ITT (NYSE:ITT – Get Rating) released its quarterly earnings data on Thursday. The conglomerate reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.02, Briefing.com reports. ITT had a return on equity of 15.90% and a net margin of 10.92%. The firm had revenue of $733.30 million for the quarter, compared to the consensus estimate of $715.19 million. During the same quarter in the prior year, the company posted $0.94 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. ITT updated its FY 2022 guidance to $4.35-$4.65 EPS and its FY22 guidance to $4.35-4.65 EPS.
ITT Trading Up 1.7 %
ITT stock traded up $1.33 during midday trading on Friday, hitting $78.37. The stock had a trading volume of 505,932 shares, compared to its average volume of 621,565. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 22.14, a P/E/G ratio of 1.47 and a beta of 1.47. ITT has a 52 week low of $63.77 and a 52 week high of $105.54. The stock has a 50-day simple moving average of $69.94 and a 200 day simple moving average of $76.40.
ITT Dividend Announcement
The company also recently announced 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 yield of 1.35%. ITT’s dividend payout ratio (DPR) is currently 29.94%.
Analysts Set New Price Targets
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp lifted its position in ITT by 4.0% in the first quarter. State Street Corp now owns 2,254,374 shares of the conglomerate’s stock worth $170,136,000 after purchasing an additional 87,718 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of ITT by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,059,146 shares of the conglomerate’s stock valued at $79,667,000 after acquiring an additional 6,511 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of ITT by 58.4% during the first quarter. Goldman Sachs Group Inc. now owns 913,985 shares of the conglomerate’s stock valued at $68,741,000 after acquiring an additional 336,860 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of ITT by 3.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 719,617 shares of the conglomerate’s stock valued at $54,123,000 after acquiring an additional 23,423 shares during the period. Finally, Capital Group Private Client Services Inc. lifted its holdings in shares of ITT by 35.5% during the first quarter. Capital Group Private Client Services Inc. now owns 689,486 shares of the conglomerate’s stock valued at $51,856,000 after acquiring an additional 180,753 shares during the period. 95.64% of the stock is owned by institutional investors.
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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