Bollard Group LLC Lowers Stock Holdings in Fortis $FTS

Bollard Group LLC reduced its position in Fortis (NYSE:FTS) by 12.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 149,996 shares of the utilities provider’s stock after selling 21,765 shares during the period. Bollard Group LLC’s holdings in Fortis were worth $7,534,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Fortis in the 4th quarter worth approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in Fortis by 157.4% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC grew its stake in Fortis by 123.9% in the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 409 shares during the period. LOM Asset Management Ltd purchased a new stake in Fortis in the 4th quarter worth approximately $43,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Fortis by 2,119.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after buying an additional 996 shares during the period. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Stock Up 0.9%

Shares of Fortis stock opened at $56.90 on Friday. The company has a fifty day moving average price of $56.27 and a 200 day moving average price of $54.73. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. Fortis has a twelve month low of $46.46 and a twelve month high of $58.78. The stock has a market cap of $28.97 billion, a price-to-earnings ratio of 23.13 and a beta of 0.43.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. Fortis had a net margin of 14.21% and a return on equity of 7.25%. The firm had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same period in the prior year, the company earned $1.00 EPS. Equities research analysts forecast that Fortis will post 2.64 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FTS. Barclays cut their target price on Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. Finally, Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Fortis has a consensus rating of “Moderate Buy” and an average target price of $61.00.

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.