ITT Stock (NYSE:ITT), Trade Ideas

ITT Inc is a diversified manufacturer of engineered critical components and customized technology solutions predominantly for the transportation, industrial and energy markets. The company's products include, brake pads, shock absorbers, pumps, valves, connectors, switches and others. Its operating segments are; Motion Technologies (MT), Industrial Process (IP), and Connect & Control Technologies (CCT). The majority of the revenue is generated from the Motion Technologies segment which is a manufacturer of brake pads, shims, shock absorbers, energy absorption components and sealing technologies. Geographically, the company generates majority of the revenue from North America, and also has its presence in South America, Europe, Asia, Middle East and Africa.

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Ethan Meyers, the research director at Westfield Capital Management, has a knack for identifying promising investments that have proven fruitful, especially for the Harbor Small Cap Growth Fund, where Westfield is a subadviser.

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ITT Inc

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Ratings for ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) were provided by 4 analysts in the past three months, showcasing a mix of bullish and bearish perspectives.
The table below provides a concise overview of recent ratings by analysts, offering insights into the changing sentiments over the past 30 days and drawing comparisons with the preceding months for a holistic perspective.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have set 12-month price targets for ITT, revealing an average target of $153.0, a high estimate of $157.00, and a low estimate of $150.00. Marking an increase of 10.07%, the current average surpasses the previous average price target of $139.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1713366054_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
A comprehensive examination of how financial experts perceive ITT is derived from recent analyst actions. The following is a detailed summary of key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Nathan Jones</td>
<td>Stifel</td>
<td>Raises</td>
<td>Buy</td>
<td>$150.00</td>
<td>$141.00</td>
</tr>
<tr>
<td>Jeffrey Hammond</td>
<td>Keybanc</td>
<td>Raises</td>
<td>Overweight</td>
<td>$150.00</td>
<td>$136.00</td>
</tr>
<tr>
<td>Vladimir Bystricky</td>
<td>Citigroup</td>
<td>Raises</td>
<td>Buy</td>
<td>$157.00</td>
<td>$139.00</td>
</tr>
<tr>
<td>Matt Summerville</td>
<td>DA Davidson</td>
<td>Raises</td>
<td>Buy</td>
<td>$155.00</td>
<td>$140.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Responding to changing market dynamics and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their response to recent developments related to ITT. This offers insight into analysts' perspectives on the current state of the company.</li>
<li>Rating: Unveiling insights, analysts deliver qualitative insights into stock performance, from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of ITT compared to the broader market.</li>
<li>Price Targets: Delving into movements, analysts provide estimates for the future value of ITT's stock. This analysis reveals shifts in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of ITT's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/ITT/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on ITT analyst ratings.</a>
<h2>Get to Know ITT Better</h2>
ITT Inc is a diversified manufacturer of engineered critical components and customized technology solutions predominantly for the transportation, industrial and energy markets. The company's products include, brake pads, shock absorbers, pumps, valves, connectors, switches and others. Its operating segments are; Motion Technologies (MT), Industrial Process (IP), and Connect &amp; Control Technologies (CCT). The majority of the revenue is generated from the Motion Technologies segment which is a manufacturer of brake pads, shims, shock absorbers, energy absorption components and sealing technologies. Geographically, the company generates majority of the revenue from North America, and also has its presence in South America, Europe, Asia, Middle East and Africa.
<h3>Financial Insights: ITT</h3>
Market Capitalization: With restricted market capitalization, the company is positioned below industry averages. This reflects a smaller scale relative to peers.
Positive Revenue Trend: Examining ITT's financials over 3 months reveals a positive narrative. The company achieved a noteworthy revenue growth rate of 7.04% as of 31 December, 2023, showcasing a substantial increase in top-line earnings. When compared to others in the Industrials sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: ITT's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of 11.04%, the company may face hurdles in effective cost management.
Return on Equity (ROE): ITT's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 3.71%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): ITT's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 2.37% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: ITT's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 0.11.
<h2>The Basics of Analyst Ratings</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
In addition to their assessments, some analysts extend their insights by offering predictions for key metrics such as earnings, revenue, and growth estimates. This supplementary information provides further guidance for traders. It is crucial to recognize that, despite their specialization, analysts are human and can only provide forecasts based on their beliefs.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Beyond The Numbers: 4 Analysts Discuss ITT Stock

Stifel analyst Nathan Jones maintains ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) with a Buy and raises the price target from $141 to $150.

