Principal Financial Group Inc. raised its stake in ITC Holdings Corp. (NYSE:ITC) by 4.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 448,541 shares of the company’s stock after buying an additional 19,652 shares during the period. Principal Financial Group Inc. owned about 0.30% of ITC Holdings Corp. worth $21,001,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of ITC. York Capital Management Global Advisors LLC boosted 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 valued at $158,580,000 after buying an additional 3,126,581 shares during the last quarter. Magnetar Financial LLC acquired a new stake in ITC Holdings Corp. during the first quarter valued at $107,171,000. Pictet Asset Management Ltd. boosted its stake in 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. 1832 Asset Management L.P. boosted its stake in shares of ITC Holdings Corp. by 369.7% in the first quarter. 1832 Asset Management L.P. now owns 2,078,900 shares of the company’s stock worth $151,770,000 after buying an additional 1,636,300 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of ITC Holdings Corp. during the second quarter worth $61,862,000. Hedge funds and other institutional investors own 84.22% of the company’s stock.
ITC Holdings Corp. (NYSE:ITC) opened at 46.48 on Friday. The firm has a market cap of $7.05 billion, a price-to-earnings ratio of 30.03 and a beta of -0.01. ITC Holdings Corp. has a 12-month low of $30.33 and a 12-month high of $47.46. The stock has a 50 day moving average price of $46.14 and a 200-day moving average price of $45.09.
ITC Holdings Corp. (NYSE:ITC) last announced 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 company earned $298 million during the quarter, compared to analysts’ expectations of $313 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business’s quarterly revenue was up 8.3% compared to the same quarter last year. Equities analysts forecast that ITC Holdings Corp. will post $2.13 earnings per share for the current year.
The firm 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. The ex-dividend date of this dividend was Tuesday, August 30th. 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 1.85%. ITC Holdings Corp.’s payout ratio is presently 55.84%.
Separately, Zacks Investment Research upgraded ITC Holdings Corp. from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Tuesday, July 26th. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average 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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