Fortis $FTS Stake Increased by Cidel Asset Management Inc.

Cidel Asset Management Inc. raised its position in shares of Fortis (NYSE:FTS) by 82.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 981,216 shares of the utilities provider’s stock after purchasing an additional 443,675 shares during the quarter. Fortis accounts for about 3.0% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 4th biggest holding. Cidel Asset Management Inc. owned 0.19% of Fortis worth $54,568,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Fortis during the fourth quarter valued at approximately $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings 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 last quarter. Larson Financial Group LLC raised its holdings 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 last quarter. LOM Asset Management Ltd bought a new position in Fortis in the 4th quarter valued at approximately $43,000. Finally, Smartleaf Asset Management LLC lifted its position in Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 996 shares in the last quarter. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Trading Up 1.3%

NYSE:FTS opened at $56.73 on Wednesday. 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 12 month low of $46.46 and a 12 month high of $58.78. The company has a market cap of $28.88 billion, a PE ratio of 23.06 and a beta of 0.43. The company has a 50 day simple moving average of $56.18 and a two-hundred day simple moving average of $54.98.

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen downgraded Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. Barclays dropped their price objective on Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Fortis in a research report on Monday, April 20th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Fortis presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.00.

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.