Fiera Capital Corp Sells 98,467 Shares of Fortis $FTS

Fiera Capital Corp lowered its position in shares of Fortis (NYSE:FTS) by 10.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 838,298 shares of the utilities provider’s stock after selling 98,467 shares during the period. Fiera Capital Corp’s holdings in Fortis were worth $43,598,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in FTS. AQR Capital Management LLC bought a new position in Fortis during the 1st quarter worth about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Fortis by 19.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider’s stock valued at $25,760,000 after purchasing an additional 90,776 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Fortis by 148.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider’s stock valued at $139,000 after purchasing an additional 1,732 shares in the last quarter. Baird Financial Group Inc. lifted its position in shares of Fortis by 3.4% in the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider’s stock worth $1,623,000 after purchasing an additional 1,109 shares during the period. Finally, Cerity Partners LLC boosted its stake in shares of Fortis by 4.4% during the second quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider’s stock valued at $494,000 after purchasing an additional 439 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors.

Fortis Stock Down 1.5%

Shares of Fortis stock opened at $55.08 on Tuesday. The company has a quick ratio of 0.41, a current ratio of 0.49 and a debt-to-equity ratio of 1.25. The company has a market cap of $28.04 billion, a P/E ratio of 22.39 and a beta of 0.43. The firm’s 50 day moving average price is $56.23 and its 200-day moving average price is $54.62. Fortis has a 52-week low of $46.46 and a 52-week high of $58.78.

Fortis (NYSE:FTS) last posted its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The company had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.56 billion. Fortis had a net margin of 14.21% and a return on equity of 7.25%. During the same quarter in the prior year, the company posted $1.00 earnings per share. On average, sell-side analysts predict that Fortis will post 2.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FTS. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Fortis in a research report on Monday, April 20th. Finally, BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $61.00.

Fortis Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.