ITC Holdings Corp. (ITC) Lowered to “Hold” at Edward Jones
Separately, Zacks Investment Research downgraded ITC Holdings Corp. from a buy rating to a hold rating in a report on Wednesday, October 5th. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. ITC Holdings Corp. currently has a consensus rating of Hold and a consensus target price of $41.83.
ITC Holdings Corp. (NYSE:ITC) remained flat at $45.50 during midday trading on Thursday. ITC Holdings Corp. has a 52 week low of $30.33 and a 52 week high of $47.46. The stock has a market capitalization of $6.91 billion and a PE ratio of 29.39. The company has a 50 day moving average of $45.86 and a 200-day moving average of $45.28.
ITC Holdings Corp. (NYSE:ITC) last announced its earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The business had revenue of $298 million for the quarter, compared to the consensus estimate 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 was up 8.3% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. On average, analysts anticipate that ITC Holdings Corp. will post $2.13 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.2155 per share. The ex-dividend date was Tuesday, August 30th. This represents a $0.86 dividend on an annualized basis and a yield of 1.89%. This is a positive change from ITC Holdings Corp.’s previous quarterly dividend of $0.19. ITC Holdings Corp.’s payout ratio is currently 55.84%.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ITC. State Street Corp raised its position in shares of ITC Holdings Corp. by 2.3% in the first quarter. State Street Corp now owns 1,886,160 shares of the company’s stock worth $82,181,000 after buying an additional 42,570 shares during the period. York Capital Management Global Advisors LLC raised its position 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 during the period. BlackRock Fund Advisors raised its position in shares of ITC Holdings Corp. by 2.7% in the first quarter. BlackRock Fund Advisors now owns 1,623,339 shares of the company’s stock worth $70,729,000 after buying an additional 42,253 shares during the period. 1832 Asset Management L.P. raised its position in shares of ITC Holdings Corp. by 369.7% in the first quarter. 1832 Asset Management L.P. now owns 2,078,900 shares of the company’s stock worth $151,770,000 after buying an additional 1,636,300 shares during the period. Finally, Magnetar Financial LLC acquired a new position in shares of ITC Holdings Corp. during the first quarter worth about $107,171,000. Institutional investors and hedge funds own 84.21% of the company’s stock.
About ITC Holdings Corp.
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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