Y Intercept Hong Kong Ltd Takes Position in Fortis $FTS

Y Intercept Hong Kong Ltd purchased a new position in shares of Fortis (NYSE:FTS) in the first quarter, Holdings Channel.com reports. The fund purchased 37,109 shares of the utilities provider’s stock, valued at approximately $2,070,000.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC purchased a new stake in Fortis in the first quarter valued at $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Fortis by 19.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock valued at $25,760,000 after acquiring an additional 90,776 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Fortis by 148.0% during the second quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider’s stock valued at $139,000 after acquiring an additional 1,732 shares during the last quarter. Baird Financial Group Inc. raised its stake in shares of Fortis by 3.4% in the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider’s stock valued at $1,623,000 after acquiring an additional 1,109 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Fortis by 4.4% in the 2nd quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider’s stock worth $494,000 after acquiring an additional 439 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Analyst Ratings Changes

FTS has been the subject of a number of research analyst reports. TD Securities reaffirmed a “buy” rating on shares of Fortis in a research report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. Wall Street Zen cut Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a research report on Monday, April 20th. Finally, Barclays dropped their price objective on Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Fortis Stock Up 0.4%

Shares of Fortis stock opened at $57.72 on Thursday. 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 has a 52-week low of $46.55 and a 52-week high of $58.78. The company has a market capitalization of $29.48 billion, a P/E ratio of 23.46 and a beta of 0.43. The company has a 50 day moving average of $56.42 and a 200 day moving average of $55.49.

Fortis (NYSE:FTS) last announced its quarterly earnings data 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 business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same period last year, the business earned $1.00 EPS. As a group, research analysts forecast that Fortis will post 2.62 EPS for the current fiscal year.

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.