Separately, Zacks Investment Research cut ITC Holdings Corp. from a buy rating to a hold rating in a report on Wednesday, October 5th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $41.83.
Shares of ITC Holdings Corp. (NYSE:ITC) remained flat at $45.50 on Thursday. The firm has a market cap of $6.91 billion and a PE ratio of 29.39. ITC Holdings Corp. has a 52-week low of $30.33 and a 52-week high of $47.46. The firm has a 50-day moving average of $45.86 and a 200-day moving average of $45.28.
ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. The business earned $298 million during the quarter, compared to analysts’ expectations of $313 million. During the same quarter in the previous year, the firm earned $0.52 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. Equities analysts forecast that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a $0.2155 dividend. The ex-dividend date was Tuesday, August 30th. This is a boost 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 1.89%. ITC Holdings Corp.’s dividend payout ratio is presently 55.84%.
Several institutional investors have recently modified their holdings of ITC. York Capital Management Global Advisors LLC boosted 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 last quarter. Magnetar Financial LLC acquired a new stake in ITC Holdings Corp. during the first quarter worth approximately $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 worth $219,020,000 after buying an additional 1,976,301 shares during the period. 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 worth $117,368,000 after buying an additional 1,913,554 shares during the period. 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 worth $283,092,000 after buying an additional 1,651,997 shares during the period. 84.21% of the stock is owned by institutional investors and hedge funds.
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).
Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.