ITT Corp (ITT) Issues FY14 Earnings Guidance
ITT Corp (NYSE:ITT) issued an update on its FY14 earnings guidance on Thursday morning. The company provided EPS guidance of $2.38-2.46 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.35, Stock Ratings Network reports. The company issued revenue guidance of $2.63-2.68 billion, compared to the consensus revenue estimate of $2.65 billion.
Shares of ITT Corp (NYSE:ITT) opened at 47.66 on Thursday. ITT Corp has a one year low of $31.94 and a one year high of $48.84. The stock has a 50-day moving average of $47.30 and a 200-day moving average of $44.10. The company has a market cap of $4.370 billion and a P/E ratio of 8.70. ITT Corp also saw a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 1,188,796 shares, an increase of 70.3% from the June 13th total of 697,932 shares. Currently, 1.3% of the company’s shares are short sold. Based on an average daily volume of 846,229 shares, the short-interest ratio is presently 1.4 days.
ITT Corp (NYSE:ITT) last announced its earnings results on Thursday, July 31st. The company reported $0.60 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.52 by $0.08. The company had revenue of $663.00 million for the quarter, compared to the consensus estimate of $637.02 million. During the same quarter last year, the company posted $0.51 earnings per share. ITT Corp’s revenue was up 8.9% compared to the same quarter last year. On average, analysts predict that ITT Corp will post $2.35 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on ITT shares. Analysts at Zacks upgraded shares of ITT Corp from a neutral rating to an outperform rating in a research note on Monday. They now have a $58.00 price target on the stock. On a related note, analysts at KeyCorp raised their price target on shares of ITT Corp from $50.00 to $52.00 in a research note on Tuesday, July 15th. Finally, analysts at Oppenheimer initiated coverage on shares of ITT Corp in a research note on Tuesday, July 8th. They set a market perform rating on the stock. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $47.21.
ITT Corporation (NYSE:ITT) is a diversified manufacturer of engineered critical components and customized technology solutions for industrial markets.
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