Callan Capital LLC Invests $273,000 in Fortis (NYSE:FTS)

Callan Capital LLC bought a new position in shares of Fortis (NYSE:FTS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 6,000 shares of the utilities provider's stock, valued at approximately $273,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of Fortis by 7.4% in the fourth quarter. Bank of New York Mellon Corp now owns 533,741 shares of the utilities provider's stock valued at $22,188,000 after purchasing an additional 36,587 shares during the last quarter. US Bancorp DE increased its holdings in shares of Fortis by 12.7% in the fourth quarter. US Bancorp DE now owns 14,544 shares of the utilities provider's stock valued at $605,000 after purchasing an additional 1,638 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Fortis by 3.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,402,045 shares of the utilities provider's stock valued at $58,230,000 after purchasing an additional 49,560 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Fortis in the fourth quarter valued at $1,751,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Fortis by 0.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,265 shares of the utilities provider's stock valued at $4,912,000 after acquiring an additional 610 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Price Performance

FTS traded down $0.01 on Wednesday, hitting $46.82. 420,315 shares of the stock were exchanged, compared to its average volume of 615,364. Fortis has a 12 month low of $39.06 and a 12 month high of $50.06. The business has a 50-day moving average of $47.78 and a two-hundred day moving average of $45.42. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.76 and a quick ratio of 0.63. The firm has a market capitalization of $23.49 billion, a price-to-earnings ratio of 19.76, a PEG ratio of 3.78 and a beta of 0.48.

Fortis (NYSE:FTS - Get Free Report) 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 14.20% and a return on equity of 7.08%. The business had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $3.42 billion. During the same quarter in the prior year, the business posted $0.93 earnings per share. Sell-side analysts forecast that Fortis will post 2.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FTS. Royal Bank Of Canada boosted their target price on shares of Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. TD Securities began coverage on shares of Fortis in a research report on Friday, June 27th. They issued a "buy" rating for the company. Finally, Desjardins began coverage on shares of Fortis in a research report on Tuesday, May 6th. They issued a "hold" rating for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $72.00.

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.