Ameriprise Financial Inc. reduced its stake in ITT Corp. (NYSE:ITT) by 2.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,958 shares of the company’s stock after selling 7,336 shares during the period. Ameriprise Financial Inc. owned approximately 0.30% of ITT Corp. worth $8,666,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of ITT. Mesirow Financial Investment Management Equity Management bought a new position in shares of ITT Corp. during the second quarter valued at approximately $20,020,000. JPMorgan Chase & Co. raised its position in shares of ITT Corp. by 143.8% in the first quarter. JPMorgan Chase & Co. now owns 431,399 shares of the company’s stock valued at $15,914,000 after buying an additional 254,469 shares during the period. Chartwell Investment Partners LLC raised its position in shares of ITT Corp. by 63.9% in the second quarter. Chartwell Investment Partners LLC now owns 479,250 shares of the company’s stock valued at $15,326,000 after buying an additional 186,770 shares during the period. Emerald Acquisition Ltd. bought a new position in shares of ITT Corp. during the second quarter valued at approximately $4,529,000. Finally, LSV Asset Management raised its position in shares of ITT Corp. by 21.6% in the second quarter. LSV Asset Management now owns 625,832 shares of the company’s stock valued at $20,014,000 after buying an additional 111,332 shares during the period. Institutional investors and hedge funds own 89.37% of the company’s stock.
Shares of ITT Corp. (NYSE:ITT) traded up 2.60% during mid-day trading on Wednesday, reaching $36.24. 213,892 shares of the company traded hands. The stock has a market capitalization of $3.25 billion, a PE ratio of 13.78 and a beta of 1.28. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.52. The firm has a 50 day moving average of $35.55 and a 200-day moving average of $35.14.
ITT Corp. (NYSE:ITT) last released its earnings results on Thursday, August 4th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.07. ITT Corp. had a return on equity of 16.02% and a net margin of 9.49%. The business earned $626.20 million during the quarter, compared to the consensus estimate of $620.12 million. During the same period last year, the company earned $0.69 earnings per share. The business’s revenue for the quarter was down .3% compared to the same quarter last year. On average, equities research analysts expect that ITT Corp. will post $2.40 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were given a dividend of $0.124 per share. The ex-dividend date was Wednesday, September 7th. This represents a $0.50 annualized dividend and a dividend yield of 1.40%. ITT Corp.’s dividend payout ratio (DPR) is 19.01%.
Several research analysts have commented on ITT shares. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of ITT Corp. in a report on Tuesday, August 23rd. Barclays PLC decreased their price objective on shares of ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. Zacks Investment Research downgraded shares of ITT Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. KeyCorp reaffirmed a “sector weight” rating on shares of ITT Corp. in a research report on Wednesday, June 29th. Finally, Seaport Global Securities raised shares of ITT Corp. from an “accumulate” rating to a “buy” rating and upped their target price for the stock from $37.00 to $41.00 in a research report on Friday, June 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $41.43.
About ITT Corp.
ITT Corporation (ITT) is a diversified manufacturer of engineered critical components and technology solutions for industrial markets. The Company’s product and service offerings are organized in four segments: Industrial Process, Motion Technologies, Interconnect Solutions and Control Technologies. Industrial Process manufactures engineered fluid process equipment, and is a provider of plant optimization, solutions and aftermarket services and parts.
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