Shares of ITC Holdings Corp. (NYSE:ITC) erupted today as they passed the 200-day moving average of $34.45. With volume of over 6 million shares trading hands up to this point in the day, the stock seems to be in demand. This move comes after an 8-k filing back on November 20, 2015 in which the company declared a quarterly cash dividend of $0.1875 per share, which will be payable on December 15.
The stock is up 8.98% or $3.03 after the news, hitting $36.78 per share. About 4.66 million shares traded hands or 208.61% up from the average. ITC has declined 5.44% since April 27, 2015 and is downtrending. It has underperformed by 4.54% the S&P500.
Out of 5 analysts covering ITC Holdings (NYSE:ITC), 1 rate it “Buy”, 1 “Sell”, while 3 “Hold”. This means 20% are positive. $36 is the highest target while $32 is the lowest. The $34.80 average target is -5.38% below today’s ($36.78) stock price. ITC Holdings was the topic in 5 analyst reports since July 31, 2015 according to StockzIntelligence Inc. Citigroup initiated the stock on November 20 with “Buy” rating. Deutsche Bank maintained the shares of ITC in a report on July 31 with “Hold” rating.
The institutional sentiment increased to 1.22 in Q2 2015. Its up 0.06, from 1.16 in 2015Q1. The ratio increased, as 39 funds sold all ITC Holdings Corp. shares owned while 109 reduced positions. 53 funds bought stakes while 127 increased positions. They now own 137.26 million shares or 3.01% more from 133.25 million shares in 2015Q1.
Partners Group Holding Ag holds 4.43% of its portfolio in ITC Holdings Corp. for 547,913 shares. St. James Investment Company Llc owns 1.20 million shares or 4.33% of their US portfolio. Moreover, Reaves W H & Co Inc has 4.17% invested in the company for 3.62 million shares. The New York-based Bloom Tree Partners Llc has invested 3.79% in the stock. Electron Capital Partners Llc, a New York-based fund reported 183,883 shares.
ITC Holdings Corp. is an independent electricity transmission firm in the United States. The company has a market cap of $5.36 billion. The Firm operates, maintains and invests in transmission infrastructure. It has 22.88 P/E ratio. The Company’s clients include investor-owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers.