Clearbridge Investments LLC Has $110.55 Million Holdings in Fortis $FTS

Clearbridge Investments LLC lowered its position in shares of Fortis (NYSE:FTS) by 2.9% during the fourth quarter, Holdings Channel reports. The fund owned 2,128,320 shares of the utilities provider’s stock after selling 64,293 shares during the quarter. Clearbridge Investments LLC’s holdings in Fortis were worth $110,545,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FTS. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in shares of Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC raised its holdings in shares of Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after acquiring an additional 409 shares during the period. LOM Asset Management Ltd acquired a new stake in shares of Fortis during the fourth quarter valued at approximately $43,000. Smartleaf Asset Management LLC raised its holdings in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after acquiring an additional 996 shares during the period. Finally, State of Wyoming acquired a new stake in shares of Fortis during the second quarter valued at approximately $56,000. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Stock Down 0.0%

Fortis stock opened at $55.88 on Monday. The firm has a market cap of $28.45 billion, a PE ratio of 22.71 and a beta of 0.43. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. The firm’s 50 day moving average price is $56.24 and its two-hundred day moving average price is $54.60. Fortis has a twelve month low of $46.46 and a twelve month high of $58.78.

Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02. The firm had revenue of $2.45 billion for the quarter, compared to analyst estimates 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 business earned $1.00 EPS. On average, research analysts predict that Fortis will post 2.64 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on FTS. TD Securities restated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. Barclays dropped their price objective on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research note on Tuesday, April 21st. Finally, BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $61.00.

Fortis Company 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.