First Trust Advisors LP Has $46.40 Million Holdings in Fortis $FTS

Key Points

• First Trust Advisors LP reduced its Fortis stake by 5.5% in the first quarter, selling 48,850 shares and retaining 831,593 shares valued at approximately $46.4 million. Institutional investors and hedge funds collectively own 57.77% of Fortis.
• Fortis reported quarterly EPS of $0.72, exceeding analyst expectations of $0.70, while revenue of $2.45 billion fell short of the $2.56 billion consensus estimate. Analysts expect full-year EPS of approximately $2.58.
• Fortis shares recently traded near a one-year high at $58.86, while analysts maintain a consensus “Hold” rating and a $61.00 price target; ratings include five Buys and six Holds.

First Trust Advisors LP lowered its stake in shares of Fortis (NYSE:FTS - Free Report) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 831,593 shares of the utilities provider's stock after selling 48,850 shares during the period. First Trust Advisors LP owned approximately 0.16% of Fortis worth $46,395,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of FTS. Scarborough Advisors LLC bought a new position in Fortis during the first quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Fortis in the fourth quarter worth about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its holdings in shares of Fortis by 157.4% in the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock worth $36,000 after acquiring an additional 428 shares in the last quarter. Larson Financial Group LLC raised its position in shares of Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock worth $37,000 after purchasing an additional 409 shares during the period. Finally, LOM Asset Management Ltd acquired a new stake in shares of Fortis during the fourth quarter worth about $43,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Performance

NYSE FTS opened at $58.86 on Monday. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. The firm's fifty day moving average price is $56.83 and its two-hundred day moving average price is $56.00. Fortis has a 1 year low of $48.28 and a 1 year high of $59.21. The firm has a market capitalization of $30.07 billion, a P/E ratio of 23.93 and a beta of 0.43.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the firm posted $1.00 earnings per share. As a group, research analysts anticipate that Fortis will post 2.58 EPS for the current year.

Wall Street Analysts Forecast Growth

FTS has been the topic of a number of research reports. Canadian Imperial Bank of Commerce lowered shares of Fortis from an "outperform" rating to a "hold" rating in a research note on Friday, July 17th. TD Securities reissued a "buy" rating on shares of Fortis in a research report on Thursday, May 7th. Barclays dropped their price objective on shares of Fortis from $62.00 to $61.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fortis in a research note on Friday, July 17th. Finally, Wall Street Zen lowered shares of Fortis from a "hold" rating to a "sell" rating in a research note on Saturday, May 23rd. Five research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $61.00.

About Fortis

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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