ITC Holdings Corp. (NYSE:ITC) Receives Average Rating of “Hold” from Analysts
Shares of ITC Holdings Corp. (NYSE:ITC) have earned an average rating of “Hold” from the eleven brokerages that are currently covering the company. Seven analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $41.60.
Separately, Zacks Investment Research raised ITC Holdings Corp. from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Thursday, September 22nd.
Shares of ITC Holdings Corp. (NYSE:ITC) opened at 46.41 on Friday. The stock has a market capitalization of $7.04 billion, a PE ratio of 29.98 and a beta of -0.01. ITC Holdings Corp. has a 52 week low of $30.33 and a 52 week high of $47.46. The company has a 50-day moving average price of $46.12 and a 200 day moving average price of $45.04.
ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.03. The business earned $298 million during the quarter, compared to analyst estimates of $313 million. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. The company’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the company earned $0.52 EPS. Equities analysts forecast that ITC Holdings Corp. will post $2.13 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a dividend of $0.2155 per share. This is a positive change from ITC Holdings Corp.’s previous quarterly dividend of $0.19. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Tuesday, August 30th. ITC Holdings Corp.’s dividend payout ratio (DPR) is currently 55.84%.
Several large investors have recently modified their holdings of the company. York Capital Management Global Advisors LLC raised its stake in shares of ITC Holdings Corp. by 609.4% in the first quarter. York Capital Management Global Advisors LLC now owns 3,639,650 shares of the company’s stock worth $158,580,000 after buying an additional 3,126,581 shares in the last quarter. Magnetar Financial LLC purchased a new position in ITC Holdings Corp. during the first quarter valued at approximately $107,171,000. Credit Suisse AG increased its position in ITC Holdings Corp. by 73.2% in the second quarter. Credit Suisse AG now owns 4,677,911 shares of the company’s stock valued at $219,020,000 after buying an additional 1,976,301 shares during the last quarter. Pictet Asset Management Ltd. increased its position in ITC Holdings Corp. by 196.2% in the first quarter. Pictet Asset Management Ltd. now owns 2,888,699 shares of the company’s stock valued at $117,368,000 after buying an additional 1,913,554 shares during the last quarter. Finally, Citigroup Inc. increased its position in ITC Holdings Corp. by 37.6% in the second quarter. Citigroup Inc. now owns 6,046,397 shares of the company’s stock valued at $283,092,000 after buying an additional 1,651,997 shares during the last quarter. 84.22% of the stock is owned by hedge funds and other institutional investors.
ITC Holdings Corp. Company Profile
ITC Holdings Corp. (ITC Holdings) is a holding company. The Company is engaged in owning, operating, maintaining and investing in transmission infrastructure. The Company’s business consists primarily of the electric transmission operations of its Regulated Operating Subsidiaries. Its Regulated Operating Subsidiaries include International Transmission Company (ITCTransmission), Michigan Electric Transmission Company, LLC (METC), ITC Midwest LLC (ITC Midwest).
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