UBS Asset Management Americas Inc. decreased its position in ITC Holdings Corp. (NYSE:ITC) by 12.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,401 shares of the company’s stock after selling 16,152 shares during the period. UBS Asset Management Americas Inc. owned 0.08% of ITC Holdings Corp. worth $5,451,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Creative Planning raised its stake 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 worth $250,000 after buying an additional 48 shares during the period. Banced Corp purchased a new stake in shares of ITC Holdings Corp. during the second quarter worth about $262,000. Klingenstein Fields & Co. LLC raised its stake in shares of ITC Holdings Corp. by 17.7% in the second quarter. Klingenstein Fields & Co. LLC now owns 6,984 shares of the company’s stock worth $327,000 after buying an additional 1,050 shares during the period. GWM Advisors LLC purchased a new stake in shares of ITC Holdings Corp. during the second quarter worth about $411,000. Finally, Prudential Financial Inc. raised its stake in shares of ITC Holdings Corp. by 2.0% in the first quarter. Prudential Financial Inc. now owns 10,189 shares of the company’s stock worth $444,000 after buying an additional 200 shares during the period. Hedge funds and other institutional investors own 84.22% of the company’s stock.
Shares of ITC Holdings Corp. (NYSE:ITC) traded up 0.41% during trading on Thursday, hitting $46.55. 1,155,009 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 $7.06 billion, a PE ratio of 30.07 and a beta of -0.01. The stock’s 50 day moving average is $46.13 and its 200 day moving average is $45.05.
ITC Holdings Corp. (NYSE:ITC) last released its earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $298 million for the quarter, compared to the consensus estimate of $313 million. During the same period in the previous year, the firm earned $0.52 EPS. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. On average, equities research analysts forecast that ITC Holdings Corp. will post $2.13 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were issued a $0.2155 dividend. This is an increase 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 1.86%. The ex-dividend date of this dividend was Tuesday, August 30th. ITC Holdings Corp.’s payout ratio is presently 55.84%.
Separately, Zacks Investment Research upgraded shares of ITC Holdings Corp. from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Tuesday, July 26th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $41.83.
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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