ITT (NYSE:ITT) Releases Quarterly Earnings Results, Beats Estimates By $0.18 EPS

ITT (NYSE:ITT) issued its quarterly earnings data on Wednesday. The conglomerate reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.08 by $0.18, FiscalAI reports. The company had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.42 billion. ITT had a net margin of 8.90% and a return on equity of 15.90%. The company’s revenue was up 44.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.78 earnings per share.

ITT Stock Performance

Shares of ITT traded down $3.64 during midday trading on Wednesday, reaching $201.47. 1,159,465 shares of the stock were exchanged, compared to its average volume of 711,321. ITT has a twelve month low of $166.96 and a twelve month high of $230.32. The company has a quick ratio of 0.85, a current ratio of 1.26 and a debt-to-equity ratio of 0.60. The company has a market cap of $18.01 billion, a P/E ratio of 39.50, a PEG ratio of 1.68 and a beta of 1.25. The stock’s 50 day simple moving average is $201.49 and its 200 day simple moving average is $199.15.

ITT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 5th. Stockholders of record on Tuesday, September 8th were issued a dividend of $0.3860 per share. The ex-dividend date of this dividend was Tuesday, September 8th. This represents a $1.54 dividend on an annualized basis and a dividend yield of 0.8%. ITT’s dividend payout ratio (DPR) is currently 30.20%.

Insider Transactions at ITT

In other ITT news, CEO Luca Savi purchased 5,019 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average cost of $199.56 per share, for a total transaction of $1,001,591.64. Following the completion of the purchase, the chief executive officer owned 267,373 shares of the company’s stock, valued at approximately $53,356,955.88. The trade was a 1.91% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Graziano De sold 700 shares of the firm’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $214.54, for a total transaction of $150,178.00. Following the transaction, the chief accounting officer directly owned 7,159 shares in the company, valued at approximately $1,535,891.86. This represents a 8.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on ITT shares. Citigroup upped their price target on shares of ITT from $254.00 to $267.00 and gave the company a “buy” rating in a research note on Friday, August 7th. BMO Capital Markets reissued an “outperform” rating and issued a $273.00 price target on shares of ITT in a report on Friday, August 7th. KeyCorp raised their price objective on shares of ITT from $250.00 to $263.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Weiss Ratings cut ITT from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, October 23rd. Finally, Wolfe Research started coverage on ITT in a report on Tuesday, September 15th. They set an “outperform” rating and a $272.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $260.22.

Key Stories Impacting ITT

Here are the key news stories impacting ITT this week:

• Positive Sentiment: Adjusted EPS was $2.26, above analyst expectations of roughly $2.08, while revenue of about $1.44 billion also topped estimates. Revenue rose 44.2% year over year. ITT Surpasses Q3 Earnings and Revenue Estimates
• Positive Sentiment: ITT raised its full-year EPS guidance, a potentially supportive signal about management’s outlook. ITT Beats Q3 Estimates and Raises Full-Year EPS Guidance
• Negative Sentiment: The quarter’s headline results also distinguish adjusted EPS from reported EPS of $1.38; coverage characterized the results as showing lower profit despite revenue growth. That may have offset some optimism around the beats and guidance increase. ITT Lifts Guidance as 3Q Revenue Grows, Despite Lower Profit

About ITT

ITT Inc (NYSE: ITT) is a global industrial manufacturer that designs and produces highly engineered components and technology solutions for transportation, industrial, energy, aerospace, defense and other specialized markets. The company serves original equipment manufacturers, distributors and end users through operations in North America, Europe, Asia and other international markets.

ITT operates through three primary business segments. Motion Technologies develops brake pads, shock absorbers, sealing products and other engineered components used in automotive, rail and related transportation applications.