Envestnet Asset Management Inc. Cuts Holdings in Fortis (NYSE:FTS)

Envestnet Asset Management Inc. lowered its stake in shares of Fortis (NYSE:FTS - Free Report) by 3.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 167,605 shares of the utilities provider's stock after selling 5,580 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Fortis were worth $7,639,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its position in Fortis by 286.7% during the 1st quarter. Farther Finance Advisors LLC now owns 1,106 shares of the utilities provider's stock worth $51,000 after purchasing an additional 820 shares during the period. Hexagon Capital Partners LLC increased its position in Fortis by 111.7% during the 1st quarter. Hexagon Capital Partners LLC now owns 1,226 shares of the utilities provider's stock worth $56,000 after purchasing an additional 647 shares during the period. NBC Securities Inc. increased its position in Fortis by 158,500.0% during the 1st quarter. NBC Securities Inc. now owns 1,586 shares of the utilities provider's stock worth $72,000 after purchasing an additional 1,585 shares during the period. Golden State Wealth Management LLC increased its position in Fortis by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,828 shares of the utilities provider's stock worth $83,000 after purchasing an additional 914 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Fortis by 7.2% during the 4th quarter. Quadrant Capital Group LLC now owns 4,302 shares of the utilities provider's stock worth $179,000 after purchasing an additional 289 shares during the period. Hedge funds and other institutional investors own 57.77% of the company's stock.

Fortis Price Performance

Shares of Fortis stock traded up $0.04 during trading on Friday, hitting $49.10. 438,507 shares of the company were exchanged, compared to its average volume of 528,082. The company has a quick ratio of 0.63, a current ratio of 0.76 and a debt-to-equity ratio of 1.34. Fortis has a fifty-two week low of $40.32 and a fifty-two week high of $50.06. The stock has a market capitalization of $24.72 billion, a price-to-earnings ratio of 20.72, a P/E/G ratio of 3.84 and a beta of 0.48. The firm has a 50 day moving average price of $47.69 and a 200 day moving average price of $45.97.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.01. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $3.42 billion. Fortis had a return on equity of 7.08% and a net margin of 14.20%. During the same period in the previous year, the firm posted $0.93 EPS. On average, equities analysts expect that Fortis will post 2.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Desjardins assumed coverage on Fortis in a research note on Tuesday, May 6th. They set a "hold" rating on the stock. CIBC raised Fortis from a "neutral" rating to a "sector outperform" rating in a research note on Monday, July 21st. Royal Bank Of Canada boosted their price target on Fortis from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. Raymond James Financial raised Fortis from a "hold" rating to a "moderate buy" rating in a research note on Tuesday. Finally, Cibc World Mkts raised Fortis from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $72.00.

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.