Advisory Services Network Lowers stake in ITC Holdings Corp. (ITC)

ITC Holdings Corp. (ITC) : Advisory Services Network reduced its stake in ITC Holdings Corp. by 4.35% during the most recent quarter end. The investment management company now holds a total of 9,842 shares of ITC Holdings Corp. which is valued at $444,760 after selling 448 shares in ITC Holdings Corp. , the firm said in a disclosure report filed with the SEC on Oct 7, 2016.ITC Holdings Corp. makes up approximately 0.08% of Advisory Services Network’s portfolio.

Other Hedge Funds, Including , First Mercantile Trust Co reduced its stake in ITC by selling 10,236 shares or 20.26% in the most recent quarter. The Hedge Fund company now holds 40,297 shares of ITC which is valued at $1,821,021. ITC Holdings Corp. makes up approx 0.24% of First Mercantile Trust Co’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in ITC in the latest quarter, The investment management firm added 2,240 additional shares and now holds a total of 2,604 shares of ITC Holdings Corp. which is valued at $118,404. Washington Trust Bank sold out all of its stake in ITC during the most recent quarter. The investment firm sold 40 shares of ITC which is valued $1,819. Beacon Financial Group sold out all of its stake in ITC during the most recent quarter. The investment firm sold 25,568 shares of ITC which is valued $1,162,577.

ITC Holdings Corp. closed down -0.48 points or -1.05% at $45.19 with 13,12,234 shares getting traded on Friday. Post opening the session at $45.74, the shares hit an intraday low of $45.13 and an intraday high of $45.85 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

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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