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

ITT (NYSE:ITT) posted its quarterly earnings results on Wednesday. The conglomerate reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.18, FiscalAI reports. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.42 billion. ITT had a return on equity of 15.66% and a net margin of 8.07%. The business’s revenue was up 44.2% compared to the same quarter last year. During the same period last year, the company earned $1.78 earnings per share.

ITT Stock Performance

ITT traded up $9.46 during trading on Friday, hitting $205.38. The stock had a trading volume of 1,391,354 shares, compared to its average volume of 894,277. The company has a 50 day moving average price of $201.19 and a 200-day moving average price of $199.22. The firm has a market cap of $18.36 billion, a price-to-earnings ratio of 42.26, a P/E/G ratio of 1.64 and a beta of 1.25. ITT has a one year low of $166.96 and a one year high of $230.32. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.26 and a quick ratio of 0.85.

ITT Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 4th will be paid a $0.3860 dividend. The ex-dividend date is Friday, December 4th. This represents a $1.54 annualized dividend and a yield of 0.8%. ITT’s payout ratio is 31.69%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. BMO Capital Markets reissued an “outperform” rating and issued a $273.00 price objective on shares of ITT in a report on Friday, August 7th. Citigroup raised their target price 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. KeyCorp boosted their target price on shares of ITT from $250.00 to $263.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Weiss Ratings lowered shares of ITT from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 23rd. Finally, Stifel Nicolaus set a $256.00 price target on shares of ITT in a research report on Monday, October 19th. Eight analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, ITT has a consensus rating of “Moderate Buy” and an average price target of $260.22.

Insiders Place Their Bets

In other news, CEO Luca Savi bought 5,019 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was bought at an average price of $199.56 per share, with a total value of $1,001,591.64. Following the completion of the acquisition, the chief executive officer owned 267,373 shares of the company’s stock, valued at $53,356,955.88. This represents a 1.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.88% of the stock is owned by insiders.

ITT Company Profile

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.