According to Zacks, “ITT Corp.’s operations as well as profitability have been suffering in recent times, due to factors like lower operating income, tepid sales and higher effective tax rate. Going forward, softness in industrial as well as oil & gas markets remains a major headwind that. On account of these headwinds, ITT Corp. expects revenues in the oil and gas segment to plummet 46% on a year-over-year basis in the second half.In addition, pricing pressure on large projects and lower petrochemical and mining project activity will likely aggravate the fall in industrial business. However, ITT Corp.’s comprehensive three-pronged growth strategy involving optimizing execution, effective capital deployment and market expansion are expected to mitigate these weaknesses to some extent.”
A number of other research analysts have also issued reports on the company. Oppenheimer Holdings Inc. reiterated a market perform rating on shares of ITT Corp. in a research report on Tuesday, August 23rd. Barclays PLC reduced their price target on ITT Corp. from $38.00 to $37.00 and set an equal weight rating for the company in a research report on Monday, July 18th. KeyCorp reiterated a sector weight rating on shares of ITT Corp. in a research report on Wednesday, June 29th. Finally, Seaport Global Securities upgraded ITT Corp. from an accumulate rating to a buy rating and boosted their price target 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 issued a hold rating and five have assigned a buy rating to the company. ITT Corp. presently has a consensus rating of Hold and an average target price of $41.43.
ITT Corp. (NYSE:ITT) traded up 2.46% during mid-day trading on Tuesday, hitting $36.19. The company had a trading volume of 119,904 shares. The company has a market cap of $3.24 billion, a PE ratio of 13.76 and a beta of 1.28. ITT Corp. has a one year low of $29.15 and a one year high of $40.52. The company’s 50 day moving average price is $35.55 and its 200-day moving average price is $35.14.
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, beating the Zacks’ 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 analyst estimates of $620.12 million. During the same quarter in the previous year, the firm posted $0.69 EPS. The business’s revenue for the quarter was down .3% compared to the same quarter last year. Equities research analysts anticipate that ITT Corp. will post $2.40 EPS for the current fiscal year.
The business 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. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Wednesday, September 7th. ITT Corp.’s dividend payout ratio (DPR) is presently 19.01%.
Large investors have recently made changes to their positions in the company. Capital Research Global Investors raised its stake in shares of ITT Corp. by 4.9% in the second quarter. Capital Research Global Investors now owns 9,710,010 shares of the company’s stock worth $310,526,000 after buying an additional 453,010 shares during the period. Vanguard Group Inc. increased its position in shares of ITT Corp. by 4.7% in the second quarter. Vanguard Group Inc. now owns 7,087,764 shares of the company’s stock worth $226,666,000 after buying an additional 317,540 shares in the last quarter. BlackRock Fund Advisors increased its position in shares of ITT Corp. by 6.0% in the second quarter. BlackRock Fund Advisors now owns 3,157,571 shares of the company’s stock worth $100,979,000 after buying an additional 178,221 shares in the last quarter. Systematic Financial Management LP increased its position in shares of ITT Corp. by 1.3% in the second quarter. Systematic Financial Management LP now owns 2,739,741 shares of the company’s stock worth $87,616,000 after buying an additional 34,282 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. increased its position in shares of ITT Corp. by 1.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,616,159 shares of the company’s stock worth $83,665,000 after buying an additional 44,654 shares in the last quarter. 89.37% of the stock is currently owned by institutional investors.
ITT Corp. Company Profile
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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