Bank of Montreal Can decreased its holdings in shares of Fortis Inc (NYSE:FTS) by 3.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,194,445 shares of the utilities provider’s stock after selling 933,518 shares during the quarter. Fortis makes up about 0.6% of Bank of Montreal Can’s investment portfolio, making the stock its 28th biggest holding. Bank of Montreal Can owned 5.67% of Fortis worth $784,383,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in FTS. Toronto Dominion Bank boosted its holdings in Fortis by 28.0% during the second quarter. Toronto Dominion Bank now owns 8,426,529 shares of the utilities provider’s stock worth $269,575,000 after purchasing an additional 1,845,301 shares during the last quarter. CIBC World Markets Inc. raised its position in Fortis by 20.0% during the first quarter. CIBC World Markets Inc. now owns 9,308,470 shares of the utilities provider’s stock worth $314,347,000 after acquiring an additional 1,550,471 shares in the last quarter. Legal & General Group Plc raised its position in Fortis by 13.1% during the second quarter. Legal & General Group Plc now owns 5,612,767 shares of the utilities provider’s stock worth $179,282,000 after acquiring an additional 648,382 shares in the last quarter. Intact Investment Management Inc. raised its position in Fortis by 3,641.7% during the second quarter. Intact Investment Management Inc. now owns 583,700 shares of the utilities provider’s stock worth $24,510,000 after acquiring an additional 568,100 shares in the last quarter. Finally, Morgan Stanley raised its position in Fortis by 3.1% during the second quarter. Morgan Stanley now owns 12,290,416 shares of the utilities provider’s stock worth $391,819,000 after acquiring an additional 368,124 shares in the last quarter. Institutional investors and hedge funds own 50.44% of the company’s stock.
Several analysts have issued reports on FTS shares. Zacks Investment Research raised shares of Fortis from a “sell” rating to a “hold” rating in a research report on Wednesday, July 4th. ValuEngine raised shares of Fortis from a “sell” rating to a “hold” rating in a research report on Thursday, July 5th. Finally, Bank of America started coverage on shares of Fortis in a research report on Tuesday. They set a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Fortis has a consensus rating of “Buy” and an average target price of $45.00.
NYSE FTS traded up $0.37 on Friday, hitting $31.92. 44,399 shares of the stock were exchanged, compared to its average volume of 276,446. The firm has a market capitalization of $13.77 billion, a P/E ratio of 16.14, a price-to-earnings-growth ratio of 3.02 and a beta of -0.13. Fortis Inc has a 52 week low of $30.88 and a 52 week high of $38.24. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 1.37.
Fortis (NYSE:FTS) last issued its quarterly earnings data on Tuesday, July 31st. The utilities provider reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.13. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.57 billion. Fortis had a net margin of 11.97% and a return on equity of 6.75%. During the same period in the prior year, the firm earned $0.61 earnings per share. On average, research analysts anticipate that Fortis Inc will post 1.95 EPS for the current fiscal year.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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