Aigen Investment Management LP Invests $1.16 Million in Fortis Inc. (NYSE:FTS)

Aigen Investment Management LP bought a new position in Fortis Inc. (NYSE:FTS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 28,204 shares of the utilities provider's stock, valued at approximately $1,160,000.

Other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in Fortis by 8.4% during the third quarter. Invesco Ltd. now owns 1,845,400 shares of the utilities provider's stock valued at $70,107,000 after buying an additional 142,731 shares during the period. Vanguard Group Inc. grew its holdings in shares of Fortis by 1.9% during the third quarter. Vanguard Group Inc. now owns 19,421,010 shares of the utilities provider's stock worth $737,804,000 after purchasing an additional 353,112 shares in the last quarter. Canoe Financial LP grew its holdings in shares of Fortis by 218.3% during the fourth quarter. Canoe Financial LP now owns 199,031 shares of the utilities provider's stock worth $8,186,000 after purchasing an additional 136,495 shares in the last quarter. QV Investors Inc. increased its position in shares of Fortis by 18.1% in the fourth quarter. QV Investors Inc. now owns 1,016,319 shares of the utilities provider's stock worth $42,014,000 after purchasing an additional 155,821 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Fortis by 32.4% in the third quarter. Envestnet Asset Management Inc. now owns 158,635 shares of the utilities provider's stock valued at $6,027,000 after purchasing an additional 38,803 shares in the last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Fortis from a "hold" rating to a "sell" rating in a report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $55.13.

Fortis Price Performance

NYSE FTS traded up $0.08 on Tuesday, reaching $40.92. 656,019 shares of the company's stock traded hands, compared to its average volume of 820,096. The stock has a market cap of $20.17 billion, a PE ratio of 17.64, a P/E/G ratio of 2.92 and a beta of 0.42. Fortis Inc. has a 12 month low of $36.30 and a 12 month high of $43.84. The stock has a 50-day simple moving average of $39.45 and a 200 day simple moving average of $40.01. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52.

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.