ITC Holdings Corp. (ITC) Rating Lowered to Hold at Edward Jones
ITC Holdings Corp. (NYSE:ITC) was downgraded by 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 lowered shares of ITC Holdings Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, October 5th. Nine investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. ITC Holdings Corp. presently has an average rating of “Hold” and a consensus price target of $41.83.
ITC Holdings Corp. (NYSE:ITC) traded down 0.50% on Thursday, reaching $45.75. 1,564,639 shares of the company’s stock were exchanged. ITC Holdings Corp. has a 1-year low of $30.33 and a 1-year high of $47.46. The firm has a market capitalization of $6.94 billion and a price-to-earnings ratio of 29.55. The stock’s 50 day moving average price is $45.89 and its 200 day moving average price is $45.28.
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ITC Holdings Corp. (NYSE:ITC) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. ITC Holdings Corp. had a net margin of 22.12% and a return on equity of 19.82%. The company earned $298 million during the quarter, compared to analyst estimates of $313 million. During the same quarter in the prior year, the business earned $0.52 earnings per share. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, analysts expect 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 paid a $0.2155 dividend. The ex-dividend date of this dividend was Tuesday, August 30th. This is an increase from ITC Holdings Corp.’s previous quarterly dividend of $0.19. This represents a $0.86 annualized dividend and a dividend yield of 1.87%. ITC Holdings Corp.’s dividend payout ratio is 55.84%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its position in shares of ITC Holdings Corp. by 615.4% in the third quarter. BNP Paribas Arbitrage SA now owns 2,604 shares of the company’s stock valued at $121,000 after buying an additional 2,240 shares during the period. Point72 Asia Hong Kong Ltd increased its position in shares of ITC Holdings Corp. by 900.0% in the second quarter. Point72 Asia Hong Kong Ltd now owns 4,000 shares of the company’s stock valued at $187,000 after buying an additional 3,600 shares during the period. Nuveen Fund Advisors LLC purchased a new position in shares of ITC Holdings Corp. during the second quarter valued at $225,000. Stratos Wealth Partners LTD. purchased a new position in shares of ITC Holdings Corp. during the second quarter valued at $247,000. Finally, Creative Planning increased its position in shares of ITC Holdings Corp. by 0.9% in the second quarter. Creative Planning now owns 5,342 shares of the company’s stock valued at $250,000 after buying an additional 48 shares during the period. Institutional investors and hedge funds own 84.21% 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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