Cibc World Market Inc. lifted its stake in Fortis (NYSE:FTS – Free Report) by 8.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 8,564,134 shares of the utilities provider’s stock after acquiring an additional 677,226 shares during the period. Cibc World Market Inc.’s holdings in Fortis were worth $445,335,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in shares of Fortis by 157.4% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after buying an additional 428 shares during the last quarter. Larson Financial Group LLC boosted its stake in Fortis by 123.9% during the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 409 shares during the period. LOM Asset Management Ltd acquired a new stake in Fortis during the 4th quarter worth $43,000. Smartleaf Asset Management LLC boosted its stake in Fortis by 2,119.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares during the period. Finally, State of Wyoming acquired a new stake in Fortis during the 2nd quarter worth $56,000. 57.77% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of analysts recently weighed in on FTS shares. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a research note on Monday, April 20th. TD Securities reiterated a “buy” rating on shares of Fortis in a research note on Thursday, May 7th. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.
Fortis Stock Down 0.1%
FTS stock opened at $54.70 on Thursday. Fortis has a one year low of $46.46 and a one year high of $58.78. The stock has a market capitalization of $27.85 billion, a PE ratio of 22.23 and a beta of 0.43. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. The company has a fifty day moving average of $56.23 and a 200-day moving average of $54.55.
Fortis (NYSE:FTS – Get Free Report) last released its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. Fortis had a net margin of 14.21% and a return on equity of 7.25%. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the business earned $1.00 EPS. As a group, analysts expect that Fortis will post 2.64 EPS for the current year.
Fortis Company Profile
Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.
The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.
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