Today, ITC Holdings Corp. (ITC) Cut to Hold at Edward Jones

Today, ITC Holdings Corp. (ITC) Cut to Hold at Edward Jones

Edward Jones cut shares of ITC Holdings Corp. (NYSE:ITC) from a buy rating to a hold rating in a research report released on Thursday.

Separately, Zacks Investment Research upgraded ITC Holdings Corp. from a sell rating to a hold rating in a report on Monday, July 18th. Nine investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $41.83.

Shares of ITC Holdings Corp. (NYSE:ITC) opened at 45.50 on Thursday. The company has a market capitalization of $6.91 billion and a P/E ratio of 29.39. ITC Holdings Corp. has a 12-month low of $30.33 and a 12-month high of $47.46. The company has a 50 day moving average price of $45.81 and a 200 day moving average price of $45.34.

ITC Holdings Corp. (NYSE:ITC) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. ITC Holdings Corp. had a return on equity of 19.82% and a net margin of 22.12%. The firm earned $298 million during the quarter, compared to the consensus estimate of $313 million. During the same period in the prior year, the company earned $0.52 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. Equities analysts anticipate that ITC Holdings Corp. will post $2.13 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in ITC. York Capital Management Global Advisors LLC boosted its position in shares of ITC Holdings Corp. by 609.4% in the first quarter. York Capital Management Global Advisors LLC now owns 3,639,650 shares of the company’s stock worth $158,580,000 after buying an additional 3,126,581 shares during the period. Magnetar Financial LLC purchased a new position in shares of ITC Holdings Corp. during the first quarter worth approximately $107,171,000. Credit Suisse AG boosted its position in shares of ITC Holdings Corp. by 73.2% in the second quarter. Credit Suisse AG now owns 4,677,911 shares of the company’s stock worth $219,020,000 after buying an additional 1,976,301 shares during the period. Pictet Asset Management Ltd. boosted its position in shares of ITC Holdings Corp. by 196.2% in the first quarter. Pictet Asset Management Ltd. now owns 2,888,699 shares of the company’s stock worth $117,368,000 after buying an additional 1,913,554 shares during the period. Finally, Citigroup Inc. boosted its position in shares of ITC Holdings Corp. by 37.6% in the second quarter. Citigroup Inc. now owns 6,046,397 shares of the company’s stock worth $283,092,000 after buying an additional 1,651,997 shares during the period. Institutional investors and hedge funds own 84.21% of the company’s stock.

About ITC Holdings Corp.

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