Price Target

Stifel Maintains Buy on ITT, Raises Price Target to $150

Keybanc analyst Jeffrey Hammond maintains ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) with a Overweight and raises the price target from $136 to $150.

Keybanc Maintains Overweight on ITT, Raises Price Target to $150

Citigroup analyst Vladimir Bystricky maintains ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) with a Buy and raises the price target from $139 to $157.

Citigroup Maintains Buy on ITT, Raises Price Target to $157

ITT's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) short percent of float has risen 13.82% since its last report. The company recently reported that it has 1.00 million shares sold short, which is 1.4% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.3 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>ITT Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712587510_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for ITT has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing ITT's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, ITT's peer group average for short interest as a percentage of float is 3.38%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

Trading Ideas

Peering Into ITT's Recent Short Interest

DA Davidson analyst Matt Summerville maintains ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) with a Buy and raises the price target from $140 to $155.

DA Davidson Maintains Buy on ITT, Raises Price Target to $155

ITT's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) short percent of float has risen 3.33% since its last report. The company recently reported that it has 883 thousand shares sold short, which is 1.24% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.76 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>ITT Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1711115122_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for ITT has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing ITT's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, ITT's peer group average for short interest as a percentage of float is 3.06%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

(ITT) - Analyzing ITT's Short Interest

ITT Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) today announced an approximately $11 million investment to expand testing capabilities at three of its Industrial Process (IP) sites to enhance capacity for large project awards in its flow business, reinforcing the company's commitment to an exceptional customer experience.
The investments at IP facilities in Obernkirchen, Germany, Vadodara, India and Dammam, Saudi Arabia will increase ITT's power capacity in pump, motor and control systems testing, enabling the company to locally test larger, more complicated pump packages. The investments are expected to be completed in the third quarter of 2024.
At ITT's Goulds Pumps sites in Saudi Arabia and India, the investments will support future growth as part of ITT's ‘in region, for region' strategy. At ITT's Bornemann pumps site in Obernkirchen, Germany, the company will have the unique ability to replicate field conditions through complete unit multiphase fluid testing once the investments are completed, including a special focus on pump packages deployed in carbon capture and decarbonization applications globally.
"These strategic investments will further enhance our capabilities and customer experience and continue to differentiate ITT from the competition," said Luca Savi, ITT's Chief Executive Officer and President. "Our added capabilities will be a critical part of our commitment to becoming the preferred global flow provider by offering a superior solution through innovation, world-class customer service and flawless execution."
IP is a global leader in centrifugal and twin-screw pumps for the chemical, energy, mining and industrial markets with ~$1.1 billion in revenue in 2023. The segment has 17 manufacturing locations and ~3,300 employees globally.
About ITT

Contracts

Global

ITT Announces ~$11M Investment For Expanded Pump Testing Capabilities In Germany, India And Saudi Arabia To Support Growth And Large Project Awards

