ITT (NYSE:ITT – Get Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $4.35-$4.65 for the period, compared to the consensus EPS estimate of $4.36. The company issued revenue guidance of $2.96 billion-$3.01 billion, compared to the consensus revenue estimate of $2.97 billion. ITT also updated its FY22 guidance to $4.35-4.65 EPS.
ITT Stock Performance
Shares of NYSE ITT traded up $1.33 during mid-day trading on Friday, hitting $78.37. The stock had a trading volume of 505,932 shares, compared to its average volume of 388,832. ITT has a 1 year low of $63.77 and a 1 year high of $105.54. The business has a 50 day moving average price of $70.04 and a two-hundred day moving average price of $76.27. The firm has a market cap of $6.54 billion, a P/E ratio of 19.69, a price-to-earnings-growth ratio of 1.48 and a beta of 1.47.
ITT (NYSE:ITT – Get Rating) last issued its earnings results on Thursday, August 4th. The conglomerate reported $0.98 EPS for the quarter, topping the consensus estimate of $0.96 by $0.02. ITT had a net margin of 12.01% and a return on equity of 16.13%. The company had revenue of $733.30 million for the quarter, compared to the consensus estimate of $715.19 million. During the same period in the previous year, the firm earned $0.94 earnings per share. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. Equities research analysts predict that ITT will post 4.4 EPS for the current fiscal year.
ITT Announces Dividend
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. StockNews.com upgraded shares of ITT from a hold rating to a buy rating in a report on Friday. Stifel Nicolaus cut their price target on shares of ITT from $107.00 to $91.00 and set a buy rating on the stock in a report on Monday, April 18th. UBS Group upgraded shares of ITT from a neutral rating to a buy rating and cut their price target for the company from $107.00 to $95.00 in a report on Friday, April 8th. Bank of America cut shares of ITT from a buy rating to a neutral rating and cut their price target for the company from $113.00 to $74.00 in a report on Monday, July 11th. Finally, TheStreet cut shares of ITT from a b- rating to a c+ rating in a report on Monday, July 11th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus target price of $94.00.
Hedge Funds Weigh In On ITT
A number of hedge funds have recently bought and sold shares of the company. Neuberger Berman Group LLC boosted its stake in ITT by 45.0% in the 1st quarter. Neuberger Berman Group LLC now owns 397,364 shares of the conglomerate’s stock worth $29,886,000 after purchasing an additional 123,247 shares in the last quarter. Capital Group International Inc. CA raised its position in ITT by 1,278.7% in the 1st quarter. Capital Group International Inc. CA now owns 27,078 shares of the conglomerate’s stock worth $2,037,000 after buying an additional 25,114 shares during the last quarter. Gamco Investors INC. ET AL raised its position in ITT by 5.5% in the 1st quarter. Gamco Investors INC. ET AL now owns 346,238 shares of the conglomerate’s stock worth $26,041,000 after buying an additional 18,093 shares during the last quarter. Jane Street Group LLC raised its position in ITT by 1,882.8% in the 1st quarter. Jane Street Group LLC now owns 78,817 shares of the conglomerate’s stock worth $5,928,000 after buying an additional 74,842 shares during the last quarter. Finally, Point72 Hong Kong Ltd purchased a new position in ITT in the 1st quarter worth about $785,000. Institutional investors own 95.64% of the company’s stock.
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 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.
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