ITC Holdings Corp. (ITC) Lowered to “Hold” at Zacks Investment Research
ITC Holdings Corp. (NYSE:ITC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
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) traded up 1.36% during trading on Wednesday, reaching $46.36. 915,868 shares of the company’s stock traded hands. The company has a 50-day moving average of $46.11 and a 200 day moving average of $44.92. The stock has a market capitalization of $7.04 billion, a P/E ratio of 29.95 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.
ITC Holdings Corp. (NYSE:ITC) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.58 EPS for the quarter, topping the consensus estimate 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 net margin of 22.12% and a return on equity of 19.82%. The company’s quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 earnings per share. On average, equities research analysts expect 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. Stockholders 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 annualized dividend and a dividend yield of 1.86%. This is a positive change from ITC Holdings Corp.’s previous quarterly dividend of $0.19. ITC Holdings Corp.’s dividend payout ratio is currently 55.84%.
Institutional investors have recently added to or reduced their stakes in the company. Macquarie Group Ltd. raised its position in ITC Holdings Corp. by 25.4% in the second quarter. Macquarie Group Ltd. now owns 34,100 shares of the company’s stock valued at $1,597,000 after buying an additional 6,900 shares in the last quarter. Calvert Investment Management Inc. purchased a new position in ITC Holdings Corp. during the second quarter valued at approximately $1,613,000. Schwab Charles Investment Management Inc. raised its position in ITC Holdings Corp. by 3.9% in the second quarter. Schwab Charles Investment Management Inc. now owns 452,508 shares of the company’s stock valued at $21,187,000 after buying an additional 17,112 shares in the last quarter. Stifel Financial Corp raised its position in ITC Holdings Corp. by 4.7% in the second quarter. Stifel Financial Corp now owns 41,224 shares of the company’s stock valued at $1,932,000 after buying an additional 1,842 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in ITC Holdings Corp. during the second quarter valued at approximately $261,000. Institutional investors and hedge funds own 84.22% 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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