Neuberger Berman Group LLC Boosts Stake in Fortis Inc. (NYSE:FTS)

Neuberger Berman Group LLC raised its position in shares of Fortis Inc. (NYSE:FTSFree Report) by 17.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 43,526 shares of the utilities provider’s stock after acquiring an additional 6,569 shares during the period. Neuberger Berman Group LLC’s holdings in Fortis were worth $1,799,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Prudential PLC boosted its position in shares of Fortis by 21.4% in the fourth quarter. Prudential PLC now owns 165,061 shares of the utilities provider’s stock worth $6,791,000 after buying an additional 29,097 shares during the period. Bollard Group LLC boosted its holdings in Fortis by 0.6% in the fourth quarter. Bollard Group LLC now owns 169,640 shares of the utilities provider’s stock valued at $6,977,000 after purchasing an additional 1,004 shares during the last quarter. Capital World Investors boosted its holdings in Fortis by 45.0% in the fourth quarter. Capital World Investors now owns 9,801 shares of the utilities provider’s stock valued at $403,000 after purchasing an additional 3,041 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Fortis by 44.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,653,873 shares of the utilities provider’s stock valued at $109,154,000 after purchasing an additional 818,835 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Fortis by 1.6% in the fourth quarter. CIBC Asset Management Inc now owns 3,164,690 shares of the utilities provider’s stock valued at $130,607,000 after purchasing an additional 50,136 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Trading Down 0.3 %

Shares of NYSE FTS opened at $39.88 on Tuesday. The stock’s 50 day moving average price is $39.56 and its two-hundred day moving average price is $39.91. Fortis Inc. has a 52-week low of $36.30 and a 52-week high of $43.84. The stock has a market capitalization of $19.66 billion, a P/E ratio of 17.19, a PEG ratio of 2.87 and a beta of 0.46. The company has a quick ratio of 0.52, a current ratio of 0.60 and a debt-to-equity ratio of 1.24.

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

Analysts Set New Price Targets

Separately, StockNews.com downgraded Fortis from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. 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 data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $55.13.

Read Our Latest Report on Fortis

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.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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