JPMorgan Chase & Co. reduced its position in shares of ITT Corp. (NYSE:ITT) by 38.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 263,402 shares of the company’s stock after selling 167,997 shares during the period. JPMorgan Chase & Co. owned approximately 0.29% of ITT Corp. worth $8,425,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its position in ITT Corp. by 19.1% in the first quarter. UBS Asset Management Americas Inc. now owns 335,637 shares of the company’s stock worth $12,382,000 after buying an additional 53,859 shares in the last quarter. BlackRock Inc. boosted its position 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. Hancock Holding Co. purchased a new position in ITT Corp. during the first quarter worth approximately $2,745,000. Calvert Investment Management Inc. boosted its position in ITT Corp. by 2.6% in the second quarter. Calvert Investment Management Inc. now owns 7,148 shares of the company’s stock worth $229,000 after buying an additional 184 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new position in ITT Corp. during the second quarter worth approximately $292,000. 89.37% of the stock is currently owned by institutional investors and hedge funds.
Shares of ITT Corp. (NYSE:ITT) traded down 1.90% during trading on Friday, reaching $35.64. 176,054 shares of the company’s stock were exchanged. The stock has a market cap of $3.19 billion, a P/E ratio of 13.55 and a beta of 1.28. ITT Corp. has a 12-month low of $29.15 and a 12-month high of $40.52. The company has a 50 day moving average of $35.60 and a 200 day moving average of $35.16.
ITT Corp. (NYSE:ITT) last announced its earnings results on Thursday, August 4th. The company reported $0.67 earnings per share (EPS) 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 business had revenue of $626.20 million for the quarter, compared to analyst estimates of $620.12 million. During the same quarter last year, the business earned $0.69 earnings per share. The company’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 year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Friday, September 9th were paid a $0.124 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Wednesday, September 7th. ITT Corp.’s dividend payout ratio is currently 19.01%.
ITT has been the topic of a number of research analyst reports. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. KeyCorp reissued a “sector weight” rating on shares of ITT Corp. in a research note on Wednesday, June 29th. Zacks Investment Research cut ITT Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday. Barclays PLC reduced their price objective on ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Finally, Seaport Global Securities raised ITT Corp. from an “accumulate” rating to a “buy” rating and raised their price objective for the company from $37.00 to $41.00 in a research note on Friday, June 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average 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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