Teacher Retirement System of Texas raised its position in shares of ITT Corp. (NYSE:ITT) by 13.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,502 shares of the company’s stock after buying an additional 1,513 shares during the period. Teacher Retirement System of Texas’ holdings in ITT Corp. were worth $400,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Mesirow Financial Investment Management Equity Management acquired a new position in ITT Corp. during the second quarter worth approximately $20,020,000. JPMorgan Chase & Co. increased its position in ITT Corp. by 143.8% in the first quarter. JPMorgan Chase & Co. now owns 431,399 shares of the company’s stock worth $15,914,000 after buying an additional 254,469 shares during the period. Chartwell Investment Partners LLC increased its position in ITT Corp. by 63.9% in the second quarter. Chartwell Investment Partners LLC now owns 479,250 shares of the company’s stock worth $15,326,000 after buying an additional 186,770 shares during the period. Emerald Acquisition Ltd. purchased a new position in ITT Corp. during the second quarter worth $4,529,000. Finally, Paradice Investment Management LLC increased its position in ITT Corp. by 12.5% in the second quarter. Paradice Investment Management LLC now owns 1,083,682 shares of the company’s stock worth $34,640,000 after buying an additional 120,050 shares during the period. 89.37% of the stock is owned by institutional investors and hedge funds.
Shares of ITT Corp. (NYSE:ITT) opened at 35.62 on Monday. The stock has a market capitalization of $3.19 billion, a P/E ratio of 13.54 and a beta of 1.28. The firm’s 50-day moving average price is $35.59 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.
ITT Corp. (NYSE:ITT) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.07. ITT Corp. had a net margin of 9.49% and a return on equity of 16.02%. The firm earned $626.20 million during the quarter, compared to the consensus estimate of $620.12 million. During the same quarter in the previous year, the firm posted $0.69 earnings per share. The company’s revenue was down .3% on a year-over-year basis. Analysts expect that ITT Corp. will post $2.40 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were paid a dividend of $0.124 per share. This represents a $0.50 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend was Wednesday, September 7th. ITT Corp.’s dividend payout ratio is presently 19.01%.
A number of research analysts have weighed in on ITT shares. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of ITT Corp. in a report on Tuesday, August 23rd. KeyCorp reiterated a “sector weight” rating on shares of ITT Corp. in a report on Wednesday, June 29th. Zacks Investment Research downgraded ITT Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Finally, Barclays PLC reduced their target price on ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating on the stock in a report on Monday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $41.43.
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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