ITT (NYSE:ITT) Issues Quarterly Earnings Results

ITT (NYSE:ITTGet Rating) issued its earnings results on Tuesday. The conglomerate reported $0.97 EPS for the quarter, meeting the consensus estimate of $0.97, MarketWatch Earnings reports. ITT had a return on equity of 16.29% and a net margin of 11.44%. The business had revenue of $726.20 million for the quarter, compared to the consensus estimate of $695.93 million. During the same period last year, the business posted $1.06 EPS. The company’s revenue was up 4.0% compared to the same quarter last year. ITT updated its FY22 guidance to $4.30 to $4.70 EPS.

NYSE ITT traded up $0.79 on Tuesday, hitting $72.24. 7,414 shares of the company traded hands, compared to its average volume of 746,738. The business has a 50 day simple moving average of $76.83. The firm has a market cap of $6.05 billion, a P/E ratio of 19.89, a price-to-earnings-growth ratio of 1.24 and a beta of 1.50. ITT has a 52-week low of $68.80 and a 52-week high of $105.54.

The business also recently announced a quarterly dividend, which was paid on Monday, April 4th. Investors of record on Wednesday, March 9th were given a dividend of $0.264 per share. The ex-dividend date was Tuesday, March 8th. This is an increase from ITT’s previous quarterly dividend of $0.22. This represents a $1.06 annualized dividend and a yield of 1.46%. ITT’s payout ratio is 29.04%.

Several brokerages have commented on ITT. Stifel Nicolaus cut their target price on ITT from $107.00 to $91.00 and set a “buy” rating on the stock in a research note on Monday, April 18th. Oppenheimer downgraded ITT from an “outperform” rating to a “market perform” rating in a research note on Monday, March 28th. StockNews.com started coverage on ITT in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. UBS Group upgraded ITT from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $107.00 to $95.00 in a research note on Friday, April 8th. Finally, Citigroup dropped their price target on ITT from $124.00 to $112.00 in a research note on Friday, February 11th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $106.09.

In other ITT news, CEO Luca Savi sold 10,290 shares of the firm’s stock in a transaction dated Thursday, February 17th. The stock was sold at an average price of $87.44, for a total transaction of $899,757.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the business. JustInvest LLC raised its holdings in ITT by 75.8% during the fourth quarter. JustInvest LLC now owns 6,552 shares of the conglomerate’s stock valued at $670,000 after acquiring an additional 2,824 shares during the period. BlackRock Inc. raised its holdings in ITT by 0.4% during the fourth quarter. BlackRock Inc. now owns 6,996,933 shares of the conglomerate’s stock valued at $715,016,000 after acquiring an additional 27,659 shares during the period. Walleye Trading LLC bought a new stake in shares of ITT in the fourth quarter worth about $269,000. KB Financial Partners LLC bought a new stake in shares of ITT in the fourth quarter worth about $36,000. Finally, Allianz Asset Management GmbH increased its holdings in shares of ITT by 47.1% in the fourth quarter. Allianz Asset Management GmbH now owns 224,689 shares of the conglomerate’s stock worth $22,961,000 after purchasing an additional 71,988 shares during the last quarter. 95.64% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading

Earnings History for ITT (NYSE:ITT)

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