Beacon Financial Group Lowers stake in ITC Holdings Corp. (ITC)

ITC Holdings Corp. (ITC) : Beacon Financial Group reduced its stake in ITC Holdings Corp. by 34.91% during the most recent quarter end. The investment management company now holds a total of 86,054 shares of ITC Holdings Corp. which is valued at $3.7 Million after selling 46,155 shares in ITC Holdings Corp. according to a report filed by the company on Apr 1, 2016 with the SEC.ITC Holdings Corp. makes up approximately 0.81% of Beacon Financial Group’s portfolio.

On the company’s financial health, ITC Holdings Corp. reported $0.57 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Feb 25, 2016. Analyst had a consensus of $0.56. The company had revenue of $224.00 million for the quarter, compared to analysts expectations of $320.53 million. The company’s revenue was down -3.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.48 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. was Downgraded by Wells Fargo to ” Market Perform” on Feb 10, 2016.

ITC Holdings Corp. opened for trading at $42.92 and hit $43.24 on the upside on Monday, eventually ending the session at $43.01, with a gain of 0.23% or 0.1 points. The heightened volatility saw the trading volume jump to 16,40,192 shares. Company has a market cap of $6,568 M.

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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