Cidel Asset Management Inc. Has $41.81 Million Stock Position in Fortis (NYSE:FTS)

Cidel Asset Management Inc. lessened its holdings in Fortis (NYSE:FTS - Free Report) by 1.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 917,901 shares of the utilities provider's stock after selling 12,424 shares during the quarter. Fortis accounts for approximately 2.7% of Cidel Asset Management Inc.'s investment portfolio, making the stock its 8th biggest position. Cidel Asset Management Inc. owned about 0.18% of Fortis worth $41,805,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its stake in Fortis by 3.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,515 shares of the utilities provider's stock valued at $396,000 after purchasing an additional 277 shares during the last quarter. Benjamin Edwards Inc. grew its stake in shares of Fortis by 4.7% during the fourth quarter. Benjamin Edwards Inc. now owns 6,265 shares of the utilities provider's stock worth $260,000 after buying an additional 282 shares during the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Fortis by 7.2% during the fourth quarter. Quadrant Capital Group LLC now owns 4,302 shares of the utilities provider's stock worth $179,000 after buying an additional 289 shares in the last quarter. JCIC Asset Management Inc. lifted its stake in shares of Fortis by 5.7% in the 1st quarter. JCIC Asset Management Inc. now owns 5,377 shares of the utilities provider's stock valued at $245,000 after acquiring an additional 290 shares during the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in shares of Fortis by 0.9% during the 4th quarter. Baird Financial Group Inc. now owns 34,918 shares of the utilities provider's stock valued at $1,452,000 after acquiring an additional 315 shares in the last quarter. Institutional investors own 57.77% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on FTS. Royal Bank Of Canada upped their target price on Fortis from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Thursday, May 8th. TD Securities began coverage on Fortis in a report on Friday, June 27th. They set a "buy" rating on the stock. Finally, Desjardins assumed coverage on shares of Fortis in a 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 given a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $72.00.

Fortis Trading Up 0.5%

NYSE FTS traded up $0.22 on Friday, reaching $47.30. The company had a trading volume of 338,179 shares, compared to its average volume of 615,061. The firm has a market cap of $23.73 billion, a price-to-earnings ratio of 19.96, a P/E/G ratio of 3.83 and a beta of 0.48. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.76 and a quick ratio of 0.63. Fortis has a fifty-two week low of $39.02 and a fifty-two week high of $50.06. The business has a 50 day moving average of $47.86 and a two-hundred day moving average of $45.32.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.01. Fortis had a return on equity of 7.08% and a net margin of 14.20%. The company 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 firm posted $0.93 earnings per share. Analysts forecast that Fortis will post 2.35 EPS for the current year.

About Fortis

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.