ING Groep NV decreased its stake in shares of ITC Holdings Corp. (NYSE:ITC) by 43.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,000 shares of the company’s stock after selling 130,000 shares during the period. ING Groep NV’s holdings in ITC Holdings Corp. were worth $7,959,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Adage Capital Partners GP L.L.C. boosted its position in shares of 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 valued at $191,708,000 after buying an additional 400,000 shares during the last quarter. York Capital Management Global Advisors LLC boosted its position in shares of 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 valued at $158,580,000 after buying an additional 3,126,581 shares during the last quarter. Royal Bank of Canada boosted its position in shares of ITC Holdings Corp. by 33.0% in the first quarter. Royal Bank of Canada now owns 3,138,256 shares of the company’s stock valued at $136,734,000 after buying an additional 778,686 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in shares of ITC Holdings Corp. by 196.2% in the first quarter. Pictet Asset Management Ltd. now owns 2,888,699 shares of the company’s stock valued at $117,368,000 after buying an additional 1,913,554 shares during the last quarter. Finally, Magnetar Financial LLC purchased a new position in shares of ITC Holdings Corp. during the first quarter valued at approximately $107,171,000. Institutional investors own 84.22% of the company’s stock.
ITC Holdings Corp. (NYSE:ITC) traded down 0.11% during mid-day trading on Friday, hitting $46.48. 1,194,429 shares of the company traded hands. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 30.03 and a beta of -0.01. The company’s 50-day moving average price is $46.14 and its 200 day moving average price is $45.06. ITC Holdings Corp. has a one year low of $30.33 and a one year high of $47.46.
ITC Holdings Corp. (NYSE:ITC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.58 earnings per share for the quarter, topping 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 earned $298 million during the quarter, compared to the consensus estimate of $313 million. During the same quarter in the prior year, the firm posted $0.52 EPS. The business’s revenue was up 8.3% on a year-over-year basis. On average, analysts anticipate that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.2155 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.86 dividend on an annualized basis and a yield of 1.85%. This is an increase from ITC Holdings Corp.’s previous quarterly dividend of $0.19. ITC Holdings Corp.’s dividend payout ratio is 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 for the company in a report on Thursday, September 22nd. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. ITC Holdings Corp. presently has an average rating of “Hold” and a consensus target price 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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