ITC Holdings Corp. (ITC) Stock Rating Lowered by Zacks Investment Research
ITC Holdings Corp. (NYSE:ITC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “ITC Holdings Corp. is in the business of electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. Through ITC operating subsidiaries, ITCTransmission and METC, we are the only publicly traded company engaged exclusively in the transmission of electricity in the United States. We are also the largest independent electric transmission company and the eighth largest electric transmission company in the country based on transmission load served. Its business strategy is to operate, maintain and invest in our transmission infrastructure in order to enhance system integrity and reliability and to reduce transmission constraints. By pursuing this strategy, we seek to reduce the overall cost of delivered energy for end-use consumers by providing them with access to electricity from the lowest cost electricity generation sources. “
Shares of ITC Holdings Corp. (NYSE:ITC) opened at 45.64 on Wednesday. The firm has a market cap of $6.93 billion and a P/E ratio of 29.48. ITC Holdings Corp. has a 12 month low of $30.33 and a 12 month high of $47.46. The stock’s 50 day moving average price is $46.10 and its 200-day moving average price is $45.19.
ITC Holdings Corp. (NYSE:ITC) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The firm earned $298 million during the quarter, compared to analysts’ expectations of $313 million. ITC Holdings Corp. had a net margin of 22.12% and a return on equity of 19.82%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. Equities research analysts anticipate that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.2155 per share. This is a positive change from ITC Holdings Corp.’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, August 30th. This represents a $0.86 annualized dividend and a dividend yield of 1.89%. ITC Holdings Corp.’s dividend payout ratio (DPR) is presently 55.84%.
Several hedge funds have recently bought and sold shares of the company. York Capital Management Global Advisors LLC raised its stake in 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 valued at $158,580,000 after buying an additional 3,126,581 shares during the last quarter. Magnetar Financial LLC purchased a new stake in ITC Holdings Corp. during the first quarter valued at $107,171,000. Credit Suisse AG raised its stake 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. raised its stake 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. raised its stake 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 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).
Receive News & Stock Ratings for ITC Holdings Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITC Holdings Corp. and related stocks with our FREE daily email newsletter.