AllianceBernstein LP stated that they own 3.9% of ITT Corp. (NYSE:ITT) in a Form 13G/A disclosure that was filed with the Securities and Exchange Commission (SEC) on Friday, October 7th. The investor owns 3,451,838 shares of the stock valued at $125,405,275. The filing is available through the SEC website at this link.
Several other hedge funds have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. purchased a new stake in ITT Corp. during the third quarter worth approximately $228,000. Foundry Partners LLC increased its stake in ITT Corp. by 24.2% in the third quarter. Foundry Partners LLC now owns 11,360 shares of the company’s stock worth $407,000 after buying an additional 2,210 shares during the last quarter. Macquarie Group Ltd. increased its stake in ITT Corp. by 1.9% in the second quarter. Macquarie Group Ltd. now owns 1,944,430 shares of the company’s stock worth $62,183,000 after buying an additional 36,251 shares during the last quarter. Nomura Holdings Inc. purchased a new stake in ITT Corp. during the second quarter worth approximately $374,000. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in ITT Corp. by 0.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 15,555 shares of the company’s stock worth $497,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 89.37% of the company’s stock.
ITT Corp. (NYSE:ITT) traded down 1.27% on Friday, hitting $35.87. 249,898 shares of the stock traded hands. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 13.64 and a beta of 1.28. The firm’s 50 day moving average is $35.60 and its 200 day moving average is $35.16. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.52.
ITT Corp. (NYSE:ITT) last released 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. The company earned $626.20 million during 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 quarterly revenue was down .3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.69 earnings per share. Equities analysts anticipate 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 issued a $0.124 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Wednesday, September 7th. ITT Corp.’s dividend payout ratio (DPR) is presently 19.01%.
A number of research firms have recently commented on ITT. Zacks Investment Research downgraded ITT Corp. from a “hold” rating to a “sell” rating in a report on Tuesday. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of ITT Corp. in a report on Tuesday, August 23rd. Barclays PLC lowered their price target on ITT Corp. from $38.00 to $37.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. KeyCorp reiterated a “sector weight” rating on shares of ITT Corp. in a report on Wednesday, June 29th. Finally, Seaport Global Securities upgraded ITT Corp. from an “accumulate” rating to a “buy” rating and increased their price target for the company from $37.00 to $41.00 in a report on Friday, June 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus 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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