Fortis $FTS Shares Sold by K.J. Harrison & Partners Inc

K.J. Harrison & Partners Inc trimmed its position in Fortis (NYSE:FTS) by 13.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,391 shares of the utilities provider’s stock after selling 3,775 shares during the quarter. K.J. Harrison & Partners Inc’s holdings in Fortis were worth $1,115,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FTS. Newport Trust Company LLC raised its stake in Fortis by 3.4% during the 1st quarter. Newport Trust Company LLC now owns 9,216 shares of the utilities provider’s stock worth $420,000 after acquiring an additional 301 shares in the last quarter. Cigna Investments Inc. New raised its stake in Fortis by 3.6% during the 1st quarter. Cigna Investments Inc. New now owns 9,219 shares of the utilities provider’s stock worth $420,000 after acquiring an additional 321 shares in the last quarter. US Bancorp DE raised its stake in Fortis by 2.0% during the 2nd quarter. US Bancorp DE now owns 18,070 shares of the utilities provider’s stock worth $862,000 after acquiring an additional 359 shares in the last quarter. Cetera Investment Advisers raised its stake in Fortis by 2.1% during the 1st quarter. Cetera Investment Advisers now owns 18,965 shares of the utilities provider’s stock worth $864,000 after acquiring an additional 381 shares in the last quarter. Finally, Versor Investments LP raised its stake in Fortis by 2.1% during the 1st quarter. Versor Investments LP now owns 19,837 shares of the utilities provider’s stock worth $904,000 after acquiring an additional 402 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on FTS shares. Cibc World Mkts upgraded shares of Fortis from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 21st. TD Securities reiterated a “buy” rating on shares of Fortis in a research note on Tuesday, August 5th. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Monday, October 6th. Zacks Research lowered shares of Fortis from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. Finally, National Bankshares restated a “sector perform” rating on shares of Fortis in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.00.

Fortis Trading Down 0.5%

NYSE FTS opened at $50.27 on Monday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.47 and a current ratio of 0.58. The firm has a market cap of $25.41 billion, a PE ratio of 20.69, a P/E/G ratio of 3.94 and a beta of 0.50. Fortis has a one year low of $40.32 and a one year high of $52.47. The firm’s fifty day moving average is $50.13 and its two-hundred day moving average is $48.99.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, August 1st. The utilities provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. The company had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.91 billion. Fortis had a net margin of 14.48% and a return on equity of 7.24%. During the same period in the previous year, the business posted $0.67 earnings per share. Analysts expect that Fortis will post 2.35 earnings per share for the current year.

Fortis Company 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.