Emerald Acquisition Ltd. bought a new stake in ITC Holdings Corp. (NYSE:ITC) during the second quarter, Holdings Channel reports. The fund bought 37,583 shares of the company’s stock, valued at approximately $1,760,000.
A number of other large investors have also added to or reduced their stakes in ITC. Yakira Capital Management Inc. acquired a new stake in ITC Holdings Corp. during the first quarter valued at $1,307,000. State Street Corp boosted its stake in ITC Holdings Corp. by 2.3% in the first quarter. State Street Corp now owns 1,886,160 shares of the company’s stock valued at $82,181,000 after buying an additional 42,570 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in 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 valued at $151,770,000 after buying an additional 1,636,300 shares during the last quarter. Alpine Partners VI LLC acquired a new stake in ITC Holdings Corp. during the first quarter valued at $661,000. Finally, ING Groep NV acquired a new stake in ITC Holdings Corp. during the first quarter valued at $13,068,000. Hedge funds and other institutional investors own 84.22% of the company’s stock.
Shares of ITC Holdings Corp. (NYSE:ITC) traded down 0.936% on Monday, hitting $46.045. The stock had a trading volume of 595,111 shares. The firm has a 50-day moving average of $46.14 and a 200 day moving average of $45.09. ITC Holdings Corp. has a 1-year low of $30.33 and a 1-year high of $47.46. The company has a market capitalization of $6.99 billion and a PE ratio of 29.745.
ITC Holdings Corp. (NYSE:ITC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The firm earned $298 million during the quarter, compared to analyst estimates of $313 million. ITC Holdings Corp. had a net margin of 22.12% and a return on equity of 19.82%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.52 EPS. On average, equities analysts anticipate that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given 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 1.85%. The ex-dividend date was Tuesday, August 30th. ITC Holdings Corp.’s payout ratio is 55.84%.
Separately, Zacks Investment Research upgraded ITC Holdings Corp. from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Thursday, September 22nd. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $41.83.
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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