ITC Holdings Corp. (ITC) Downgraded by Zacks Investment Research to Hold
ITC Holdings Corp. (NYSE:ITC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “ITC Holdings Corp. is in the business of electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. Through ITC operating subsidiaries, ITCTransmission and METC, we are the only publicly traded company engaged exclusively in the transmission of electricity in the United States. We are also the largest independent electric transmission company and the eighth largest electric transmission company in the country based on transmission load served. Its business strategy is to operate, maintain and invest in our transmission infrastructure in order to enhance system integrity and reliability and to reduce transmission constraints. By pursuing this strategy, we seek to reduce the overall cost of delivered energy for end-use consumers by providing them with access to electricity from the lowest cost electricity generation sources. “
Shares of ITC Holdings Corp. (NYSE:ITC) traded up 1.36% on Wednesday, reaching $46.36. The company’s stock had a trading volume of 915,868 shares. The company has a 50 day moving average price of $46.11 and a 200 day moving average price of $44.92. The company has a market cap of $7.04 billion, a P/E ratio of 29.95 and a beta of -0.01. ITC Holdings Corp. has a 52-week low of $30.33 and a 52-week high of $47.46.
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ITC Holdings Corp. (NYSE:ITC) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The firm earned $298 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.52 earnings per share. On average, analysts anticipate that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a $0.2155 dividend. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.86%. This is an increase from ITC Holdings Corp.’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, August 30th. ITC Holdings Corp.’s payout ratio is presently 55.84%.
Several large investors have recently added to or reduced their stakes in ITC. Vanguard Group Inc. increased its position in shares of ITC Holdings Corp. by 2.4% in the second quarter. Vanguard Group Inc. now owns 11,315,923 shares of the company’s stock valued at $529,811,000 after buying an additional 267,136 shares in the last quarter. Citigroup Inc. increased its position in shares of ITC Holdings Corp. by 37.6% in the second quarter. Citigroup Inc. now owns 6,046,397 shares of the company’s stock valued at $283,092,000 after buying an additional 1,651,997 shares in the last quarter. Credit Suisse AG increased its position in shares of ITC Holdings Corp. by 73.2% in the second quarter. Credit Suisse AG now owns 4,677,911 shares of the company’s stock valued at $219,020,000 after buying an additional 1,976,301 shares in the last quarter. Adage Capital Partners GP L.L.C. increased its position in shares of ITC Holdings Corp. by 10.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 4,400,000 shares of the company’s stock valued at $191,708,000 after buying an additional 400,000 shares in the last quarter. Finally, York Capital Management Global Advisors LLC increased 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 valued at $158,580,000 after buying an additional 3,126,581 shares in the last quarter. Institutional investors own 84.22% of the company’s stock.
ITC Holdings Corp. Company Profile
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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