Contravisory Investment Management Lowers stake in NiSource (NI)

NiSource (NI) : Contravisory Investment Management reduced its stake in NiSource by 5.47% during the most recent quarter end. The investment management company now holds a total of 405,682 shares of NiSource which is valued at $9,606,550 after selling 23,469 shares in NiSource , the firm said in a disclosure report filed with the SEC on Apr 11, 2016.NiSource makes up approximately 2.80% of Contravisory Investment Management’s portfolio.

NiSource opened for trading at $23.47 and hit $23.72 on the upside on Friday, eventually ending the session at $23.68, with a gain of 1.07% or 0.25 points. The heightened volatility saw the trading volume jump to 16,48,704 shares. Company has a market cap of $7,571 M.

Other Hedge Funds, Including , Central Bank Trust Co boosted its stake in NI in the latest quarter, The investment management firm added 181 additional shares and now holds a total of 528 shares of NiSource which is valued at $12,503.Creative Planning reduced its stake in NI by selling 558 shares or 3.15% in the most recent quarter. The Hedge Fund company now holds 17,132 shares of NI which is valued at $402,088.Eqis Capital Management reduced its stake in NI by selling 86 shares or 0.54% in the most recent quarter. The Hedge Fund company now holds 15,735 shares of NI which is valued at $369,300. NiSource makes up approx 0.03% of Eqis Capital Management’s portfolio.Chevy Chase Trust Holdings boosted its stake in NI in the latest quarter, The investment management firm added 12,430 additional shares and now holds a total of 270,558 shares of NiSource which is valued at $6,349,996. NiSource makes up approx 0.04% of Chevy Chase Trust Holdings’s portfolio.

On the company’s financial health, NiSource reported $0.31 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Feb 18, 2016. Analyst had a consensus of $0.30. The company had revenue of $1124.90 million for the quarter, compared to analysts expectations of $1368.36 million. The company’s revenue was down -19.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.51 EPS.

Investors should note that on Mar 22, 2016, NiSource announced a cash dividend of $0.1550. The company’s management has announced Apr 27, 2016 as the ex-dividend date and fixed the record date on Apr 29, 2016. The payable date has been fixed on May 20, 2016.

Many Wall Street Analysts have commented on NiSource. JP Morgan Downgraded NiSource on Mar 29, 2016 to ” Neutral”, Price Target of the shares are set at $24.

NiSource Inc. (NiSource) is an energy holding company. The Company through its subsidiaries provides natural gas electricity and other products and services. It is also engaged in the distribution of natural gas. The Company’s business segments include: Gas Distribution Operations which provides natural gas service and transportation services for residential commercial and industrial customers in Ohio Pennsylvania Virginia Kentucky Maryland Indiana and Massachusetts; Columbia Pipeline Group Operations which provides gas transportation and storage services for local distribution companies (LDCs) marketers and industrial and commercial customers located in 16 northeastern mid-Atlantic Midwestern and southern states and the District of Columbia along with unregulated businesses that include midstream services and development of mineral rights positions and Electric Operations which provides electric services in approximately 20 counties in the northern part of Indiana.

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