DA Davidson Comments on ITT Inc.’s Q2 2024 Earnings (NYSE:ITT)

ITT Inc. (NYSE:ITT) – Equities research analysts at DA Davidson issued their Q2 2024 EPS estimates for shares of ITT in a research note issued to investors on Monday, May 6th. DA Davidson analyst M. Summerville forecasts that the conglomerate will earn $1.44 per share for the quarter. DA Davidson currently has a “Buy” rating and a $155.00 target price on the stock. The consensus estimate for ITT’s current full-year earnings is $5.80 per share.

Other equities research analysts also recently issued research reports about the stock. Stifel Nicolaus boosted their price objective on shares of ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, April 17th. KeyCorp upped their target price on shares of ITT from $136.00 to $150.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. StockNews.com lowered shares of ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Citigroup raised their price target on shares of ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Finally, UBS Group raised their price target on shares of ITT from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday. Nine investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $138.38.

ITT Price Performance

Shares of NYSE:ITT opened at $136.41 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.59 and a debt-to-equity ratio of 0.09. ITT has a fifty-two week low of $75.82 and a fifty-two week high of $138.29. The firm has a 50-day simple moving average of $129.97 and a 200 day simple moving average of $119.48. The company has a market cap of $11.23 billion, a PE ratio of 26.75, a P/E/G ratio of 1.76 and a beta of 1.43.

ITT (NYSE:ITT) last announced its quarterly earnings data on Thursday, May 2nd. The conglomerate reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.06. ITT had a net margin of 12.41% and a return on equity of 18.21%. The business had revenue of $910.60 million during the quarter, compared to the consensus estimate of $883.21 million. During the same quarter in the prior year, the firm earned $1.17 EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year.

ITT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 3rd will be paid a dividend of $0.319 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.94%. ITT’s dividend payout ratio is presently 25.10%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of ITT by 73.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 681,839 shares of the conglomerate’s stock valued at $92,751,000 after acquiring an additional 288,671 shares during the period. Bleakley Financial Group LLC increased its stake in shares of ITT by 5.3% during the first quarter. Bleakley Financial Group LLC now owns 2,840 shares of the conglomerate’s stock valued at $386,000 after acquiring an additional 143 shares during the period. US Bancorp DE increased its stake in shares of ITT by 4.9% during the first quarter. US Bancorp DE now owns 15,723 shares of the conglomerate’s stock valued at $2,139,000 after acquiring an additional 740 shares during the period. Russell Investments Group Ltd. increased its stake in shares of ITT by 19.5% during the first quarter. Russell Investments Group Ltd. now owns 54,785 shares of the conglomerate’s stock valued at $7,452,000 after acquiring an additional 8,956 shares during the period. Finally, Sei Investments Co. increased its stake in shares of ITT by 2.0% during the first quarter. Sei Investments Co. now owns 79,286 shares of the conglomerate’s stock valued at $10,785,000 after acquiring an additional 1,589 shares during the period. Institutional investors and hedge funds own 91.59% of the company’s stock.

About ITT

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.