ITT Corp. (ITT) VP Thomas M. Scalera Sells 9,310 Shares of Stock
ITT Corp. (NYSE:ITT) VP Thomas M. Scalera sold 9,310 shares of ITT Corp. stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $38.00, for a total value of $353,780.00. Following the sale, the vice president now directly owns 60,807 shares of the company’s stock, valued at $2,310,666. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.
ITT Corp. (NYSE:ITT) opened at 38.93 on Tuesday. The stock has a market cap of $3.43 billion, a price-to-earnings ratio of 17.85 and a beta of 1.38. ITT Corp. has a 12-month low of $29.15 and a 12-month high of $40.12. The company’s 50 day moving average price is $34.93 and its 200-day moving average price is $34.68.
ITT Corp. (NYSE:ITT) last posted its quarterly earnings data on Friday, November 4th. The company reported $0.58 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.58. The company earned $582 million during the quarter, compared to analysts’ expectations of $582.12 million. ITT Corp. had a net margin of 7.93% and a return on equity of 15.41%. The firm’s revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.63 EPS. On average, analysts forecast that ITT Corp. will post $2.27 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Shareholders of record on Friday, December 9th will be given a $0.124 dividend. The ex-dividend date is Wednesday, December 7th. This represents a $0.50 dividend on an annualized basis and a yield of 1.27%. ITT Corp.’s payout ratio is currently 22.94%.
Several research analysts recently weighed in on the company. Barclays PLC restated a “buy” rating on shares of ITT Corp. in a research note on Monday, November 7th. KeyCorp upgraded ITT Corp. from a “sector weight” rating to an “overweight” rating and set a $40.00 target price on the stock in a research note on Monday, November 7th. They noted that the move was a valuation call. Zacks Investment Research downgraded ITT Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Oppenheimer Holdings Inc. restated a “market perform” rating on shares of ITT Corp. in a research note on Tuesday, August 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $40.57.
A number of institutional investors have recently bought and sold shares of the stock. Mesirow Financial Investment Management Equity Management bought a new stake in shares of ITT Corp. during the second quarter worth about $20,020,000. Capital Research Global Investors raised its stake in shares of 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 during the period. Citadel Advisors LLC raised its stake in shares of 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 during the period. Vanguard Group Inc. raised its stake in shares of 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 during the period. Finally, Chartwell Investment Partners LLC raised its stake in shares of 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. 89.06% of the stock is owned by institutional investors.
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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