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

ITT Inc. (NYSE:ITT) – Stock analysts at DA Davidson issued their Q2 2024 earnings per share (EPS) estimates for ITT in a research note issued to investors on Monday, May 6th. DA Davidson analyst M. Summerville anticipates that the conglomerate will post earnings per share of $1.44 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.

ITT has been the topic of a number of other reports. Citigroup raised their price target on ITT from $139.00 to $157.00 and gave the company a “buy” rating in a research note on Monday, April 8th. KeyCorp raised their price target on ITT from $136.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. UBS Group raised their price target on ITT from $135.00 to $158.00 and gave the company a “buy” rating in a research note on Wednesday. Stifel Nicolaus raised their price target on ITT from $141.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. Finally, StockNews.com cut ITT from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 6th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $138.38.

ITT Stock Up 1.3 %

Shares of NYSE ITT opened at $136.41 on Tuesday. The stock has a market cap of $11.23 billion, a P/E ratio of 26.75, a PEG ratio of 1.76 and a beta of 1.43. The company has a current ratio of 1.59, a quick ratio of 1.08 and a debt-to-equity ratio of 0.09. ITT has a 12-month low of $75.82 and a 12-month high of $138.29. The business’s fifty day simple moving average is $129.97 and its 200-day simple moving average is $119.48.

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

ITT Dividend Announcement

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

Hedge Funds Weigh In On ITT

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rise Advisors LLC grew its holdings in shares of ITT by 788.5% during the first quarter. Rise Advisors LLC now owns 231 shares of the conglomerate’s stock worth $31,000 after buying an additional 205 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in shares of ITT by 101.0% during the fourth quarter. AdvisorNet Financial Inc now owns 406 shares of the conglomerate’s stock worth $48,000 after buying an additional 204 shares during the last quarter. Tradewinds Capital Management LLC purchased a new position in shares of ITT during the first quarter worth about $68,000. Clearstead Advisors LLC grew its holdings in shares of ITT by 81.7% during the third quarter. Clearstead Advisors LLC now owns 556 shares of the conglomerate’s stock worth $54,000 after buying an additional 250 shares during the last quarter. Finally, YHB Investment Advisors Inc. purchased a new position in shares of ITT during the first quarter worth about $76,000. Hedge funds and other institutional investors own 91.59% of the company’s stock.

ITT Company Profile

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.