37,109 Shares in Fortis $FTS Bought by Y Intercept Hong Kong Ltd

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Fortis during the first quarter, buying 37,109 shares valued at about $2.07 million.
• Institutional ownership remains high, with hedge funds and other investors holding 57.77% of Fortis shares; several large firms, including Vanguard and FIL Ltd, also increased their stakes.
• Analysts are mixed but broadly positive: Fortis has a Moderate Buy consensus rating with a $61 average target price, while the company recently beat EPS estimates but fell short on revenue.

Y Intercept Hong Kong Ltd acquired a new stake in shares of Fortis (NYSE:FTS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 37,109 shares of the utilities provider's stock, valued at approximately $2,070,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in 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 buying an additional 536,118 shares during the last quarter. FIL Ltd lifted its position in shares of Fortis by 9.1% in the fourth quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider's stock valued at $1,034,545,000 after acquiring an additional 1,666,481 shares in the last quarter. Scotia Capital Inc. boosted its stake in shares of Fortis by 3.7% in the third 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 during the last quarter. Cibc World Market Inc. increased its position in shares of Fortis by 8.6% during the fourth quarter. Cibc World Market Inc. now owns 8,564,134 shares of the utilities provider's stock worth $445,335,000 after purchasing an additional 677,226 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Fortis by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 6,593,417 shares of the utilities provider's stock valued at $357,381,000 after purchasing an additional 372,377 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. TD Securities restated a "buy" rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fortis in a report on Tuesday, April 21st. Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Fortis in a research report on Monday, April 20th. Wall Street Zen downgraded shares of Fortis from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Finally, Barclays lowered their price target on shares of Fortis from $62.00 to $61.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $61.00.

Fortis Stock Performance

NYSE FTS opened at $57.72 on Thursday. The stock's fifty day moving average is $56.42 and its two-hundred day moving average is $55.49. The firm has a market capitalization of $29.48 billion, a P/E ratio of 23.46 and a beta of 0.43. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. Fortis has a fifty-two week low of $46.55 and a fifty-two week high of $58.78.

Fortis (NYSE:FTS - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $2.56 billion. During the same period in the prior year, the business earned $1.00 EPS. On average, research analysts anticipate that Fortis will post 2.62 earnings per share for the current year.

Fortis Company Profile

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.

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