Code Waechter LLC Sells 10,743 Shares of Fortis (NYSE:FTS)

Code Waechter LLC cut its stake in Fortis (NYSE:FTS - Free Report) by 57.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,965 shares of the utilities provider's stock after selling 10,743 shares during the period. Code Waechter LLC's holdings in Fortis were worth $363,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of FTS. Farther Finance Advisors LLC raised its stake in shares of Fortis by 286.7% during the first quarter. Farther Finance Advisors LLC now owns 1,106 shares of the utilities provider's stock worth $51,000 after buying an additional 820 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in shares of Fortis by 111.7% during the first quarter. Hexagon Capital Partners LLC now owns 1,226 shares of the utilities provider's stock worth $56,000 after buying an additional 647 shares during the last quarter. NBC Securities Inc. raised its stake in shares of Fortis by 158,500.0% during the first quarter. NBC Securities Inc. now owns 1,586 shares of the utilities provider's stock worth $72,000 after buying an additional 1,585 shares during the last quarter. Golden State Wealth Management LLC raised its stake in shares of Fortis by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,828 shares of the utilities provider's stock worth $83,000 after buying an additional 914 shares during the last quarter. Finally, Quadrant Capital Group LLC raised its stake 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 during the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Trading Up 0.1%

NYSE:FTS traded up $0.05 during trading hours on Friday, hitting $47.22. The stock had a trading volume of 609,636 shares, compared to its average volume of 617,558. Fortis has a one year low of $39.39 and a one year high of $50.06. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.63 and a current ratio of 0.76. The company has a market cap of $23.78 billion, a price-to-earnings ratio of 19.92, a P/E/G ratio of 3.81 and a beta of 0.48. The business's 50 day moving average is $47.67 and its 200-day moving average is $45.56.

Fortis (NYSE:FTS - Get Free Report) last issued its earnings results on Wednesday, May 7th. The utilities provider reported $0.70 EPS for the quarter, beating 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 firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $3.42 billion. During the same quarter in the prior year, the firm earned $0.93 earnings per share. Sell-side analysts anticipate that Fortis will post 2.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Fortis 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.