Ethan Meyers, the research director at Westfield Capital Management, has a&nbsp;knack for identifying promising investments that have&nbsp;proven fruitful, especially for the Harbor Small Cap Growth Fund, where Westfield is a subadviser.
The&nbsp;fund has consistently outperformed, landing in the top echelons of its category over the past five years, including a notable finish in the top 14% for 2023, as per Morningstar.
Meyers&#39; diverse investment strategy spans small to large caps. Yet, he currently sees the most potential in small-cap stocks, citing their significant upside compared to their larger counterparts, <a href="https://www.businessinsider.com/stocks-to-buy-small-cap-market-rally-investing-strategy-meyers-2024-2">reported </a>Business Insider.
The backdrop of U.S. stocks reaching all-time highs masks the nuanced reality of the market, Meyers told the publication. While indices like the S&amp;P 500 have surged, the performance of many individual stocks remains lackluster.
This disparity has led to a market concentration in a handful of large-cap growth stocks, such as Amazon.com Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amzn#NASDAQ">AMZN</a>), Apple Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>), and Microsoft Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msft#NASDAQ">MSFT</a>), creating a divide between the market&#39;s &quot;haves&quot; and &quot;have-nots.&quot;
Meyers argued&nbsp;that this concentration has created an unsustainable valuation gap, with less recognized stocks trading at a significant discount.
Also Read:&nbsp;<a href="https://www.benzinga.com/news/23/12/36058725/from-bearish-to-bullish-major-analysts-predict-us-stock-markets-performance-in-2024" target="_blank">From Bearish To Bullish: Major Analysts Predict US Stock Market&#39;s Performance In 2024</a>
He believes this presents a ripe opportunity for mean reversion, where capital redistribution from the market&#39;s giants could ignite a rally in smaller companies.
Here are five companies that Meyers is currently enthusiastic about, along with their ticker symbols, market capitalizations, and investment theses.
<h3>Ascendis Pharma (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asnd#NASDAQ">ASND</a>)</h3>
Among the stocks Meyers is bullish on,&nbsp;Ascendis Pharma stands out for its innovative TransCon drug development platform, which promises to improve patient outcomes and drive profitability significantly. Meyers said he anticipates blockbuster sales and earnings growth for the company&#39;s leading drugs by 2030.
<h3>Comfort Systems (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fix#NYSE">FIX</a>)</h3>
Comfort Systems, a leading HVAC, plumbing, and electrical contractor, is poised to benefit from the trends of onshoring and nearshoring.&nbsp;Despite its impressive growth and strong balance sheet, the company remains under the radar of many investors.
<h3>ITT Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/itt#NYSE">ITT</a>)</h3>
ITT Inc., an industrial conglomerate, may not grab headlines like tech companies, but its high returns on invested capital make it a solid investment. Meyers said he values the company&#39;s steady performance and its potential to diversify investment portfolios.
<h3>Meritage Homes (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mth#NYSE">MTH</a>)</h3>
The housing market&#39;s dynamics have shifted, favoring new construction as rising interest rates discourage moving. According to Meyers, Meritage Homes is well-positioned to capitalize on this trend, which is driven by demographic shifts and a focus on desirable geographies.
<h3>M/I Homes (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mho#NYSE">MHO</a>)</h3>
Like Meritage Homes, M/I Homes benefits from the current housing market conditions. Meyers highlights the company&#39;s strategic positioning in regions with solid population growth and its focus on affordability as key drivers of its success.
Now Read:&nbsp;<a href="https://www.benzinga.com/economics/macro-economic-events/23/12/36438336/investor-optimism-tested-navigating-2024-bond-markets-uncertain-terrain">Investor Optimism Tested: Navigating 2024 Bond Market&#39;s Uncertain Terrain</a>
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

ITT's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) short percent of float has risen 9.09% since its last report. The company recently reported that it has 856 thousand shares sold short, which is 1.2% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.91 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>ITT Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1708699521_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for ITT has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing ITT's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, ITT's peer group average for short interest as a percentage of float is 3.06%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

WIIM

ITT shares are trading lower after the company reported Q4 financial results and issued FY24 guidance.

2024 Guidance
We expect revenue growth of 9% to 12%, up 3% to 6% on an organic basis; operating margin of 16.7% to 17.3%, and adjusted operating margin of 16.9% to 17.5%, flat to up 60 bps; EPS of $5.37 to $5.82, and adjusted EPS of $5.45 to $5.90, representing growth of 9% at the midpoint; and free cash flow of $435 million to $475 million, representing free cash flow margin of 12% to 13% for full year 2024.

Guidance

ITT FY24 Outlook: Adj. EPS $5.45-$5.90 Vs. $5.90 Estimate, GAAP EPS $5.37-$5.82 Vs, $5.84 Estimate, Revenue Growth 9%-12%

ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) reported quarterly earnings of $1.34 per share which met the analyst consensus estimate. This is a 3.88 percent increase over earnings of $1.29 per share from the same period last year. The company reported quarterly sales of $829.10 million which beat the analyst consensus estimate of $814.39 million by 1.81 percent. This is a 7.04 percent increase over sales of $774.60 million the same period last year.

Earnings

ITT Q4 Adj. EPS $1.34, Inline, Sales $829.10M Beat $814.39M Estimate

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Earnings Scheduled For February 8, 2024

ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) is set to give its latest quarterly earnings report on Thursday, 2024-02-08. Here's what investors need to know before the announcement.
Analysts estimate that ITT will report an earnings per share (EPS) of $1.34. 
ITT bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company beat EPS by $0.10, which was followed by a 1.45% increase in the share price the next day.
Here's a look at ITT's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>1.27</td>
<td>1.17</td>
<td>1.11</td>
<td>1.24</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>1.37</td>
<td>1.33</td>
<td>1.17</td>
<td>1.29</td>
</tr>
<tr>
<td>Price Change %</td>
<td>1.45%</td>
<td>-0.6%</td>
<td>2.1%</td>
<td>2.84%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1707314519_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of ITT were trading at $124.99 as of February 05. Over the last 52-week period, shares are up 41.26%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<a href="https://www.benzinga.com/quote/ITT/earnings">To track all earnings releases for ITT visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Earnings Preview For ITT

