ITT (NYSE:ITT) Issues FY20 Earnings Guidance

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ITT (NYSE:ITT) issued an update on its FY20 earnings guidance on Friday morning. The company provided EPS guidance of $3.90-4.10 for the period, compared to the Thomson Reuters consensus EPS estimate of $3.99. The company issued revenue guidance of (2%) to 2% to $2.79-2.90 billion, compared to the consensus revenue estimate of $2.93 billion.ITT also updated its FY 2020
Pre-Market guidance to 3.72-4.02 EPS.

Shares of NYSE ITT traded down $3.86 during midday trading on Monday, reaching $67.33. 26,800 shares of the stock were exchanged, compared to its average volume of 660,381. The company has a 50 day simple moving average of $70.94 and a 200 day simple moving average of $65.41. The stock has a market capitalization of $6.24 billion, a P/E ratio of 18.39, a PEG ratio of 2.00 and a beta of 1.65. ITT has a twelve month low of $53.65 and a twelve month high of $75.56.

ITT (NYSE:ITT) last announced its quarterly earnings results on Friday, February 21st. The conglomerate reported $0.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.92 by $0.07. The business had revenue of $719.10 million during the quarter, compared to the consensus estimate of $717.17 million. ITT had a net margin of 11.42% and a return on equity of 17.11%. The business’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.82 EPS. On average, research analysts predict that ITT will post 3.99 earnings per share for the current year.

ITT announced that its Board of Directors has initiated a share buyback program on Friday, November 1st that permits the company to buyback $500.00 million in shares. This buyback authorization permits the conglomerate to reacquire up to 8.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

A number of analysts have recently issued reports on ITT shares. Robert W. Baird set a $75.00 price target on shares of ITT and gave the stock a buy rating in a report on Friday, November 1st. ValuEngine downgraded shares of ITT from a hold rating to a sell rating in a report on Wednesday, January 8th. Goldman Sachs Group raised shares of ITT from a neutral rating to a buy rating and upped their price target for the company from $70.00 to $81.00 in a report on Tuesday, December 10th. Oppenheimer upped their price target on shares of ITT from to in a report on Tuesday, January 7th. Finally, Bank of America downgraded shares of ITT from a buy rating to a neutral rating in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $74.38.

In other ITT news, Director Orlando D. Ashford sold 2,399 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $72.36, for a total value of $173,591.64. Following the sale, the director now owns 20,215 shares of the company’s stock, valued at $1,462,757.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by corporate insiders.

About ITT

ITT Inc manufactures and sells engineered critical components and customized technology solutions for the energy, transportation, and industrial markets worldwide. The company operates in three segments: Motion Technologies, Industrial Process, and Connect & Control Technologies. The Motion Technologies segment manufactures braking pads, shims, shock absorbers, and energy absorption components; and sealing technologies primarily for the transportation industry, including passenger cars, light- and heavy-duty commercial and military vehicles, buses, and rail.

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