Janney Montgomery Scott LLC trimmed its holdings in Fortis (NYSE:FTS – Free Report) by 2.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 17,448 shares of the utilities provider’s stock after selling 439 shares during the period. Janney Montgomery Scott LLC’s holdings in Fortis were worth $795,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Fortis by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 21,722,993 shares of the utilities provider’s stock valued at $902,656,000 after purchasing an additional 364,391 shares during the last quarter. TD Asset Management Inc. raised its holdings in Fortis by 1.4% in the 4th quarter. TD Asset Management Inc. now owns 12,266,121 shares of the utilities provider’s stock valued at $509,425,000 after buying an additional 173,226 shares during the period. Scotia Capital Inc. lifted its position in Fortis by 3.7% in the fourth quarter. Scotia Capital Inc. now owns 9,148,037 shares of the utilities provider’s stock valued at $379,614,000 after buying an additional 329,767 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of Fortis by 10.9% in the 4th quarter. Toronto Dominion Bank now owns 6,218,116 shares of the utilities provider’s stock valued at $258,068,000 after acquiring an additional 612,395 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Fortis by 42.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 4,443,333 shares of the utilities provider’s stock worth $184,878,000 after acquiring an additional 1,316,394 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.
Fortis Stock Performance
Shares of FTS stock opened at $47.75 on Tuesday. The firm has a 50 day moving average of $47.96 and a two-hundred day moving average of $45.22. The stock has a market capitalization of $23.96 billion, a PE ratio of 20.15, a P/E/G ratio of 3.81 and a beta of 0.49. The company has a quick ratio of 0.63, a current ratio of 0.76 and a debt-to-equity ratio of 1.34. Fortis has a 52 week low of $38.50 and a 52 week high of $50.06.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on FTS shares. Royal Bank Of Canada lifted their target price on shares of Fortis from $69.00 to $72.00 and gave the company a “sector perform” rating in a report on Thursday, May 8th. Desjardins started coverage on Fortis in a research note on Tuesday, May 6th. They issued a “hold” rating for the company. Finally, TD Securities started coverage on Fortis in a research note on Friday. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $72.00.
Check Out Our Latest Research Report on Fortis
About Fortis
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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