Mufg Securities Canada LTD. Sells 63,706 Shares of Fortis $FTS

Mufg Securities Canada LTD. reduced its holdings in shares of Fortis (NYSE:FTS) by 7.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 769,632 shares of the utilities provider’s stock after selling 63,706 shares during the quarter. Fortis accounts for about 1.1% of Mufg Securities Canada LTD.’s holdings, making the stock its 25th biggest position. Mufg Securities Canada LTD. owned approximately 0.15% of Fortis worth $40,023,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of Fortis during the fourth quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its holdings in shares of Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after buying an additional 428 shares during the last quarter. Larson Financial Group LLC grew its holdings in shares of Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after buying an additional 409 shares during the last quarter. LOM Asset Management Ltd acquired a new position in shares of Fortis during the fourth quarter valued at about $43,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after buying an additional 996 shares during the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Down 0.0%

FTS opened at $56.90 on Monday. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25. The stock has a market cap of $28.97 billion, a price-to-earnings ratio of 23.13 and a beta of 0.43. Fortis has a twelve month low of $46.46 and a twelve month high of $58.78. The company’s 50-day moving average price is $56.27 and its two-hundred day moving average price is $54.76.

Fortis (NYSE:FTS) last released its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same period in the previous year, the company earned $1.00 earnings per share. As a group, equities analysts expect that Fortis will post 2.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FTS has been the subject of a number of analyst reports. Barclays reduced their price objective on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Friday, May 8th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a report on Monday, April 20th. Finally, Wall Street Zen cut shares of Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

Fortis Profile

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.