ITC Holdings Corp. (ITC) Downgraded by Edward Jones
ITC Holdings Corp. (NYSE:ITC) was downgraded by investment analysts at Edward Jones from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, The Fly reports.
Separately, Zacks Investment Research raised ITC Holdings Corp. from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Tuesday, July 26th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $41.83.
Shares of ITC Holdings Corp. (NYSE:ITC) traded down 0.39% on Thursday, hitting $45.80. The stock had a trading volume of 1,584,151 shares. The firm has a market capitalization of $6.95 billion and a price-to-earnings ratio of 29.59. The firm has a 50 day moving average of $45.89 and a 200-day moving average of $45.28. ITC Holdings Corp. has a 1-year low of $30.33 and a 1-year high of $47.46.
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ITC Holdings Corp. (NYSE:ITC) last released its earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. The business had revenue of $298 million for the quarter, compared to analysts’ expectations of $313 million. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. The firm’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. Equities analysts predict that ITC Holdings Corp. will post $2.13 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were issued a dividend of $0.2155 per share. This is a positive change 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 1.87%. The ex-dividend date was Tuesday, August 30th. ITC Holdings Corp.’s dividend payout ratio is currently 55.84%.
Several hedge funds have recently bought and sold shares of ITC. Vanguard Group Inc. raised its stake in 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 in the last quarter. 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 in the last quarter. 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 in the last quarter. Adage Capital Partners GP L.L.C. raised its stake 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 in the last quarter. Finally, York Capital Management Global Advisors LLC raised its stake 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 in the last quarter. Institutional investors own 84.21% of the company’s stock.
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).
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