ITC Holdings Corp. (ITC) Sees Unusually-High Trading Volume
ITC Holdings Corp. (NYSE:ITC) shares saw an uptick in trading volume on Wednesday . 1,616,826 shares changed hands during mid-day trading, an increase of 50% from the previous session’s volume of 1,079,683 shares.The stock last traded at $47.32 and had previously closed at $46.97.
Several brokerages recently commented on ITC. Zacks Investment Research cut shares of ITC Holdings Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. Deutsche Bank AG reiterated a “hold” rating on shares of ITC Holdings Corp. in a research note on Monday, April 18th. Finally, US Capital Advisors cut shares of ITC Holdings Corp. from an “overweight” rating to a “hold” rating in a research note on Thursday, March 10th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. ITC Holdings Corp. has an average rating of “Hold” and a consensus target price of $39.50.
The stock has a market capitalization of $7.15 billion and a price-to-earnings ratio of 30.48. The company has a 50 day moving average price of $45.35 and a 200 day moving average price of $42.43.
ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings data on Thursday, April 28th. The company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.05. During the same period in the prior year, the company posted $0.47 earnings per share. The firm had revenue of $280.13 million for the quarter, compared to analysts’ expectations of $282.53 million. ITC Holdings Corp.’s quarterly revenue was up 2.8% compared to the same quarter last year. Analysts predict that ITC Holdings Corp. will post $2.10 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were paid a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Friday, May 27th.
In other news, EVP Linda H. Blair sold 27,246 shares of the stock in a transaction that occurred on Monday, May 2nd. The shares were sold at an average price of $44.36, for a total value of $1,208,632.56. Following the completion of the sale, the executive vice president now directly owns 118,560 shares of the company’s stock, valued at $5,259,321.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Soneral Christine Mason sold 8,616 shares of the stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $44.54, for a total transaction of $383,756.64. Following the completion of the sale, the senior vice president now directly owns 26,845 shares of the company’s stock, valued at $1,195,676.30. The disclosure for this sale can be found here.
Several hedge funds recently bought and sold shares of ITC. Thornburg Investment Management Inc. raised its stake in ITC Holdings Corp. by 38.6% in the fourth quarter. Thornburg Investment Management Inc. now owns 1,582,571 shares of the company’s stock worth $62,116,000 after buying an additional 440,727 shares during the period. California State Teachers Retirement System raised its stake in ITC Holdings Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 293,447 shares of the company’s stock worth $11,518,000 after buying an additional 4,566 shares during the period. Dai Ichi Life Insurance CO. LTD. bought a new stake in ITC Holdings Corp. during the fourth quarter worth about $1,406,000. Ecofin Ltd. raised its stake in ITC Holdings Corp. by 40.3% in the fourth quarter. Ecofin Ltd. now owns 123,180 shares of the company’s stock worth $4,835,000 after buying an additional 35,379 shares during the period. Finally, Greenleaf Trust raised its stake in ITC Holdings Corp. by 0.7% in the fourth quarter. Greenleaf Trust now owns 478,450 shares of the company’s stock worth $18,779,000 after buying an additional 3,195 shares during the period.
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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