Hillsdale Investment Management Inc. Sells 30,038 Shares of Fortis $FTS

Hillsdale Investment Management Inc. trimmed its stake in Fortis (NYSE:FTS) by 3.7% in the 4th quarter, HoldingsChannel reports. The fund owned 783,178 shares of the utilities provider’s stock after selling 30,038 shares during the quarter. Fortis comprises 1.1% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 15th largest position. Hillsdale Investment Management Inc.’s holdings in Fortis were worth $40,791,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Fortis by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider’s stock worth $1,254,541,000 after acquiring an additional 536,118 shares in the last quarter. TD Asset Management Inc raised its position in shares of Fortis by 0.4% in the 3rd quarter. TD Asset Management Inc now owns 13,531,955 shares of the utilities provider’s stock worth $686,518,000 after acquiring an additional 57,447 shares in the last quarter. Scotia Capital Inc. raised its position in shares of Fortis by 3.7% in the 3rd quarter. Scotia Capital Inc. now owns 9,163,354 shares of the utilities provider’s stock worth $461,748,000 after acquiring an additional 326,212 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Fortis by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 6,593,417 shares of the utilities provider’s stock worth $357,381,000 after acquiring an additional 372,377 shares in the last quarter. Finally, Legal & General Group Plc raised its position in shares of Fortis by 1.5% in the 4th quarter. Legal & General Group Plc now owns 5,954,579 shares of the utilities provider’s stock worth $309,966,000 after acquiring an additional 90,856 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

FTS has been the subject of several recent research reports. Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. TD Securities reissued a “buy” rating on shares of Fortis in a research report on Thursday, May 7th. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Fortis Trading Down 1.3%

Shares of NYSE:FTS opened at $55.37 on Friday. The business’s 50-day moving average is $56.28 and its 200 day moving average is $54.48. Fortis has a 1 year low of $46.46 and a 1 year high of $58.78. The firm has a market capitalization of $28.19 billion, a P/E ratio of 22.51 and a beta of 0.45. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.49 and a quick ratio of 0.41.

Fortis (NYSE:FTS) last announced its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the company posted $1.00 EPS. On average, research analysts predict that Fortis will post 2.64 earnings per share for the current fiscal year.

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.