Massachusetts Financial Services Co. MA boosted its stake in shares of Fortis Inc. (NYSE:FTS) by 0.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 775,954 shares of the utilities provider’s stock after purchasing an additional 6,569 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.18% of Fortis worth $26,204,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in FTS. Bank of Hawaii boosted its position in Fortis by 19.7% during the 1st quarter. Bank of Hawaii now owns 12,833 shares of the utilities provider’s stock worth $433,000 after acquiring an additional 2,113 shares during the period. Stephens Inc. AR acquired a new position in Fortis during the 1st quarter worth $337,000. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Fortis by 2.5% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,219,550 shares of the utilities provider’s stock worth $41,109,000 after acquiring an additional 29,935 shares during the period. Wells Fargo & Company MN boosted its position in Fortis by 18.6% during the 1st quarter. Wells Fargo & Company MN now owns 175,714 shares of the utilities provider’s stock worth $5,933,000 after acquiring an additional 27,504 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Fortis by 0.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 303,956 shares of the utilities provider’s stock worth $11,146,000 after acquiring an additional 2,058 shares during the period. Institutional investors and hedge funds own 50.55% of the company’s stock.
FTS opened at $32.37 on Friday. Fortis Inc. has a one year low of $32.57 and a one year high of $32.93. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.54 and a current ratio of 0.63. The firm has a market capitalization of $13.83 billion, a PE ratio of 16.51, a PEG ratio of 2.97 and a beta of -0.20.
Fortis (NYSE:FTS) last posted its quarterly earnings data on Tuesday, May 1st. The utilities provider reported $0.55 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.55. Fortis had a return on equity of 6.92% and a net margin of 12.06%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the previous year, the business earned $0.69 EPS. research analysts forecast that Fortis Inc. will post 2 EPS for the current year.
FTS has been the subject of a number of analyst reports. UBS initiated coverage on Fortis in a research report on Tuesday, May 1st. They set a “buy” rating for the company. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating and set a $39.00 price target for the company in a research report on Monday, January 22nd. Raymond James upgraded Fortis from a “market perform” rating to an “outperform” rating in a research report on Friday, February 9th. CIBC raised Fortis from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, February 15th. They noted that the move was a valuation call. Finally, Scotiabank downgraded Fortis from an “outperform” rating to a “sector perform” rating in a research note on Tuesday, May 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $45.00.
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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