ITC Holdings Corp. (ITC) Downgraded to “Hold” at Zacks Investment Research
ITC Holdings Corp. (NYSE:ITC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to 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. “
ITC Holdings Corp. (NYSE:ITC) traded down 1.05% during midday trading on Wednesday, hitting $45.19. The company had a trading volume of 1,312,234 shares. The firm has a market capitalization of $6.86 billion and a P/E ratio of 29.19. ITC Holdings Corp. has a 1-year low of $30.33 and a 1-year high of $47.46. The company has a 50 day moving average price of $46.00 and a 200 day moving average price of $45.21.
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ITC Holdings Corp. (NYSE:ITC) last issued its earnings results on Thursday, July 28th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. The company earned $298 million during the quarter, compared to analyst estimates of $313 million. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. Equities research analysts forecast that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a $0.2155 dividend. This is a positive change from ITC Holdings Corp.’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, August 30th. This represents a $0.86 dividend on an annualized basis and a yield of 1.91%. ITC Holdings Corp.’s dividend payout ratio (DPR) is 55.84%.
A number of institutional investors have recently modified their holdings of ITC. Vanguard Group Inc. raised 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 worth $529,811,000 after buying an additional 267,136 shares during the period. Citigroup Inc. raised its position 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 last quarter. Credit Suisse AG raised its position 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 last quarter. Adage Capital Partners GP L.L.C. raised its position in 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 worth $191,708,000 after buying an additional 400,000 shares during the last quarter. Finally, York Capital Management Global Advisors LLC raised its position in 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. 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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