Brown Advisory Inc. lowered its position in ITC Holdings Corp. (NYSE:ITC) by 49.0% during the second quarter, Holdings Channel reports. The fund owned 5,104 shares of the company’s stock after selling 4,901 shares during the period. Brown Advisory Inc.’s holdings in ITC Holdings Corp. were worth $239,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of ITC. Creative Planning increased its stake in 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 last quarter. Prudential Financial Inc. increased its stake in 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 last quarter. Bollard Group LLC increased its stake in ITC Holdings Corp. by 0.3% in the second quarter. Bollard Group LLC now owns 70,504 shares of the company’s stock worth $3,301,000 after buying an additional 244 shares during the last quarter. Rothschild Asset Management Inc. increased its stake in ITC Holdings Corp. by 9.5% in the second quarter. Rothschild Asset Management Inc. now owns 10,509 shares of the company’s stock worth $492,000 after buying an additional 910 shares during the last quarter. Finally, Klingenstein Fields & Co. LLC increased its stake in 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 last quarter. Institutional investors own 84.22% of the company’s stock.
ITC Holdings Corp. (NYSE:ITC) traded down 0.20% during trading on Friday, reaching $45.58. The company’s stock had a trading volume of 74,086 shares. The company’s 50 day moving average price is $46.05 and its 200 day moving average price is $45.19. The company has a market cap of $6.92 billion and a P/E ratio of 29.44. 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 issued its earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The company earned $298 million during the quarter, compared to analysts’ expectations of $313 million. ITC Holdings Corp. had a net margin of 22.12% and a return on equity of 19.82%. The business’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS. On average, equities analysts anticipate that ITC Holdings Corp. will post $2.13 earnings per share for the current fiscal year.
The firm also recently announced 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. This is a boost from ITC Holdings Corp.’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $0.86 annualized dividend and a dividend yield of 1.89%. 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 target price on the stock in a research report on Tuesday, July 26th. Eight investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock 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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