Alpine Associates Management adds ITC Holdings Corp. (ITC) to its portfolio

ITC Holdings Corp. (ITC) : Alpine Associates Management added new position in ITC Holdings Corp. during the most recent quarter end. The investment management firm now holds 2,363,768 shares of ITC Holdings Corp. which is valued at $104.6 Million , the company said in a statement filed on May 12, 2016 with the SEC.ITC Holdings Corp. makes up approximately 4.60% of Alpine Associates Management’s portfolio.

Other Hedge Funds, Including , 1832 Asset Management boosted its stake in ITC in the latest quarter, The investment management firm added 1,636,300 additional shares and now holds a total of 2,078,900 shares of ITC Holdings Corp. which is valued at $92 Million. ITC Holdings Corp. makes up approx 0.37% of 1832 Asset Management’s portfolio.Blackrock Investment Management reduced its stake in ITC by selling 216,336 shares or 76.08% in the most recent quarter. The Hedge Fund company now holds 68,021 shares of ITC which is valued at $3 Million. Capital Advisors Incok sold out all of its stake in ITC during the most recent quarter. The investment firm sold 267,332 shares of ITC which is valued $11.8 Million.Rhumbline Advisers boosted its stake in ITC in the latest quarter, The investment management firm added 29,440 additional shares and now holds a total of 177,873 shares of ITC Holdings Corp. which is valued at $7.9 Million. ITC Holdings Corp. makes up approx 0.02% of Rhumbline Advisers’s portfolio.

ITC Holdings Corp. opened for trading at $44.05 and hit $44.38 on the upside on Friday, eventually ending the session at $44.26, with a gain of 0.71% or 0.31 points. The heightened volatility saw the trading volume jump to 10,15,980 shares. Company has a market cap of $6,762 M.

On the company’s financial health, ITC Holdings Corp. reported $0.55 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $0.52. The company had revenue of $280.13 million for the quarter, compared to analysts expectations of $299.21 million. The company’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.47 EPS.

Many Wall Street Analysts have commented on ITC Holdings Corp.. Deutsche Bank Downgraded ITC Holdings Corp. on Mar 15, 2016 to ” Hold”, Price Target of the shares are set at $43.ITC Holdings Corp. was Downgraded by Gabelli & Co to ” Hold” on Feb 26, 2016.

ITC Holdings Corp. is an independent electricity transmission company in the United States. The Company operates maintains and invests in transmission infrastructure. The Company’s customers include investor-owned utilities municipalities cooperatives power marketers and alternative energy suppliers. Its regional infrastructure includes four North Central Multi-Value Projects (MVPs) and the Thumb Loop Project. The Company’s subsidiaries operations include asset planning; engineering design and construction; maintenance and real time operations. The Asset Planning group uses system models and load forecasts to develop its system expansion capital plans. The Engineering Design and Construction group is engaged in the design equipment specifications maintenance plans and project engineering for capital operation and maintenance work. The Company develops and tracks preventive maintenance plans. Its real time operations include system and local balancing authoring operations.

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