ITT (NYSE:ITT) Issues FY22 Earnings Guidance

ITT (NYSE:ITTGet Rating) updated its FY22 earnings guidance on Thursday. The company provided EPS guidance of $4.35-4.65 for the period, compared to the consensus EPS estimate of $4.38. The company issued revenue guidance of +7-9% yr/yr to $2.96-3.01 billion, compared to the consensus revenue estimate of $2.97 billion. ITT also updated its FY 2022 guidance to $4.35-$4.65 EPS.

Analyst Upgrades and Downgrades

Several research firms have commented on ITT. Robert W. Baird decreased their target price on shares of ITT from $90.00 to $84.00 in a research report on Wednesday, May 4th. Cowen decreased their target price on shares of ITT from $105.00 to $92.00 in a research report on Monday, June 13th. TheStreet cut shares of ITT from a b- rating to a c+ rating in a research report on Monday, July 11th. StockNews.com upgraded shares of ITT from a hold rating to a buy rating in a report on Friday. Finally, Bank of America cut shares of ITT from a buy rating to a neutral rating and decreased their price objective for the company from $113.00 to $74.00 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $94.00.

ITT Stock Up 1.7 %

NYSE:ITT traded up $1.33 during trading hours on Friday, reaching $78.37. 505,932 shares of the company’s stock were exchanged, compared to its average volume of 388,832. The company has a market capitalization 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 has a 12 month low of $63.77 and a 12 month high of $105.54. The business’s 50-day simple moving average is $70.04 and its two-hundred day simple moving average is $76.27.

ITT (NYSE:ITTGet Rating) last issued its earnings results on Thursday, August 4th. The conglomerate reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02. The firm had revenue of $733.30 million during the quarter, compared to analysts’ expectations of $715.19 million. ITT had a net margin of 12.01% and a return on equity of 16.13%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period last year, the firm posted $0.94 earnings per share. As a group, sell-side analysts anticipate that ITT will post 4.4 earnings per share for the current fiscal year.

ITT Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 2nd will be given a $0.264 dividend. The ex-dividend date is Thursday, September 1st. This represents a $1.06 annualized dividend and a dividend yield of 1.35%. ITT’s dividend payout ratio (DPR) is presently 26.63%.

Institutional Investors Weigh In On ITT

Several hedge funds have recently made changes to their positions in the company. Neuberger Berman Group LLC lifted its position 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 buying an additional 123,247 shares in the last quarter. Capital Group International Inc. CA lifted 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 in the last quarter. Gamco Investors INC. ET AL lifted 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 in the last quarter. Jane Street Group LLC lifted 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 in the last quarter. Finally, Point72 Hong Kong Ltd purchased a new stake in ITT in the 1st quarter worth approximately $785,000. Hedge funds and other institutional investors own 95.64% of the company’s stock.

About ITT

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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.

See Also

Earnings History and Estimates for ITT (NYSE:ITT)

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