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

Key Points

• ITT reported quarterly EPS of $2.26, beating the $2.08 consensus by $0.18, while revenue of $1.44 billion also topped estimates.
• Revenue rose 44.2% year over year, and EPS increased from $1.78 in the prior-year quarter.
• Shares fell $3.64 to $201.47 on Wednesday despite the earnings beat; analysts’ consensus rating was “Moderate Buy,” with a $260.22 price target.

ITT (NYSE:ITT - Get Free Report) issued its quarterly earnings results on Wednesday. The conglomerate reported $2.26 EPS for the quarter, beating analysts' consensus estimates of $2.08 by $0.18, FiscalAI reports. ITT had a return on equity of 15.90% and a net margin of 8.90%. The firm had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the prior year, the business posted $1.78 earnings per share. ITT's revenue for the quarter was up 44.2% on a year-over-year basis.

ITT Stock Performance

ITT traded down $3.64 on Wednesday, hitting $201.47. 1,159,465 shares of the company's stock were exchanged, compared to its average volume of 711,321. The firm has a market cap of $18.01 billion, a PE ratio of 39.50, a P/E/G ratio of 1.68 and a beta of 1.25. ITT has a twelve month low of $166.96 and a twelve month high of $230.32. The stock has a fifty day moving average of $201.49 and a two-hundred day moving average of $199.15. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 0.60.

ITT Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 5th. Investors of record on Tuesday, September 8th were given a dividend of $0.3860 per share. This represents a $1.54 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Tuesday, September 8th. ITT's dividend payout ratio is currently 30.20%.

Wall Street Analyst Weigh In

ITT has been the subject of several research analyst reports. KeyCorp boosted their price objective on ITT from $250.00 to $263.00 and gave the company an "overweight" rating in a report on Friday, August 7th. Weiss Ratings downgraded ITT from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 23rd. BMO Capital Markets reiterated an "outperform" rating and issued a $273.00 target price on shares of ITT in a research report on Friday, August 7th. Citigroup boosted their price target on ITT from $254.00 to $267.00 and gave the company a "buy" rating in a report on Friday, August 7th. Finally, DA Davidson upped their price target on ITT from $255.00 to $265.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Eight analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, ITT presently has a consensus rating of "Moderate Buy" and a consensus price target of $260.22.

Insider Transactions at ITT

In other ITT news, CAO Graziano De sold 700 shares of ITT stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $214.54, for a total value of $150,178.00. Following the completion of the transaction, the chief accounting officer directly owned 7,159 shares in the company, valued at $1,535,891.86. The trade was a 8.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Luca Savi bought 5,019 shares of the stock in a transaction dated Monday, August 31st. The shares were bought at an average cost of $199.56 per share, with a total value of $1,001,591.64. Following the completion of the acquisition, the chief executive officer directly owned 267,373 shares of the company's stock, valued at approximately $53,356,955.88. The trade was a 1.91% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.88% of the company's stock.

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.

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