Taurus Asset Management Lowers stake in ITT Corp (ITT)

ITT Corp (ITT) : Taurus Asset Management reduced its stake in ITT Corp by 4.3% during the most recent quarter end. The investment management company now holds a total of 135,181 shares of ITT Corp which is valued at $4,696,188 after selling 6,075 shares in ITT Corp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.ITT Corp makes up approximately 0.79% of Taurus Asset Management’s portfolio.

Other Hedge Funds, Including , D.a. Davidson boosted its stake in ITT in the latest quarter, The investment management firm added 199 additional shares and now holds a total of 499 shares of ITT Corp which is valued at $17,335.Vanguard Group Inc boosted its stake in ITT in the latest quarter, The investment management firm added 317,540 additional shares and now holds a total of 7,087,764 shares of ITT Corp which is valued at $246,228,921. ITT Corp makes up approx 0.01% of Vanguard Group Inc’s portfolio.Jensen Investment Management Inc boosted its stake in ITT in the latest quarter, The investment management firm added 440 additional shares and now holds a total of 11,750 shares of ITT Corp which is valued at $380,465. ITT Corp makes up approx 0.01% of Jensen Investment Management Inc’s portfolio.High Point Bank Trust Co reduced its stake in ITT by selling 100 shares or 3.67% in the most recent quarter. The Hedge Fund company now holds 2,623 shares of ITT which is valued at $84,933. ITT Corp makes up approx 0.02% of High Point Bank Trust Co’s portfolio.Ibm Retirement Fund boosted its stake in ITT in the latest quarter, The investment management firm added 34 additional shares and now holds a total of 9,123 shares of ITT Corp which is valued at $293,669. ITT Corp makes up approx 0.01% of Ibm Retirement Fund’s portfolio.

ITT Corp closed down -0.25 points or -0.69% at $35.93 with 7,52,905 shares getting traded on Thursday. Post opening the session at $36.17, the shares hit an intraday low of $35.48 and an intraday high of $36.27 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, ITT Corp reported $0.67 EPS for the quarter, beating the analyst consensus estimate by $ 0.07 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $0.60. The company had revenue of $626.20 million for the quarter, compared to analysts expectations of $619.61 million. The company’s revenue was down -.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.69 EPS.

Investors should note that on Aug 10, 2016, ITT Corp announced a cash dividend of $0.1240. The company’s management has announced Sep 7, 2016 as the ex-dividend date and fixed the record date on Sep 9, 2016. The payable date has been fixed on Oct 3, 2016.

Many Wall Street Analysts have commented on ITT Corp. ITT Corp was Resumed by KeyBanc Capital Mkts to “Sector Weight” on Jun 29, 2016. Company shares were Upgraded by Seaport Global Securities on Jun 10, 2016 to ” Buy”, Firm has raised the Price Target to $ 41 from a previous price target of $37 .

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. Motion Technologies manufactures brake components shock absorbers and damping technologies for the automotive truck and trailer public bus and rail transportation markets. Interconnect Solutions manufactures and designs a range of engineered connector solutions that makes it possible to transfer signal and power between electronic devices. Control Technologies manufactures equipment including actuation valves and noise and energy absorption components for the aerospace and defense and industrial markets.

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