Fortis (NYSE:FTS) Shares Sold by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc lessened its stake in shares of Fortis (NYSE:FTS) by 5.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 27,166 shares of the utilities provider’s stock after selling 1,654 shares during the period. K.J. Harrison & Partners Inc’s holdings in Fortis were worth $1,239,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTS. Gold Investment Management Ltd. increased its stake in Fortis by 6.0% during the 1st quarter. Gold Investment Management Ltd. now owns 75,064 shares of the utilities provider’s stock worth $3,421,000 after buying an additional 4,247 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its stake in shares of Fortis by 27.2% in the first quarter. Creative Financial Designs Inc. ADV now owns 17,032 shares of the utilities provider’s stock worth $776,000 after acquiring an additional 3,647 shares during the last quarter. Value Partners Investments Inc. increased its position in shares of Fortis by 893.5% during the first quarter. Value Partners Investments Inc. now owns 111,080 shares of the utilities provider’s stock worth $5,065,000 after purchasing an additional 99,899 shares in the last quarter. Golden State Wealth Management LLC raised its stake in Fortis by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 1,828 shares of the utilities provider’s stock valued at $83,000 after purchasing an additional 914 shares during the last quarter. Finally, Wealthquest Corp purchased a new position in Fortis in the 1st quarter valued at $335,000. 57.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FTS. Royal Bank Of Canada upped their target price 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. TD Securities initiated coverage on shares of Fortis in a research report on Friday. They set a “buy” rating on the stock. Finally, Desjardins began coverage on shares of Fortis in a report on Tuesday, May 6th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $72.00.

Fortis Stock Up 0.1%

Shares of FTS opened at $47.16 on Friday. Fortis has a 52-week low of $38.50 and a 52-week high of $50.06. The company has a quick ratio of 0.63, a current ratio of 0.76 and a debt-to-equity ratio of 1.34. The stock has a fifty day simple moving average of $47.96 and a two-hundred day simple moving average of $45.16. The company has a market capitalization of $23.66 billion, a PE ratio of 19.90, a price-to-earnings-growth ratio of 3.82 and a beta of 0.49.

Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $3.42 billion. Fortis had a net margin of 14.20% and a return on equity of 7.08%. During the same period last year, the business earned $0.93 earnings per share. As a group, equities analysts forecast that Fortis will post 2.35 EPS for the current year.

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.