Voloridge Investment Management LLC Trims Position in Fortis Inc. (NYSE:FTS)

Voloridge Investment Management LLC trimmed its holdings in shares of Fortis Inc. (NYSE:FTS - Free Report) by 6.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 418,123 shares of the utilities provider's stock after selling 30,198 shares during the period. Voloridge Investment Management LLC owned about 0.08% of Fortis worth $17,381,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in Fortis during the 4th quarter worth about $1,751,000. Forsta AP Fonden boosted its holdings in shares of Fortis by 94.8% in the 4th quarter. Forsta AP Fonden now owns 294,600 shares of the utilities provider's stock valued at $12,235,000 after buying an additional 143,400 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Fortis by 12.7% in the 4th quarter. US Bancorp DE now owns 14,544 shares of the utilities provider's stock valued at $605,000 after buying an additional 1,638 shares in the last quarter. DGS Capital Management LLC boosted its holdings in shares of Fortis by 52.3% in the 4th quarter. DGS Capital Management LLC now owns 30,560 shares of the utilities provider's stock valued at $1,270,000 after buying an additional 10,491 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Fortis by 7.4% in the 4th quarter. Bank of New York Mellon Corp now owns 533,741 shares of the utilities provider's stock valued at $22,188,000 after buying an additional 36,587 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors.

Fortis Stock Performance

Shares of Fortis stock traded down $0.58 during midday trading on Wednesday, hitting $47.95. The company had a trading volume of 105,000 shares, compared to its average volume of 617,528. Fortis Inc. has a 12-month low of $38.15 and a 12-month high of $50.06. 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 stock has a market cap of $24.05 billion, a price-to-earnings ratio of 20.31, a PEG ratio of 3.94 and a beta of 0.50. The company has a fifty day simple moving average of $47.11 and a 200 day simple moving average of $44.64.

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

Analyst Ratings Changes

A number of analysts have recently weighed in on FTS shares. Jefferies Financial Group began coverage on shares of Fortis in a report on Thursday, February 13th. They issued a "hold" rating on the stock. Desjardins began coverage on shares of Fortis in a research report on Tuesday, May 6th. They issued a "hold" rating for the company. Finally, Royal Bank of Canada increased their price objective on shares of Fortis from $69.00 to $72.00 and gave the company a "sector perform" rating in a research report on Thursday, May 8th. Two analysts have rated the stock with a sell rating and five have issued a hold rating to the company's stock. According to MarketBeat.com, the stock 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.