Mackenzie Financial Corp Has $254.46 Million Position in Fortis Inc. (NYSE:FTS)

Mackenzie Financial Corp lowered its stake in Fortis Inc. (NYSE:FTS - Free Report) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,130,453 shares of the utilities provider's stock after selling 37,228 shares during the period. Mackenzie Financial Corp owned approximately 1.23% of Fortis worth $254,463,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in Fortis during the 4th quarter valued at $182,242,000. Geode Capital Management LLC raised its stake in 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 during the period. The Manufacturers Life Insurance Company raised its stake in 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 during the period. Toronto Dominion Bank raised its stake in 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 during the period. Finally, Point72 Asset Management L.P. acquired a new stake in Fortis during the 4th quarter valued at $22,869,000. Institutional investors own 57.77% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Desjardins began coverage on shares of Fortis in a research note on Tuesday, May 6th. They set a "hold" rating on the stock. Jefferies Financial Group began coverage on shares of Fortis in a report on Thursday, February 13th. They set a "hold" rating on the stock. Finally, Royal Bank of Canada upped their price objective on shares of Fortis from $69.00 to $72.00 and gave the stock 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $72.00.

Fortis Stock Up 0.3%

NYSE:FTS traded up $0.16 during trading hours on Tuesday, reaching $48.52. The company's stock had a trading volume of 463,971 shares, compared to its average volume of 619,453. The company has a market cap of $24.34 billion, a price-to-earnings ratio of 20.56, a price-to-earnings-growth ratio of 3.94 and a beta of 0.50. Fortis Inc. has a one year low of $38.15 and a one year high of $50.06. The business's 50-day moving average is $47.05 and its 200-day moving average is $44.62. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.63.

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 analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $3.42 billion. Fortis had a net margin of 14.12% and a return on equity of 7.09%. During the same period in the prior year, the company posted $0.93 earnings per share. Equities research analysts predict that Fortis Inc. will post 2.35 EPS for the current year.

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.