8,621 Shares in Fortis (NYSE:FTS) Acquired by SG Americas Securities LLC

SG Americas Securities LLC bought 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. The institutional investor bought 8,621 shares of the utilities provider's stock, valued at approximately $393,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC lifted its stake in Fortis by 3.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,515 shares of the utilities provider's stock worth $396,000 after purchasing an additional 277 shares during the last quarter. Benjamin Edwards Inc. lifted its position in shares of 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 buying an additional 282 shares during the last quarter. Quadrant Capital Group LLC lifted its position in shares of Fortis by 7.2% during the 4th quarter. Quadrant Capital Group LLC now owns 4,302 shares of the utilities provider's stock worth $179,000 after buying an additional 289 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Fortis by 0.9% in the 4th quarter. Baird Financial Group Inc. now owns 34,918 shares of the utilities provider's stock valued at $1,452,000 after buying an additional 315 shares in the last quarter. Finally, ExodusPoint Capital Management LP grew its position in shares of Fortis by 6.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 10,500 shares of the utilities provider's stock valued at $436,000 after buying an additional 599 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.

Fortis Price Performance

FTS stock traded up $0.53 during trading on Thursday, reaching $47.13. 457,689 shares of the company were exchanged, compared to its average volume of 611,455. The company has a market cap of $23.64 billion, a P/E ratio of 19.88, a PEG ratio of 3.83 and a beta of 0.49. Fortis has a 52-week low of $38.50 and a 52-week high of $50.06. The stock's 50 day moving average price is $48.00 and its 200 day moving average price is $45.10. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.63 and a current ratio of 0.76.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The utilities provider reported $0.70 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $3.42 billion. Fortis had a net margin of 14.20% and a return on equity of 7.08%. During the same quarter in the previous year, the firm earned $0.93 earnings per share. As a group, analysts predict that Fortis will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.