Baker Ellis Asset Management LLC purchased a new stake in shares of ITT Corp. (NYSE:ITT) during the second quarter, Holdings Channel reports. The institutional investor purchased 32,678 shares of the company’s stock, valued at approximately $1,045,000.
Several other hedge funds have also recently added to or reduced their stakes in ITT. Aperio Group LLC increased its stake in ITT Corp. by 7.5% in the first quarter. Aperio Group LLC now owns 17,929 shares of the company’s stock valued at $661,000 after buying an additional 1,258 shares in the last quarter. Nisa Investment Advisors L.L.C. increased its stake in ITT Corp. by 8.4% in the first quarter. Nisa Investment Advisors L.L.C. now owns 21,824 shares of the company’s stock worth $805,000 after buying an additional 1,700 shares in the last quarter. TIAA CREF Investment Management LLC increased its stake in ITT Corp. by 2.8% in the first quarter. TIAA CREF Investment Management LLC now owns 305,058 shares of the company’s stock worth $11,254,000 after buying an additional 8,279 shares in the last quarter. Teachers Advisors Inc. increased its stake in ITT Corp. by 6.4% in the first quarter. Teachers Advisors Inc. now owns 920,889 shares of the company’s stock worth $33,972,000 after buying an additional 55,366 shares in the last quarter. Finally, BlackRock Inc. increased its stake in ITT Corp. by 17.5% in the first quarter. BlackRock Inc. now owns 49,120 shares of the company’s stock worth $1,813,000 after buying an additional 7,298 shares in the last quarter. 89.37% of the stock is currently owned by hedge funds and other institutional investors.
Shares of ITT Corp. (NYSE:ITT) traded up 2.52% during midday trading on Wednesday, hitting $36.21. The stock had a trading volume of 795,205 shares. The stock’s 50-day moving average price is $35.55 and its 200 day moving average price is $35.14. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.52. The company has a market cap of $3.24 billion, a price-to-earnings ratio of 13.77 and a beta of 1.28.
ITT Corp. (NYSE:ITT) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.60 by $0.07. The company had revenue of $626.20 million for the quarter, compared to analysts’ expectations of $620.12 million. ITT Corp. had a net margin of 9.49% and a return on equity of 16.02%. The business’s revenue was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 EPS. On average, equities analysts forecast that ITT Corp. will post $2.40 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 9th were issued a $0.124 dividend. The ex-dividend date was Wednesday, September 7th. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.37%. ITT Corp.’s dividend payout ratio is presently 19.01%.
ITT has been the topic of a number of recent research reports. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of ITT Corp. in a research report on Tuesday, August 23rd. KeyCorp reaffirmed a “sector weight” rating on shares of ITT Corp. in a research report on Wednesday, June 29th. Barclays PLC lowered their target price on ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research report on Monday, July 18th. Zacks Investment Research downgraded ITT Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Seaport Global Securities raised ITT Corp. from an “accumulate” rating to a “buy” rating and lifted their target price for the company 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 stock. The company presently has an average rating of “Hold” and an average target price 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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