Investment Counselors of Maryland LLC purchased a new position in ITT Corp. (NYSE:ITT) during the third quarter, Holdings Channel reports. The institutional investor purchased 5,590 shares of the company’s stock, valued at approximately $200,000.
Other institutional investors also recently modified their holdings of the company. IBM Retirement Fund increased its position in shares of ITT Corp. by 0.4% in the second quarter. IBM Retirement Fund now owns 9,123 shares of the company’s stock worth $292,000 after buying an additional 34 shares during the period. Parametrica Management Ltd increased its position in shares of ITT Corp. by 0.8% in the third quarter. Parametrica Management Ltd now owns 11,778 shares of the company’s stock worth $422,000 after buying an additional 95 shares during the period. Commonwealth Equity Services Inc increased its position in shares of ITT Corp. by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 8,862 shares of the company’s stock worth $283,000 after buying an additional 104 shares during the period. Northwestern Mutual Investment Management Company LLC increased its position in shares of 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 period. Finally, Cubic Asset Management LLC increased its position in shares of ITT Corp. by 1.0% in the third quarter. Cubic Asset Management LLC now owns 12,457 shares of the company’s stock worth $446,000 after buying an additional 125 shares during the period. 86.64% of the stock is currently owned by institutional investors.
Shares of ITT Corp. (NYSE:ITT) traded down 1.18% during midday trading on Friday, hitting $40.25. 213,334 shares of the stock were exchanged. The stock has a market cap of $3.55 billion, a P/E ratio of 18.45 and a beta of 1.38. The firm’s 50 day moving average price is $35.78 and its 200-day moving average price is $34.73. ITT Corp. has a 52-week low of $29.15 and a 52-week high of $40.81.
ITT Corp. (NYSE:ITT) last released its quarterly earnings data on Friday, November 4th. The company reported $0.58 EPS for the quarter, hitting the consensus estimate of $0.58. ITT Corp. had a return on equity of 15.41% and a net margin of 7.93%. The company earned $582 million during the quarter, compared to the consensus estimate of $582.12 million. During the same period last year, the company earned $0.63 EPS. ITT Corp.’s revenue for the quarter was down 3.4% on a year-over-year basis. On average, equities research analysts expect that ITT Corp. will post $2.27 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 9th will be issued a $0.124 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $0.50 annualized dividend and a yield of 1.23%. ITT Corp.’s payout ratio is 22.94%.
Several research firms have commented on ITT. KeyCorp raised shares of ITT Corp. from a “sector weight” rating to an “overweight” rating and set a $40.00 price objective on the stock in a report on Monday, November 7th. They noted that the move was a valuation call. Zacks Investment Research raised shares of ITT Corp. from a “sell” rating to a “hold” rating in a report on Friday, November 18th. Barclays PLC reaffirmed a “buy” rating on shares of ITT Corp. in a report on Monday, November 7th. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of ITT Corp. in a report on Tuesday, August 23rd. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $40.57.
In related news, insider Aris C. Chicles sold 56,380 shares of ITT Corp. stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $38.28, for a total value of $2,158,226.40. Following the completion of the sale, the insider now directly owns 72,117 shares in the company, valued at approximately $2,760,638.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas M. Scalera sold 9,310 shares of ITT Corp. stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $38.00, for a total value of $353,780.00. Following the completion of the sale, the vice president now owns 60,807 shares of the company’s stock, valued at $2,310,666. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.
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.