock Inc. boosted its holdings in ITT by 0.4% in the 4th quarter. BlackRock Inc. now owns 6,996,933 shares of the conglomerate’s stock worth $715,016,000 after buying an additional 27,659 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of ITT by 2.9% in the fourth quarter. Alliancebernstein L.P. now owns 2,321,312 shares of the conglomerate’s stock worth $237,215,000 after acquiring an additional 65,659 shares during the last quarter. State Street Corp lifted its holdings in ITT by 1.6% in the 4th quarter. State Street Corp now owns 2,166,656 shares of the conglomerate’s stock valued at $221,411,000 after purchasing an additional 33,480 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of ITT by 0.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,181,809 shares of the conglomerate’s stock valued at $101,447,000 after buying an additional 3,234 shares during the last quarter. Institutional investors and hedge funds own 92.06% of the company’s stock.

About ITT (Get Rating)

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.

See Also

Earnings History and Estimates for ITT (NYSE:ITT)

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