ITC Holdings Corp. COO Sells $274,163 in Stock (ITC)
ITC Holdings Corp. (NYSE:ITC) COO Jon E. Jipping sold 7,311 shares of the stock on the open market in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $37.50, for a total transaction of $274,162.50. Following the completion of the sale, the chief operating officer now directly owns 77,774 shares of the company’s stock, valued at approximately $2,916,525. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of ITC Holdings Corp. (NYSE:ITC) traded down 0.24% on Tuesday, hitting $37.26. The stock had a trading volume of 1,109,090 shares. ITC Holdings Corp. has a 1-year low of $28.7233 and a 1-year high of $38.43. The stock’s 50-day moving average is $36.30 and its 200-day moving average is $36.37. The company has a market cap of $5.828 billion and a price-to-earnings ratio of 22.87.
ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share for the quarter, beating the analysts’ 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 prior year, the company posted $1.20 earnings per share. The company’s quarterly revenue was up 14.5% on a year-over-year basis. Analysts expect that ITC Holdings Corp. will post $1.88 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.
A number of analysts have recently weighed in on ITC shares. Analysts at Barclays reiterated an “equal weight” rating on shares of ITC Holdings Corp. in a research note on Thursday, August 28th. 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 analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $38.88.
ITC Holdings Corp. (NYSE:ITC) is engaged in the electric transmission operations of its Regulated Operating Subsidiaries.
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