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

Polar Asset Management Partners Inc. grew its holdings in Fortis Inc. (NYSE:FTS - Free Report) by 48.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 59,512 shares of the utilities provider's stock after acquiring an additional 19,512 shares during the period. Polar Asset Management Partners Inc.'s holdings in Fortis were worth $2,474,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Fortis by 724.3% in the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock worth $26,000 after buying an additional 507 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Fortis in the fourth quarter worth $38,000. Lindbrook Capital LLC lifted its stake in shares of Fortis by 38.5% in the fourth quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock worth $113,000 after buying an additional 758 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Fortis by 7.2% in the fourth 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. Finally, Clear Creek Financial Management LLC acquired a new stake in shares of Fortis in the fourth quarter worth $203,000. 57.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Desjardins assumed coverage on shares of Fortis in a research note on Tuesday, May 6th. They issued a "hold" rating for the company. 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 research note on Thursday, May 8th. Finally, Jefferies Financial Group started coverage on shares of Fortis in a research note on Thursday, February 13th. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $72.00.

Fortis Stock Performance

FTS traded up $0.19 on Tuesday, hitting $47.78. 516,016 shares of the stock traded hands, compared to its average volume of 623,710. The business has a fifty day moving average price of $46.75 and a two-hundred day moving average price of $44.46. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.30. The firm has a market capitalization of $23.97 billion, a PE ratio of 20.25, a P/E/G ratio of 3.94 and a beta of 0.50. Fortis Inc. has a 52 week low of $38.15 and a 52 week 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 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.01. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $3.42 billion. Fortis had a net margin of 14.12% and a return on equity of 7.09%. During the same period last year, the firm earned $0.93 EPS. On average, research analysts predict that Fortis Inc. will post 2.35 EPS for the current fiscal year.

Fortis Company 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.