Fortis Inc. (NYSE:FTS) Holdings Cut by Citigroup Inc.

Citigroup Inc. decreased its stake in Fortis Inc. (NYSE:FTS – Get Rating) by 14.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 166,126 shares of the utilities provider’s stock after selling 29,121 shares during the quarter. Citigroup Inc.’s holdings in Fortis were worth $6,643,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FTS. Richard W. Paul & Associates LLC bought a new position in Fortis in the 4th quarter worth $31,000. Power Corp of Canada acquired a new stake in shares of Fortis during the 1st quarter valued at about $31,000. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Fortis during the 4th quarter valued at about $47,000. McElhenny Sheffield Capital Management LLC acquired a new stake in shares of Fortis during the 4th quarter valued at about $75,000. Finally, Gamble Jones Investment Counsel bought a new position in Fortis during the 3rd quarter valued at about $77,000. Hedge funds and other institutional investors own 49.59% of the company’s stock.

Fortis Stock Performance

NYSE FTS opened at $43.42 on Friday. Fortis Inc. has a 1 year low of $34.76 and a 1 year high of $50.89. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.58. The firm has a market cap of $21.04 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 3.61 and a beta of 0.44. The company has a fifty day moving average price of $43.44 and a 200-day moving average price of $41.47.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FTS. Scotiabank boosted their target price on shares of Fortis from C$57.00 to C$58.00 in a research note on Monday, January 23rd. StockNews.com started coverage on shares of Fortis in a report on Thursday. They issued a “hold” rating for the company. National Bank Financial upped their price target on shares of Fortis from C$55.00 to C$56.00 in a report on Monday, February 13th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $65.00 target price on shares of Fortis in a report on Friday, March 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $58.75.

Fortis Profile

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Fortis, Inc is a holding company, which engages in the electric and gas utility industry. It operates under the Regulated Utilities and Non-Regulated segments. The Regulated Utilities segment includes ITC Holdings (ITC), UNS Energy Corporation (UNS Energy), Central Hudson, FortisBC Energy, FortisAlberta, and FortisBC Electric.