ITT Inc. to Post FY2023 Earnings of $5.20 Per Share, KeyCorp Forecasts (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Stock analysts at KeyCorp lifted their FY2023 earnings per share (EPS) estimates for shares of ITT in a research note issued on Thursday, November 2nd. KeyCorp analyst J. Hammond now expects that the conglomerate will post earnings per share of $5.20 for the year, up from their previous forecast of $5.10. KeyCorp currently has a “Overweight” rating and a $115.00 price objective on the stock. The consensus estimate for ITT’s current full-year earnings is $5.10 per share. KeyCorp also issued estimates for ITT’s Q4 2023 earnings at $1.33 EPS and FY2024 earnings at $5.80 EPS.

A number of other analysts also recently issued reports on ITT. TD Cowen lifted their target price on ITT from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, August 29th. Bank of America lifted their target price on ITT from $97.00 to $105.00 in a research report on Friday, July 14th. StockNews.com downgraded ITT from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 29th. Citigroup lifted their target price on ITT from $98.00 to $109.00 in a research report on Monday, July 10th. Finally, Stifel Nicolaus lifted their target price on ITT from $106.00 to $113.00 and gave the company a “buy” rating in a research report on Wednesday, July 19th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $108.43.

ITT Stock Performance

NYSE:ITT opened at $101.21 on Monday. The stock’s 50-day simple moving average is $97.99 and its 200 day simple moving average is $92.74. The company has a market cap of $8.31 billion, a P/E ratio of 19.73, a P/E/G ratio of 1.45 and a beta of 1.41. ITT has a 52-week low of $73.07 and a 52-week high of $103.96.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, August 3rd. The conglomerate reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.16. ITT had a return on equity of 18.43% and a net margin of 13.48%. The firm had revenue of $833.90 million for the quarter, compared to the consensus estimate of $795.91 million. During the same quarter last year, the business posted $0.98 EPS. The company’s revenue for the quarter was up 13.7% on a year-over-year basis.

Hedge Funds Weigh In On ITT

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. boosted its holdings in shares of ITT by 10.5% during the first quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock worth $696,000 after acquiring an additional 878 shares during the period. Panagora Asset Management Inc. boosted its holdings in shares of ITT by 9.5% during the first quarter. Panagora Asset Management Inc. now owns 16,808 shares of the conglomerate’s stock worth $1,264,000 after acquiring an additional 1,462 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of ITT by 10.5% during the first 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 during the period. Great West Life Assurance Co. Can boosted its holdings in shares of ITT by 3.5% during the first quarter. Great West Life Assurance Co. Can now owns 76,995 shares of the conglomerate’s stock worth $5,949,000 after acquiring an additional 2,592 shares during the period. Finally, Synovus Financial Corp boosted its holdings in shares of 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 acquiring an additional 208 shares during the period. Institutional investors own 90.73% of the company’s stock.

ITT announced that its Board of Directors has initiated a share repurchase program on Wednesday, October 4th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the conglomerate to buy up to 12.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

ITT Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 1st will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date is Thursday, November 30th. ITT’s payout ratio is currently 22.61%.

ITT Company Profile

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the transportation, industrial, and energy markets worldwide. The company operates in 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.