ITT Corp. (NYSE:ITT) was upgraded by equities researchers at KeyCorp from a “sector weight” rating to an “overweight” rating in a note issued to investors on Monday. The brokerage currently has a $40.00 target price on the stock. KeyCorp’s price target points to a potential downside of 0.62% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other research analysts also recently commented on ITT. Barclays PLC raised shares of ITT Corp. from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $35.00 to $41.00 in a research note on Monday, October 24th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of ITT Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $40.57.
ITT Corp. (NYSE:ITT) opened at 40.25 on Monday. The company has a 50-day moving average of $35.88 and a 200-day moving average of $34.78. The stock has a market cap of $3.55 billion, a P/E ratio of 18.45 and a beta of 1.38. ITT Corp. has a 52 week low of $29.15 and a 52 week high of $40.81.
ITT Corp. (NYSE:ITT) last posted its quarterly earnings data on Friday, November 4th. The company reported $0.58 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.58. ITT Corp. had a net margin of 7.93% and a return on equity of 15.41%. The company earned $582 million during the quarter, compared to the consensus estimate of $582.12 million. During the same quarter in the prior year, the company posted $0.63 EPS. The company’s quarterly revenue was down 3.4% compared to the same quarter last year. On average, analysts predict that ITT Corp. will post $2.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be issued a $0.124 dividend. This represents a $0.50 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Wednesday, December 7th. ITT Corp.’s dividend payout ratio is presently 22.94%.
In other ITT Corp. news, insider Aris C. Chicles sold 56,380 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 72,117 shares in the company, valued at approximately $2,760,638.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Thomas M. Scalera sold 9,310 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president now owns 60,807 shares of the company’s stock, valued at approximately $2,310,666. The disclosure for this sale can be found here. 1.60% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Mesirow Financial Investment Management Equity Management bought a new position in ITT Corp. during the second quarter worth $20,020,000. Credit Suisse AG boosted its position in ITT Corp. by 507.1% in the third quarter. Credit Suisse AG now owns 551,590 shares of the company’s stock worth $19,768,000 after buying an additional 460,729 shares in the last quarter. Capital Research Global Investors boosted its position in 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 in the last quarter. Citadel Advisors LLC boosted its position in ITT Corp. by 1,581.7% in the second quarter. Citadel Advisors LLC now owns 390,655 shares of the company’s stock worth $12,493,000 after buying an additional 367,425 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in 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. Hedge funds and other institutional investors own 86.64% of the company’s stock.
ITT Corp. Company Profile