ITC Holdings Corp. (NYSE:ITC) was downgraded by equities researchers at Edward Jones from a “buy” rating to a “hold” rating in a report released on Thursday.
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 Thursday, September 22nd. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. ITC Holdings Corp. has a consensus rating of “Hold” and an average target price of $41.83.
Shares of ITC Holdings Corp. (NYSE:ITC) opened at 45.50 on Thursday. ITC Holdings Corp. has a 12 month low of $30.33 and a 12 month high of $47.46. The company has a 50 day moving average of $45.83 and a 200-day moving average of $45.30. The firm has a market capitalization of $6.91 billion and a P/E ratio of 29.39.
ITC Holdings Corp. (NYSE:ITC) last released its earnings results on Thursday, July 28th. The company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 had revenue of $298 million for the quarter, compared to analysts’ expectations of $313 million. During the same quarter in the previous year, the business posted $0.52 earnings per share. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. Analysts predict that ITC Holdings Corp. will post $2.13 EPS for the current year.
A number of hedge funds have recently made changes to their positions in ITC. Coastland Capital LLC bought a new stake in shares of ITC Holdings Corp. during the first quarter valued at approximately $28,321,000. Geode Capital Management LLC boosted its stake in shares of ITC Holdings Corp. by 3.7% in the first quarter. Geode Capital Management LLC now owns 926,799 shares of the company’s stock valued at $40,380,000 after buying an additional 33,252 shares during the last quarter. AXA boosted its stake in shares of ITC Holdings Corp. by 21.1% in the first quarter. AXA now owns 22,041 shares of the company’s stock valued at $960,000 after buying an additional 3,841 shares during the last quarter. Pictet Asset Management Ltd. boosted its stake 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, Yakira Capital Management Inc. bought a new stake in shares of ITC Holdings Corp. during the first quarter valued at approximately $1,307,000. Institutional investors and hedge funds own 84.21% of the company’s stock.
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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