Fortis Inc. (NYSE:FTS) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its stake in shares of Fortis Inc. (NYSE:FTS – Get Rating) by 3.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 88,050 shares of the utilities provider’s stock after selling 3,358 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Fortis were worth $3,526,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FTS. National Bank of Canada FI increased its position in shares of Fortis by 137.9% during the fourth quarter. National Bank of Canada FI now owns 5,284,626 shares of the utilities provider’s stock valued at $211,335,000 after acquiring an additional 3,062,898 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Fortis by 18.4% during the third quarter. Toronto Dominion Bank now owns 12,555,108 shares of the utilities provider’s stock valued at $529,434,000 after acquiring an additional 1,947,729 shares during the last quarter. Canada Pension Plan Investment Board increased its position in shares of Fortis by 88.8% during the third quarter. Canada Pension Plan Investment Board now owns 1,464,710 shares of the utilities provider’s stock valued at $55,942,000 after acquiring an additional 688,800 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Fortis by 3.9% during the third quarter. Vanguard Group Inc. now owns 17,872,872 shares of the utilities provider’s stock valued at $678,990,000 after acquiring an additional 675,957 shares during the last quarter. Finally, Two Sigma Investments LP increased its position in shares of Fortis by 861.8% during the third quarter. Two Sigma Investments LP now owns 597,779 shares of the utilities provider’s stock valued at $22,710,000 after acquiring an additional 535,629 shares during the last quarter. 49.59% of the stock is currently owned by institutional investors and hedge funds.

Fortis Trading Up 0.2 %

Shares of FTS stock opened at $45.53 on Tuesday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.58 and a current ratio of 0.68. The stock has a market capitalization of $22.06 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 3.78 and a beta of 0.44. The company has a 50 day moving average price of $43.07 and a 200 day moving average price of $41.38. Fortis Inc. has a fifty-two week low of $34.76 and a fifty-two week high of $50.89.

Fortis (NYSE:FTS – Get Rating) last posted its quarterly earnings results on Friday, February 10th. The utilities provider reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Fortis had a net margin of 12.42% and a return on equity of 6.63%. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Equities research analysts predict that Fortis Inc. will post 2.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have weighed in on FTS. StockNews.com began coverage on shares of Fortis in a research report on Thursday, March 16th. They set a “hold” rating for the company. National Bank Financial lifted their price target on shares of Fortis from C$55.00 to C$56.00 in a research report on Monday, February 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $65.00 price objective on shares of Fortis in a report on Friday, March 24th. Finally, Scotiabank lifted their price objective on shares of Fortis from C$57.00 to C$58.00 in a report on Monday, January 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $58.75.

Fortis Company Profile

(Get Rating)

Fortis, Inc is a holding company, which engages in the electric and gas utility industry. It operates under the Regulated Utilities and Non-Regulated segments. The Regulated Utilities segment includes ITC Holdings (ITC), UNS Energy Corporation (UNS Energy), Central Hudson, FortisBC Energy, FortisAlberta, and FortisBC Electric.