Hennessy Advisors Inc. Has $5.31 Million Stock Position in Fortis Inc. (NYSE:FTS)

Hennessy Advisors Inc. trimmed its position in Fortis Inc. (NYSE:FTS - Free Report) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 116,476 shares of the utilities provider's stock after selling 5,300 shares during the quarter. Hennessy Advisors Inc.'s holdings in Fortis were worth $5,309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTS. Norges Bank acquired a new position in shares of Fortis during the 4th quarter worth about $182,242,000. Geode Capital Management LLC lifted its holdings in shares of Fortis by 77.1% during the 4th 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% during the 4th 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% during the 4th 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. bought a new position in shares of Fortis during the 4th quarter valued at about $22,869,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Trading Up 0.4%

Shares of Fortis stock opened at $48.16 on Friday. Fortis Inc. has a 12-month low of $38.15 and a 12-month high of $50.06. The stock has a market cap of $24.16 billion, a P/E ratio of 20.41, a P/E/G ratio of 3.94 and a beta of 0.49. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The business's 50 day moving average is $47.79 and its 200-day moving average is $44.96.

Fortis (NYSE:FTS - Get Free Report) last posted its 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 business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $3.42 billion. Fortis had a return on equity of 7.09% and a net margin of 14.12%. During the same period in the previous year, the firm earned $0.93 EPS. Equities research analysts predict that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Royal Bank of Canada boosted their target price on Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. Desjardins assumed coverage on Fortis in a research note on Tuesday, May 6th. They issued a "hold" rating on the stock. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target 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.

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