Water Island Capital buys $104,383,014 stake in ITC Holdings Corp. (ITC)

ITC Holdings Corp. (ITC) : Water Island Capital scooped up 1,399,085 additional shares in ITC Holdings Corp. during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 2,244,796 shares of ITC Holdings Corp. which is valued at $104,383,014.ITC Holdings Corp. makes up approximately 7.07% of Water Island Capital’s portfolio.

Other Hedge Funds, Including , Paulson added ITC to its portfolio by purchasing 37,600 company shares during the most recent quarter which is valued at $1,748,400. ITC Holdings Corp. makes up approx 0.01% of Paulson’s portfolio. Napier Park Global Capital (us) Lp sold out all of its stake in ITC during the most recent quarter. The investment firm sold 162,980 shares of ITC which is valued $7,578,570.Diamond Hill Capital Management Inc reduced its stake in ITC by selling 75,230 shares or 6.29% in the most recent quarter. The Hedge Fund company now holds 1,120,130 shares of ITC which is valued at $52,086,045. ITC Holdings Corp. makes up approx 0.31% of Diamond Hill Capital Management Inc’s portfolio.Sandy Spring Bank reduced its stake in ITC by selling 15,870 shares or 59.16% in the most recent quarter. The Hedge Fund company now holds 10,957 shares of ITC which is valued at $506,323. ITC Holdings Corp. makes up approx 0.06% of Sandy Spring Bank’s portfolio.Chesley Taft Associates reduced its stake in ITC by selling 125 shares or 0.47% in the most recent quarter. The Hedge Fund company now holds 26,540 shares of ITC which is valued at $1,236,499. ITC Holdings Corp. makes up approx 0.12% of Chesley Taft Associates’s portfolio.

ITC Holdings Corp. opened for trading at $45.16 and hit $45.55 on the upside on Thursday, eventually ending the session at $45.55, with a gain of 0.73% or 0.33 points. The heightened volatility saw the trading volume jump to 5,42,954 shares. Company has a market cap of $6,986 M.

On the company’s financial health, ITC Holdings Corp. reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.54. The company had revenue of $298.00 million for the quarter, compared to analysts expectations of $303.67 million. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS.

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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