GAMMA Investing LLC Purchases New Shares in Fortis (NYSE:FTS)

GAMMA Investing LLC purchased a new position in shares of Fortis (NYSE:FTS - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,961 shares of the utilities provider's stock, valued at approximately $864,000.

Several other hedge funds have also made changes to their positions in FTS. Lindbrook Capital LLC lifted its holdings in Fortis by 38.5% during the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock worth $113,000 after buying an additional 758 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in Fortis by 7.2% in the fourth quarter. Quadrant Capital Group LLC now owns 4,302 shares of the utilities provider's stock valued at $179,000 after acquiring an additional 289 shares in the last quarter. Vise Technologies Inc. purchased a new position in Fortis in the fourth quarter worth approximately $216,000. CIBC Private Wealth Group LLC acquired a new position in Fortis during the 4th quarter worth approximately $249,000. Finally, Benjamin Edwards Inc. grew its holdings in Fortis by 4.7% during the 4th quarter. Benjamin Edwards Inc. now owns 6,265 shares of the utilities provider's stock worth $260,000 after acquiring an additional 282 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company's stock.

Fortis Stock Down 0.9%

Shares of Fortis stock traded down $0.43 during trading hours on Friday, hitting $46.90. The company had a trading volume of 193,870 shares, compared to its average volume of 609,369. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.76 and a quick ratio of 0.63. The company's 50-day moving average is $48.02 and its two-hundred day moving average is $45.03. The company has a market cap of $23.53 billion, a P/E ratio of 19.79, a price-to-earnings-growth ratio of 3.83 and a beta of 0.49. Fortis has a twelve month low of $38.15 and a twelve month high of $50.06.

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. Fortis had a return on equity of 7.08% and a net margin of 14.20%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $3.42 billion. During the same quarter last year, the company posted $0.93 earnings per share. Analysts anticipate that Fortis will post 2.35 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

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

Fortis Company 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.