Macquarie Group Ltd. Purchases 6,900 Shares of ITC Holdings Corp. (ITC)
Macquarie Group Ltd. boosted its stake in shares of ITC Holdings Corp. (NYSE:ITC) by 25.4% during the second quarter, Holdings Channel reports. The firm owned 34,100 shares of the company’s stock after buying an additional 6,900 shares during the period. Macquarie Group Ltd.’s holdings in ITC Holdings Corp. were worth $1,597,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Calvert Investment Management Inc. purchased a new position in shares of ITC Holdings Corp. during the second quarter valued at approximately $1,613,000. Schwab Charles Investment Management Inc. raised its position in shares of 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 during the period. Stifel Financial Corp raised its position in shares of 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 during the period. Virtu Financial LLC purchased a new position in shares of ITC Holdings Corp. during the second quarter valued at approximately $261,000. Finally, Amalgamated Bank raised its position in shares of ITC Holdings Corp. by 16.1% in the second quarter. Amalgamated Bank now owns 21,093 shares of the company’s stock valued at $984,000 after buying an additional 2,928 shares during the period. Hedge funds and other institutional investors own 84.33% of the company’s stock.
Shares of ITC Holdings Corp. (NYSE:ITC) opened at 45.35 on Monday. The stock has a market capitalization of $6.88 billion, a PE ratio of 29.30 and a beta of -0.01. ITC Holdings Corp. has a one year low of $30.33 and a one year high of $47.46. The company’s 50-day moving average price is $46.19 and its 200 day moving average price is $44.76.
ITC Holdings Corp. (NYSE:ITC) last released its earnings results on Thursday, July 28th. The company reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The company had revenue of $298 million for the quarter, compared to the consensus estimate 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 previous year, the business earned $0.52 earnings per share. Analysts anticipate that ITC Holdings Corp. will post $2.13 EPS 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 given a $0.2155 dividend. This represents a $0.86 annualized dividend and a dividend yield of 1.90%. This is an increase from ITC Holdings Corp.’s previous quarterly dividend of $0.19. The ex-dividend date was Tuesday, August 30th. 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 on the stock in a research report on Tuesday, July 26th. Seven investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. ITC Holdings Corp. presently has an average rating of “Hold” and a consensus price target of $41.83.
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).
Want to see what other hedge funds are holding ITC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for ITC Holdings Corp. (NYSE:ITC).
Receive News & Ratings for ITC Holdings Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ITC Holdings Corp. and related companies with Analyst Ratings Network's FREE daily email newsletter.