ITC Holdings Corp. (ITC) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

ITC Holdings Corp. (NYSE:ITC) issued its quarterly earnings data on Thursday. The company reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $0.02. The company earned $298 million during the quarter, compared to the consensus estimate of $313 million. ITC Holdings Corp.’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 earnings per share.

In other ITC Holdings Corp. news, CEO Joseph L. Welch sold 23,274 shares of the firm’s stock in a transaction on Friday, April 29th. The stock was sold at an average price of $43.91, for a total transaction of $1,021,961.34. Following the completion of the sale, the chief executive officer now owns 1,891,371 shares of the company’s stock, valued at $83,050,100.61. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Soneral Christine Mason sold 8,616 shares of the firm’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $44.54, for a total value of $383,756.64. Following the sale, the senior vice president now directly owns 26,845 shares of the company’s stock, valued at approximately $1,195,676.30. The disclosure for this sale can be found here.

ITC Holdings Corp. (NYSE:ITC) traded up 0.65% during trading on Thursday, reaching $46.12. 627,675 shares of the company were exchanged. The firm’s 50 day moving average price is $46.17 and its 200-day moving average price is $43.16. The stock has a market capitalization of $6.99 billion and a price-to-earnings ratio of 29.77. ITC Holdings Corp. has a one year low of $30.33 and a one year high of $47.46.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research raised shares of ITC Holdings Corp. from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. Deutsche Bank AG reissued a “hold” rating on shares of ITC Holdings Corp. in a research report on Monday, April 18th. Seven analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. ITC Holdings Corp. currently has an average rating of “Hold” and a consensus target price of $41.83.

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).