Fortis Inc. (NYSE:FTS) Stock Position Decreased by Louisbourg Investments Inc.

Louisbourg Investments Inc. cut its stake in shares of Fortis Inc. (NYSE:FTS - Free Report) by 42.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,308 shares of the utilities provider's stock after selling 36,289 shares during the quarter. Louisbourg Investments Inc.'s holdings in Fortis were worth $2,248,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FTS. Norges Bank purchased a new stake in shares of Fortis in the fourth quarter valued at $182,242,000. Geode Capital Management LLC lifted its holdings in shares of Fortis by 77.1% in the fourth quarter. Geode Capital Management LLC now owns 4,257,486 shares of the utilities provider's stock valued at $180,686,000 after purchasing an additional 1,853,082 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Fortis by 42.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 4,443,333 shares of the utilities provider's stock valued at $184,878,000 after purchasing an additional 1,316,394 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Fortis by 10.9% in the fourth quarter. Toronto Dominion Bank now owns 6,218,116 shares of the utilities provider's stock valued at $258,068,000 after purchasing an additional 612,395 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in shares of Fortis in the fourth quarter valued at $22,869,000. 57.77% of the stock is owned by institutional investors.

Fortis Price Performance

Shares of NYSE:FTS opened at $47.70 on Tuesday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.30. Fortis Inc. has a 1 year low of $38.15 and a 1 year high of $50.06. The business has a fifty day simple moving average of $47.86 and a 200 day simple moving average of $44.98. The firm has a market cap of $23.93 billion, a price-to-earnings ratio of 20.21, a P/E/G ratio of 3.94 and a beta of 0.49.

Fortis (NYSE:FTS - Get Free Report) last announced 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. Fortis had a return on equity of 7.09% and a net margin of 14.12%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $3.42 billion. During the same period last year, the company earned $0.93 earnings per share. As a group, sell-side analysts predict that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on FTS. Desjardins began coverage on Fortis in a report on Tuesday, May 6th. They issued a "hold" rating for the company. Royal Bank of Canada increased their target price on Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company's stock. According to MarketBeat, Fortis has a consensus rating of "Hold" and an average target price 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.

Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis Inc. (NYSE:FTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.