ITT Up 13.9% On News Of Company Split (ITT)

Shares of ITT Corporation ITT are trading up 13.9% at $60.10 per share during the Wednesday afternoon trading session. The company announced on Wednesday before the market opened that it plans to split into three separate, publicly traded companies. Chairman, president and chief executive officer Steve Loranger said, “In recent years, we have nurtured and grown our unique portfolio of businesses, which are now poised to emerge as three strong and focused standalone companies, with leading products and market positions, highly skilled employees and tremendous value-generating potential for shareowners. In today's business environment, we believe this strategy is the best approach to unlock this value and position the three businesses to grow and serve customers as focused global companies." The day's trading range for shares of ITT Corporation has been between $60.02 and a 52-week high of $64.00 per share. Analysts covering ITT Corporation (ITT) stock give it a consensus price target of $58.81 per share. Trading volume for ITT Corporation has been extremely heavy, with 15.2 million shares having been traded today, more than 14 times the daily average volume of 1.3 million shares. ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. Read more from Benzinga's Company news.