Louisbourg Investments Inc. Sells 26,073 Shares of Fortis $FTS

Louisbourg Investments Inc. reduced its stake in Fortis (NYSE:FTS) by 57.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 19,054 shares of the utilities provider’s stock after selling 26,073 shares during the quarter. Louisbourg Investments Inc.’s holdings in Fortis were worth $1,061,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Fortis during the 4th quarter worth $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 428 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 409 shares during the last quarter. LOM Asset Management Ltd bought a new position in shares of Fortis during the fourth quarter valued at about $43,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 996 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors.

Fortis Price Performance

Shares of NYSE:FTS opened at $58.20 on Friday. The company’s 50-day moving average is $56.23 and its 200 day moving average is $55.09. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. The company has a market capitalization of $29.63 billion, a P/E ratio of 23.66 and a beta of 0.43. Fortis has a fifty-two week low of $46.46 and a fifty-two week high of $58.78.

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

Wall Street Analysts Forecast Growth

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

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.