Louisbourg Investments Inc. Has $2.25 Million Position in Fortis (NYSE:FTS)

Louisbourg Investments Inc. lessened its holdings in Fortis (NYSE:FTS - Free Report) by 42.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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.

Other hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. acquired a new position in Fortis in the 4th quarter valued at approximately $1,751,000. US Bancorp DE grew its stake in shares of Fortis by 12.7% in the fourth quarter. US Bancorp DE now owns 14,544 shares of the utilities provider's stock worth $605,000 after purchasing an additional 1,638 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Fortis by 7.4% in the fourth quarter. Bank of New York Mellon Corp now owns 533,741 shares of the utilities provider's stock worth $22,188,000 after purchasing an additional 36,587 shares during the last quarter. Cetera Investment Advisers increased its holdings in Fortis by 8.1% in the fourth quarter. Cetera Investment Advisers now owns 18,584 shares of the utilities provider's stock valued at $773,000 after purchasing an additional 1,387 shares during the period. Finally, Two Sigma Investments LP bought a new position in Fortis during the 4th quarter worth $289,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FTS has been the topic of several recent research reports. Desjardins began coverage on Fortis in a report on Tuesday, May 6th. They set a "hold" rating on the stock. Royal Bank Of Canada lifted their price objective on Fortis from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Thursday, May 8th. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat.com, Fortis currently has an average rating of "Hold" and an average target price of $72.00.

Fortis Trading Down 0.7%

NYSE FTS traded down $0.34 during mid-day trading on Friday, reaching $46.99. 580,058 shares of the stock were exchanged, compared to its average volume of 608,147. The stock has a market cap of $23.57 billion, a P/E ratio of 19.83, a P/E/G ratio of 3.83 and a beta of 0.49. 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 one year low of $38.27 and a one year high of $50.06. The stock has a 50 day simple moving average of $48.02 and a 200-day simple moving average of $45.03.

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, topping analysts' consensus estimates 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 last year, the business posted $0.93 EPS. On average, analysts anticipate 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.