Bank of New York Mellon Corp Sells 63,695 Shares of Fortis $FTS

Bank of New York Mellon Corp trimmed its holdings in shares of Fortis (NYSE:FTS) by 11.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 496,326 shares of the utilities provider’s stock after selling 63,695 shares during the period. Bank of New York Mellon Corp owned 0.10% of Fortis worth $27,690,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. JCIC Asset Management Inc. increased its stake in Fortis by 5.0% in the fourth quarter. JCIC Asset Management Inc. now owns 5,990 shares of the utilities provider’s stock valued at $311,000 after purchasing an additional 285 shares in the last quarter. Addison Capital Co raised its holdings in Fortis by 0.9% during the 1st quarter. Addison Capital Co now owns 32,797 shares of the utilities provider’s stock worth $1,830,000 after buying an additional 289 shares during the period. Public Sector Pension Investment Board lifted its stake in Fortis by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider’s stock valued at $2,313,000 after buying an additional 300 shares in the last quarter. Wellington Management Group LLP lifted its stake in Fortis by 0.8% in the fourth quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider’s stock valued at $1,969,000 after buying an additional 316 shares in the last quarter. Finally, Royal London Asset Management Ltd. lifted its stake in Fortis by 0.9% in the second quarter. Royal London Asset Management Ltd. now owns 34,938 shares of the utilities provider’s stock valued at $1,668,000 after buying an additional 325 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Trading Down 0.9%

Shares of FTS stock opened at $58.34 on Tuesday. Fortis has a 12-month low of $48.28 and a 12-month high of $59.21. The company has a market capitalization of $29.80 billion, a PE ratio of 23.71 and a beta of 0.43. The firm has a 50 day moving average price of $56.89 and a two-hundred day moving average price of $56.05. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last posted its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a return on equity of 7.25% and a net margin of 14.21%.During the same quarter in the prior year, the business earned $1.00 earnings per share. As a group, analysts predict that Fortis will post 2.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTS has been the subject of several research reports. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. Canadian Imperial Bank of Commerce lowered shares of Fortis from an “outperform” rating to a “hold” rating in a research note on Friday, July 17th. Barclays dropped their price target on Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Finally, Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Five investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Fortis has an average rating of “Hold” and an average target price of $61.00.

About Fortis

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.