ITC Holdings Corp. (ITC) Hits New 52-Week High at $47.31
Shares of ITC Holdings Corp. (NYSE:ITC) reached a new 52-week high on Tuesday . The stock traded as high as $47.31 and last traded at $47.22, with a volume of 1,813,598 shares trading hands. The stock had previously closed at $46.67.
ITC has been the topic of several research analyst reports. Deutsche Bank AG reiterated a “hold” rating on shares of ITC Holdings Corp. in a research note on Monday, April 18th. US Capital Advisors downgraded ITC Holdings Corp. from an “overweight” rating to a “hold” rating in a research note on Thursday, March 10th. Finally, Zacks Investment Research downgraded ITC Holdings Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, May 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company’s stock. ITC Holdings Corp. currently has a consensus rating of “Hold” and a consensus price target of $39.50.
The company has a market cap of $7.15 billion and a PE 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 announced its quarterly earnings data on Thursday, April 28th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.05. The company earned $280.13 million during the quarter, compared to analyst estimates of $282.53 million. During the same quarter in the previous year, the business posted $0.47 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. Analysts expect that ITC Holdings Corp. will post $2.10 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, June 1st were paid a $0.1875 dividend. 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 ITC Holdings Corp. news, SVP Soneral Christine Mason sold 23,688 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was sold at an average price of $44.12, for a total value of $1,045,114.56. Following the sale, the senior vice president now directly owns 34,113 shares in the company, valued at $1,505,065.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Linda H. Blair sold 27,246 shares of the firm’s stock in a transaction 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 owns 118,560 shares in the company, valued at $5,259,321.60. The disclosure for this sale can be found here.
Several hedge funds have recently bought and sold shares of ITC. Thornburg Investment Management Inc. boosted 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. Diamond Hill Capital Management Inc. boosted its stake in ITC Holdings Corp. by 4.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 1,198,036 shares of the company’s stock worth $47,023,000 after buying an additional 51,515 shares during the period. Wells Fargo & Company MN boosted its stake in ITC Holdings Corp. by 14.9% in the fourth quarter. Wells Fargo & Company MN now owns 498,763 shares of the company’s stock worth $19,576,000 after buying an additional 64,748 shares during the period. Greenleaf Trust boosted 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. Finally, Principal Financial Group Inc. boosted its stake in ITC Holdings Corp. by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 417,201 shares of the company’s stock worth $16,375,000 after buying an additional 12,162 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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