Insider Selling: ITC Holdings Corp. COO Unloads 29,898 Shares of Stock (ITC)
ITC Holdings Corp. (NYSE:ITC) COO Jon E. Jipping sold 29,898 shares of the company’s stock in a transaction that occurred on Wednesday, August 27th. The stock was sold at an average price of $37.50, for a total value of $1,121,175.00. Following the completion of the transaction, the chief operating officer now directly owns 77,774 shares in the company, valued at approximately $2,916,525. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
ITC has been the subject of a number of recent research reports. Analysts at Barclays reiterated an “equal weight” rating on shares of ITC Holdings Corp. in a research note on Thursday. They now have a $40.00 price target on the stock. Separately, analysts at Leerink Swann initiated coverage on shares of ITC Holdings Corp. in a research note on Wednesday, August 13th. They set an “outperform” rating and a $34.00 price target on the stock. Finally, analysts at Argus upgraded shares of ITC Holdings Corp. from a “hold” rating to a “buy” rating in a research note on Monday, July 21st. They now have a $42.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $38.88.
Shares of ITC Holdings Corp. (NYSE:ITC) traded up 0.11% during mid-day trading on Thursday, hitting $37.38. The stock had a trading volume of 585,606 shares. ITC Holdings Corp. has a 52-week low of $28.7233 and a 52-week high of $38.43. The stock’s 50-day moving average is $36.21 and its 200-day moving average is $36.28. The company has a market cap of $5.847 billion and a price-to-earnings ratio of 22.86.
ITC Holdings Corp. (NYSE:ITC) last announced its earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.01. The company had revenue of $263.20 million for the quarter, compared to the consensus estimate of $265.01 million. During the same quarter in the previous year, the company posted $1.20 earnings per share. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. Analysts expect that ITC Holdings Corp. will post $1.87 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $0.1625 per share. This represents a $0.65 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Thursday, August 28th. This is a boost from ITC Holdings Corp.’s previous quarterly dividend of $0.14.
ITC Holdings Corp. (NYSE:ITC) is engaged in the electric transmission operations of its Regulated Operating Subsidiaries.
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