Fortis Inc. (NYSE:FTS) Shares Sold by Laird Norton Wetherby Wealth Management LLC

Laird Norton Wetherby Wealth Management LLC decreased its position in Fortis Inc. (NYSE:FTS) by 13.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 12,476 shares of the utilities provider’s stock after selling 2,019 shares during the period. Laird Norton Wetherby Wealth Management LLC’s holdings in Fortis were worth $519,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FTS. Blue Trust Inc. grew its holdings in Fortis by 724.3% in the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 507 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in Fortis in the 4th quarter worth about $38,000. Lindbrook Capital LLC lifted its stake in shares of Fortis by 38.5% in the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider’s stock valued at $113,000 after purchasing an additional 758 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Fortis by 7.2% in the 4th quarter. Quadrant Capital Group LLC now owns 4,302 shares of the utilities provider’s stock valued at $179,000 after purchasing an additional 289 shares in the last quarter. Finally, Clear Creek Financial Management LLC acquired a new position in shares of Fortis in the 4th quarter valued at about $203,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Stock Performance

Shares of FTS opened at $47.29 on Friday. The company has a market cap of $23.72 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 3.94 and a beta of 0.50. The firm has a fifty day moving average of $46.64 and a 200-day moving average of $44.39. Fortis Inc. has a 1 year low of $38.15 and a 1 year high of $50.06. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.63 and a current ratio of 0.63.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.01. Fortis had a net margin of 14.12% and a return on equity of 7.09%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the company posted $0.93 earnings per share. As a group, equities analysts anticipate that Fortis Inc. will post 2.35 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Desjardins began coverage on Fortis in a report on Tuesday, May 6th. They set a “hold” rating on the stock. Jefferies Financial Group assumed coverage on shares of Fortis in a report on Thursday, February 13th. They issued a “hold” rating for the company. Finally, Royal Bank of Canada lifted their price objective on shares of Fortis from $69.00 to $72.00 and gave the stock a “sector perform” rating in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $72.00.

Fortis Profile

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.