ITC Holdings (NYSE:ITC) Stock Upgrade
Equity analysts at Deutsche Bank’s research division raised the rating on shares of ITC Holdings (NYSE:ITC) from a “Hold” to a “Buy” earlier today. The analysts now have a $43 price target on ITC or a 14.79% upside.
From a total of 8 analysts covering ITC Holdings (NYSE:ITC) stock, 5 rate it a ”Buy”, 1 a “Sell”, and 7 a ”Hold”. This means that 38% of the ratings are positive. The highest target price is $41 while the lowest target price is $34. The mean of all analyst targets is $37.13 with a -4.43% below today’s ($37.46) stock price. ITC Holdings was the topic of 7 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Argus Research downgraded shares on December 2 to “Hold” rating. Citigroup initiated ITC stock in a recent report from November 20 with “Buy” rating. Finally, Wunderlich maintained the stock with “Hold” rating in a report issued on a July 31.
Approximately 1.09M shares of stock traded hands. ITC Holdings Corp. (NYSE:ITC) has risen 7.62% since May 11, 2015 and is uptrending. It has outperformed by 12.04% the S&P500.
The overall sentiment of institutions has decreased to 1.03 in Q2 2015. Its down 0.19, from 1.22 in 2015Q2. The ratio fall, as 39 institutions have sold all the shares of ITC Holdings Corp. that they owned while 114 funds have taken shares off the table. 35 funds have purchased shares for the first time while 122 added to their positions. These institutions now hold 135.76 million shares or 1.09% less than the 137.26 million shares they owned in 2015Q2.
The Fund St. James Investment Company Llc currently is holding shares equating to 6.2% of its total portfolio in ITC Holdings Corp. representing a total of 1.51 million shares. Another fund,Reaves W H & Co Inc, is holding a total of 3.56 million shares equating to 4.62% of their holdings. Additionally, Bloom Tree Partners Llc has a 1.42 million share stake in ITC Holdings Corp. which represents 4.47% of their total portfolio. The Fund, Electron Capital Partners Llc, based out of New York, has also built up a stake in the stock, which represents a total of 3.93% of their total portfolio. Finally Partners Group Holding Ag, a fund which is based in the state of Switzerland reported a total holdings of 413,413 shares.
ITC Holdings Corp. is an independent electricity transmission firm in the United States. The company has a market cap of $5.81 billion. The Firm operates, maintains and invests in transmission infrastructure. It has 23.3 P/E ratio. The Company’s clients include investor-owned utilities, municipalities, cooperatives, power marketers and alternative energy suppliers.
According to Zacks Investment Research, “ITC Holdings Corp. is in the business of electricity transmission infrastructure improvements as a means to improve electric reliability, reduce congestion and lower the overall cost of delivered energy. Through ITC operating subsidiaries, ITCTransmission and METC, we are the only publicly traded company engaged exclusively in the transmission of electricity in the United States. We are also the largest independent electric transmission company and the eighth largest electric transmission company in the country based on transmission load served. Its business strategy is to operate, maintain and invest in our transmission infrastructure in order to enhance system integrity and reliability and to reduce transmission constraints. By pursuing this strategy, we seek to reduce the overall cost of delivered energy for end-use consumers by providing them with access to electricity from the lowest cost electricity generation sources.”