ITT Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) today announced the company has signed a three-year agreement for the supply of API-610 centrifugal pump systems and related products and engineered services to ExxonMobil, one of the world's largest international energy and petrochemical companies. The agreement contains a $50 million minimum contract commitment, with a total potential value of $80 million in revenue over the term, and represents the largest single contract ever awarded to Goulds Pumps, ITT's industrial pumps and valves manufacturer.
Goulds Pumps, a part of ITT's Industrial Process (IP) segment, will provide heavy duty engineered centrifugal pump systems and aftermarket parts and services to ExxonMobil to support its existing operations, primarily in North America. Under the agreement, ExxonMobil has the ability to leverage proprietary ITT technology to enhance the user experience while lowering the total cost of ownership through shortened project cycle times. Goulds Pumps will also provide enterprise-wide support and a dedicated global project management team to oversee execution of the agreement.
"We are humbled and honored to partner with a blue-chip energy company like ExxonMobil on this important award. Our teams in North America, India and South Korea will work hard to serve ExxonMobil locally in each region to deliver high-quality pumps that meet our customer's expectations, and to provide a frictionless customer experience. The award is a testament to the work our teams have done to position ITT as a supplier of choice for flow applications worldwide," said Luca Savi, ITT's Chief Executive Officer and President.
IP is a global leader in centrifugal and twin-screw pumps for the chemical, energy, mining and industrial markets with ~$1 billion in revenue in 2022. The segment has 17 manufacturing locations and ~2,700 employees globally. In April 2022, ITT acquired privately held Habonim, an Israeli-based leading manufacturer of ball valves and actuation technologies for harsh applications to grow IP's valves portfolio. In November 2023, ITT announced the acquisition of Svanehøj, a Denmark-based pump manufacturer with leading positions in cryogenic applications for the marine sector, including deepwell gas cargo pumps, fuel and energy pumps and tank control systems, which closed on Jan. 19, 2024.

ITT To Provide Highly Engineered Pump Systems And Aftermarket Services; Agreement Contains A $50M Minimum Contract Commitment, With A Total Potential Value Of $80M In Revenue Over The Term

Stifel analyst Nathan Jones maintains ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) with a Buy and raises the price target from $122 to $131.

Stifel Maintains Buy on ITT, Raises Price Target to $131

Citigroup analyst Vladimir Bystricky maintains ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) with a Buy and raises the price target from $122 to $134.

Citigroup Maintains Buy on ITT, Raises Price Target to $134

B of A Securities analyst Andrew Obin upgrades ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>) from Neutral to Buy and raises the price target from $105 to $125.

Upgrades

B of A Securities Upgrades ITT to Buy, Raises Price Target to $125

Don DeFosset, Board Member at ITT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITT#NYSE">ITT</a>), reported a large insider sell on November 8, according to a new SEC filing. 
What Happened: A Form 4 filing from the <a href="https://www.sec.gov/Archives/edgar/data/0000216228/000120919123054703//Archives/edgar/data/216228/000120919123054703/0001209191-23-054703-index.htm">U.S. Securities and Exchange Commission</a> on Wednesday showed that DeFosset sold 9,996 shares of ITT. The total transaction amounted to $1,012,150. 
ITT shares are trading down 0.0% at $100.69 at the time of this writing on Thursday morning.
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<h3>Why Insider Transactions Are Important</h3>
Insider transactions shouldn't be used primarily to make an investing decision, however an insider transaction can be an important factor in the investing decision. 
In legal terms, an "insider" refers to any officer, director, or beneficial owner of more than ten percent of a company's equity securities registered under Section 12 of the Securities Exchange Act of 1934. This can include executives in the c-suite and large hedge funds. These insiders are required to let the public know of their transactions via a Form 4 filing, which must be filed within two business days of the transaction.
When a company insider makes a new purchase, that is an indication that they expect the stock to rise.
Insider sells, on the other hand, can be made for a variety of reasons, and may not necessarily mean that the seller thinks the stock will go down. 
<h3>Transaction Codes To Focus On</h3>
<a href="https://www.benzinga.com/money/investing-tools">Investors</a> prefer focusing on transactions that take place in the open market, indicated in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S indicates a sale. Transaction code C indicates the conversion of an option, and transaction code A indicates the insider may have been forced to sell shares in order to receive compensation that had been promised upon being hired by the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000216228">Check Out The Full List Of ITT's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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