US Bancorp DE Cuts Stock Holdings in Fortis Inc. (NYSE:FTS)

US Bancorp DE lessened its stake in Fortis Inc. (NYSE:FTSFree Report) by 3.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,199 shares of the utilities provider’s stock after selling 482 shares during the quarter. US Bancorp DE’s holdings in Fortis were worth $584,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FTS. Fiera Capital Corp boosted its holdings in Fortis by 1.7% in the third quarter. Fiera Capital Corp now owns 843,104 shares of the utilities provider’s stock valued at $32,112,000 after acquiring an additional 14,191 shares during the last quarter. Rational Advisors LLC acquired a new position in shares of Fortis in the 3rd quarter valued at about $41,000. DekaBank Deutsche Girozentrale grew its holdings in shares of Fortis by 0.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 334,033 shares of the utilities provider’s stock worth $12,816,000 after purchasing an additional 1,337 shares during the period. Aviva PLC increased its position in Fortis by 8.6% during the 3rd quarter. Aviva PLC now owns 658,009 shares of the utilities provider’s stock worth $25,078,000 after purchasing an additional 52,014 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings 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 buying an additional 38,803 shares during the period. 57.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Fortis has a consensus rating of “Hold” and a consensus price target of $55.13.

Get Our Latest Research Report on FTS

Fortis Trading Down 0.1 %

Shares of FTS opened at $40.67 on Friday. Fortis Inc. has a 12 month low of $36.30 and a 12 month high of $43.84. The stock’s 50-day moving average is $39.54 and its two-hundred day moving average is $39.94. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52. The stock has a market cap of $20.05 billion, a PE ratio of 17.53, a P/E/G ratio of 2.88 and a beta of 0.46.

Fortis (NYSE:FTSGet Free Report) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.69 EPS for the quarter, topping the consensus estimate of $0.65 by $0.04. Fortis had a return on equity of 7.02% and a net margin of 13.66%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.43 billion. Equities analysts forecast that Fortis Inc. will post 2.33 earnings per share for the current fiscal year.

About Fortis

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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