ITT (NYSE:ITT) Releases FY 2022 Earnings Guidance

ITT (NYSE:ITTGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.35-$4.65 for the period, compared to the consensus 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 Price Performance

Shares of ITT traded up $1.33 on Friday, reaching $78.37. The company’s stock had a trading volume of 505,932 shares, compared to its average volume of 388,832. The stock has a market capitalization of $6.54 billion, a P/E ratio of 19.69, a PEG ratio of 1.48 and a beta of 1.47. The stock’s 50 day simple moving average is $70.04 and its two-hundred day simple moving average is $76.27. ITT has a 12-month low of $63.77 and a 12-month high of $105.54.

ITT (NYSE:ITTGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The conglomerate reported $0.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 quarter last year, the firm posted $0.94 earnings per share. The firm’s revenue was up 6.0% compared to the same quarter last year. Analysts expect that ITT will post 4.4 earnings per share for the current year.

ITT Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd will be paid a dividend of $0.264 per share. This represents a $1.06 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend is Thursday, September 1st. ITT’s payout ratio is 26.63%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Robert W. Baird decreased their target price on shares of ITT from $90.00 to $84.00 in a research note on Wednesday, May 4th. KeyCorp reduced their price objective on shares of ITT from $100.00 to $90.00 and set an overweight rating on the stock in a research report on Tuesday, July 12th. Stifel Nicolaus reduced their price objective on shares of ITT from $107.00 to $91.00 and set a buy rating on the stock in a research report on Monday, April 18th. TheStreet cut shares of ITT from a b- rating to a c+ rating in a research report on Monday, July 11th. Finally, UBS Group upgraded shares of ITT from a neutral rating to a buy rating and reduced their price objective for the company from $107.00 to $95.00 in a research report on Friday, April 8th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $94.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Captrust Financial Advisors boosted its stake in ITT by 5.0% during the first quarter. Captrust Financial Advisors now owns 3,927 shares of the conglomerate’s stock worth $296,000 after buying an additional 188 shares during the period. Bridgewater Associates LP purchased a new position in ITT during the first quarter worth $371,000. Verition Fund Management LLC boosted its stake in ITT by 285.2% during the first quarter. Verition Fund Management LLC now owns 8,009 shares of the conglomerate’s stock worth $602,000 after buying an additional 5,930 shares during the period. American Century Companies Inc. boosted its stake in shares of ITT by 10.5% during the first quarter. American Century Companies Inc. now owns 9,253 shares of the conglomerate’s stock valued at $696,000 after purchasing an additional 878 shares during the period. Finally, Ergoteles LLC purchased a new stake in shares of ITT during the first quarter valued at $696,000. 95.64% of the stock is owned by hedge funds and other institutional investors.

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.

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Earnings History and Estimates for ITT (NYSE:ITT)

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