Goldman Sachs Group Inc. Has $109.15 Million Stake in Fortis Inc. (NYSE:FTS)

Goldman Sachs Group Inc. raised its position in shares of Fortis Inc. (NYSE:FTSFree Report) by 44.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,653,873 shares of the utilities provider’s stock after buying an additional 818,835 shares during the period. Goldman Sachs Group Inc. owned about 0.54% of Fortis worth $109,154,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Invesco Ltd. increased its holdings in shares of Fortis by 8.4% during the third quarter. Invesco Ltd. now owns 1,845,400 shares of the utilities provider’s stock worth $70,107,000 after buying an additional 142,731 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Fortis during the fourth quarter worth approximately $119,043,000. TD Asset Management Inc increased its holdings in shares of Fortis by 22.3% during the fourth quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock worth $553,145,000 after buying an additional 2,438,223 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Fortis by 1.9% during the third quarter. Vanguard Group Inc. now owns 19,421,010 shares of the utilities provider’s stock worth $737,804,000 after buying an additional 353,112 shares in the last quarter. Finally, Gold Investment Management Ltd. bought a new stake in shares of Fortis during the fourth quarter valued at approximately $3,324,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut shares of Fortis from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $55.13.

Read Our Latest Stock Analysis on FTS

Fortis Price Performance

FTS opened at $40.01 on Monday. Fortis Inc. has a one year low of $36.30 and a one year high of $43.84. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52. The company’s 50 day simple moving average is $39.55 and its 200-day simple moving average is $39.91. The stock has a market capitalization of $19.73 billion, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 2.87 and a beta of 0.46.

Fortis (NYSE:FTSGet Free Report) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. Fortis had a net margin of 13.66% and a return on equity of 7.02%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Sell-side analysts anticipate that Fortis Inc. will post 2.33 earnings per share for the current fiscal year.

Fortis Profile

(Free Report)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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