ITC Holdings Corp. (ITC) Sees Strong Trading Volume
ITC Holdings Corp. (NYSE:ITC) shares saw unusually-high trading volume on Thursday . Approximately 792,923 shares were traded during mid-day trading, an increase of 42% from the previous session’s volume of 557,571 shares.The stock last traded at $46.64 and had previously closed at $46.52.
Separately, Zacks Investment Research raised ITC Holdings Corp. from a “sell” rating to a “hold” rating in a report on Monday, July 18th. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the company. ITC Holdings Corp. presently has an average rating of “Hold” and an average price target of $41.83.
The firm has a market cap of $7.10 billion and a P/E ratio of 30.22. The stock’s 50-day moving average is $46.48 and its 200 day moving average is $44.18.
ITC Holdings Corp. (NYSE:ITC) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $298 million for the quarter, compared to the consensus estimate of $313 million. ITC Holdings Corp.’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the company posted $0.52 earnings per share. Equities research analysts expect that ITC Holdings Corp. will post $2.12 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be issued a dividend of $0.2155 per share. This represents a $0.86 annualized dividend and a yield of 1.84%. This is an increase from ITC Holdings Corp.’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Tuesday, August 30th.
In other ITC Holdings Corp. news, SVP Soneral Christine Mason sold 8,616 shares of the stock in a transaction 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 transaction, the senior vice president now directly owns 26,845 shares of the company’s stock, valued at $1,195,676.30. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
A number of institutional investors have recently made changes to their positions in ITC. Stephens Inc. AR raised its position in shares of ITC Holdings Corp. by 43.2% in the fourth quarter. Stephens Inc. AR now owns 54,065 shares of the company’s stock valued at $2,122,000 after buying an additional 16,305 shares during the period. I.G. Investment Management LTD. raised its position in shares of ITC Holdings Corp. by 21.6% in the fourth quarter. I.G. Investment Management LTD. now owns 312,400 shares of the company’s stock valued at $12,262,000 after buying an additional 55,400 shares during the period. Principal Financial Group Inc. raised its position in shares of ITC Holdings Corp. by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 417,201 shares of the company’s stock valued at $16,375,000 after buying an additional 12,162 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of ITC Holdings Corp. by 14.9% in the fourth quarter. Wells Fargo & Company MN now owns 498,763 shares of the company’s stock valued at $19,576,000 after buying an additional 64,748 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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