Polar Asset Management Partners Inc. Purchases 19,512 Shares of Fortis Inc. (NYSE:FTS)

Polar Asset Management Partners Inc. grew its holdings in shares of Fortis Inc. (NYSE:FTS - Free Report) by 48.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,512 shares of the utilities provider's stock after purchasing an additional 19,512 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Fortis were worth $2,471,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank bought a new position in Fortis in the 4th quarter worth $182,242,000. Geode Capital Management LLC raised its holdings in Fortis by 77.1% in the 4th quarter. Geode Capital Management LLC now owns 4,257,486 shares of the utilities provider's stock worth $180,686,000 after acquiring an additional 1,853,082 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Fortis by 42.1% in the 4th quarter. The Manufacturers Life Insurance Company now owns 4,443,333 shares of the utilities provider's stock worth $184,878,000 after acquiring an additional 1,316,394 shares during the period. Toronto Dominion Bank raised its holdings in Fortis by 10.9% in the 4th quarter. Toronto Dominion Bank now owns 6,218,116 shares of the utilities provider's stock worth $258,068,000 after acquiring an additional 612,395 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Fortis in the 4th quarter worth $22,869,000. Institutional investors own 57.77% of the company's stock.

Fortis Price Performance

NYSE FTS traded down $0.66 during trading on Wednesday, reaching $47.87. 351,572 shares of the company traded hands, compared to its average volume of 618,172. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.63 and a current ratio of 0.63. The stock's 50 day moving average price is $47.17 and its two-hundred day moving average price is $44.67. The company has a market cap of $24.01 billion, a price-to-earnings ratio of 20.28, a P/E/G ratio of 3.94 and a beta of 0.50. Fortis Inc. has a 1-year low of $38.15 and a 1-year high of $50.06.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate 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 business earned $0.93 earnings per share. As a group, analysts anticipate that Fortis Inc. will post 2.35 EPS for the current year.

Analysts Set New Price Targets

FTS has been the topic of several research reports. Desjardins initiated coverage on shares of Fortis in a report on Tuesday, May 6th. They set a "hold" rating on the stock. Jefferies Financial Group initiated 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 boosted 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 issued a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $72.00.

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.