Aigen Investment Management LP Makes New Investment in Fortis $FTS

Aigen Investment Management LP acquired a new position in Fortis (NYSE:FTS) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 18,890 shares of the utilities provider’s stock, valued at approximately $981,000.

A number of other large investors have also modified their holdings of FTS. AQR Capital Management LLC acquired a new stake in Fortis in the 1st quarter valued at about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Fortis by 19.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock valued at $25,760,000 after acquiring an additional 90,776 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Fortis by 148.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider’s stock valued at $139,000 after acquiring an additional 1,732 shares during the last quarter. Baird Financial Group Inc. raised its holdings in Fortis by 3.4% in the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider’s stock valued at $1,623,000 after acquiring an additional 1,109 shares during the last quarter. Finally, Cerity Partners LLC increased its holdings in shares of Fortis by 4.4% during the 2nd quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider’s stock worth $494,000 after buying an additional 439 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTS. Barclays cut their price target on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a report on Monday, April 20th. Wall Street Zen downgraded shares of Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. TD Securities restated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.00.

Fortis Stock Performance

Shares of FTS stock opened at $56.90 on Monday. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25. Fortis has a 52 week low of $46.46 and a 52 week high of $58.78. The stock has a market capitalization of $28.97 billion, a PE ratio of 23.13 and a beta of 0.43. The firm has a 50 day moving average of $56.27 and a two-hundred day moving average of $54.76.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating 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 company posted $1.00 EPS. On average, research analysts predict that Fortis will post 2.64 EPS for the current fiscal year.

Fortis 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.