According to Zacks, “ITC Holdings Corp. is in the business of electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. Through ITC operating subsidiaries, ITCTransmission and METC, we are the only publicly traded company engaged exclusively in the transmission of electricity in the United States. We are also the largest independent electric transmission company and the eighth largest electric transmission company in the country based on transmission load served. Its business strategy is to operate, maintain and invest in our transmission infrastructure in order to enhance system integrity and reliability and to reduce transmission constraints. By pursuing this strategy, we seek to reduce the overall cost of delivered energy for end-use consumers by providing them with access to electricity from the lowest cost electricity generation sources. “
ITC Holdings Corp. (NYSE:ITC) opened at 45.27 on Wednesday. ITC Holdings Corp. has a 1-year low of $30.33 and a 1-year high of $47.46. The company has a 50-day moving average price of $45.95 and a 200-day moving average price of $45.27. The firm has a market cap of $6.87 billion and a P/E ratio of 29.24.
ITC Holdings Corp. (NYSE:ITC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The business earned $298 million during the quarter, compared to analyst estimates of $313 million. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. ITC Holdings Corp.’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.52 EPS. On average, equities research analysts forecast that ITC Holdings Corp. will post $2.13 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a $0.2155 dividend. 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 yield of 1.90%. The ex-dividend date was Tuesday, August 30th. ITC Holdings Corp.’s dividend payout ratio is presently 55.84%.
Large investors have recently added to or reduced their stakes in the stock. York Capital Management Global Advisors LLC raised 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 worth $158,580,000 after buying an additional 3,126,581 shares during the last quarter. Magnetar Financial LLC acquired a new position in shares of ITC Holdings Corp. during the first quarter worth about $107,171,000. Credit Suisse AG increased its position in shares of ITC Holdings Corp. by 73.2% in the second quarter. Credit Suisse AG now owns 4,677,911 shares of the company’s stock worth $219,020,000 after buying an additional 1,976,301 shares during the period. Pictet Asset Management Ltd. increased 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 worth $117,368,000 after buying an additional 1,913,554 shares during the period. Finally, Citigroup Inc. increased its position in shares of ITC Holdings Corp. by 37.6% in the second quarter. Citigroup Inc. now owns 6,046,397 shares of the company’s stock worth $283,092,000 after buying an additional 1,651,997 shares during the period. 84.21% of the stock is owned by institutional investors and hedge funds.
About ITC Holdings Corp.
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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