ITT Inc. (NYSE:ITT) to Post Q1 2024 Earnings of $1.34 Per Share, Zacks Research Forecasts

ITT Inc. (NYSE:ITT) – Equities research analysts at Zacks Research increased their Q1 2024 EPS estimates for ITT in a research note issued to investors on Wednesday, March 27th. Zacks Research analyst R. Department now forecasts that the conglomerate will post earnings per share of $1.34 for the quarter, up from their previous forecast of $1.33. The consensus estimate for ITT’s current full-year earnings is $5.76 per share. Zacks Research also issued estimates for ITT’s Q4 2024 earnings at $1.48 EPS, FY2024 earnings at $5.67 EPS, Q3 2025 earnings at $1.73 EPS and FY2025 earnings at $6.47 EPS.

ITT (NYSE:ITT) last released its quarterly earnings results on Thursday, February 8th. The conglomerate reported $1.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.34. ITT had a net margin of 12.50% and a return on equity of 17.91%. The company had revenue of $829.10 million during the quarter, compared to the consensus estimate of $814.38 million. During the same period in the previous year, the business earned $1.29 earnings per share. The firm’s quarterly revenue was up 7.0% on a year-over-year basis.

A number of other brokerages have also recently issued reports on ITT. Stifel Nicolaus lifted their price objective on shares of ITT from $122.00 to $131.00 and gave the company a “buy” rating in a research note on Tuesday, December 19th. DA Davidson boosted their target price on shares of ITT from $140.00 to $155.00 and gave the stock a “buy” rating in a research report on Tuesday. StockNews.com downgraded shares of ITT from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 6th. Finally, Citigroup increased their target price on shares of ITT from $122.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, December 11th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $124.57.

ITT Price Performance

Shares of NYSE:ITT opened at $136.85 on Thursday. The company’s 50 day simple moving average is $125.45 and its 200 day simple moving average is $112.68. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 27.59, a price-to-earnings-growth ratio of 1.89 and a beta of 1.42. ITT has a 1 year low of $75.82 and a 1 year high of $138.29.

Hedge Funds Weigh In On ITT

A number of hedge funds have recently modified their holdings of the company. IFP Advisors Inc raised its stake in shares of ITT by 63.4% in the third quarter. IFP Advisors Inc now owns 304 shares of the conglomerate’s stock valued at $30,000 after acquiring an additional 118 shares during the period. Householder Group Estate & Retirement Specialist LLC purchased a new position in ITT during the 3rd quarter worth approximately $34,000. AdvisorNet Financial Inc grew its stake in shares of ITT by 101.0% during the 4th quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock worth $48,000 after purchasing an additional 204 shares during the period. KB Financial Partners LLC acquired a new stake in shares of ITT during the 1st quarter worth approximately $36,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new stake in ITT in the 4th quarter valued at $57,000. 91.59% of the stock is currently owned by institutional investors.

ITT Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 8th will be paid a $0.319 dividend. The ex-dividend date of this dividend is Thursday, March 7th. This is a positive change from ITT’s previous quarterly dividend of $0.29. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.93%. ITT’s payout ratio is currently 25.81%.

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.