Shares of ITC Holdings Corp. (NYSE:ITC) have received an average recommendation of “Hold” from the eleven ratings firms that are currently covering the firm. Seven investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $41.60.
Separately, Zacks Investment Research upgraded ITC Holdings Corp. from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Tuesday, July 26th.
ITC Holdings Corp. (NYSE:ITC) opened at 46.41 on Friday. The company’s 50-day moving average price is $46.12 and its 200 day moving average price is $45.04. The stock has a market capitalization of $7.04 billion, a P/E ratio of 29.98 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.
ITC Holdings Corp. (NYSE:ITC) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. The firm had revenue of $298 million for the quarter, compared to analysts’ expectations of $313 million. During the same period in the prior year, the firm posted $0.52 earnings per share. The firm’s quarterly revenue was up 8.3% on a year-over-year basis. Equities research analysts expect that ITC Holdings Corp. will post $2.13 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were paid a $0.2155 dividend. This is a boost from ITC Holdings Corp.’s previous quarterly dividend of $0.19. This represents a $0.86 annualized dividend and a dividend yield of 1.86%. The ex-dividend date of this dividend was Tuesday, August 30th. ITC Holdings Corp.’s dividend payout ratio (DPR) is presently 55.84%.
Several hedge funds have recently made changes to their positions in ITC. Macquarie Group Ltd. boosted its stake in shares of ITC Holdings Corp. by 25.4% in the second quarter. Macquarie Group Ltd. now owns 34,100 shares of the company’s stock valued at $1,597,000 after buying an additional 6,900 shares during the last quarter. Calvert Investment Management Inc. bought a new stake in shares of ITC Holdings Corp. during the second quarter valued at about $1,613,000. Schwab Charles Investment Management Inc. boosted its stake in shares of ITC Holdings Corp. by 3.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 452,508 shares of the company’s stock valued at $21,187,000 after buying an additional 17,112 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of ITC Holdings Corp. by 4.7% in the second quarter. Stifel Financial Corp now owns 41,224 shares of the company’s stock valued at $1,932,000 after buying an additional 1,842 shares during the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of ITC Holdings Corp. during the second quarter valued at about $261,000. Institutional investors and hedge funds 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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