Fortis Inc. (NYSE:FTS) Stake Raised by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd boosted its holdings in Fortis Inc. (NYSE:FTS) by 9.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,340 shares of the utilities provider’s stock after acquiring an additional 276 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Fortis were worth $132,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FIL Ltd raised its holdings in Fortis by 33.8% during the 4th quarter. FIL Ltd now owns 19,477,406 shares of the utilities provider’s stock worth $801,263,000 after buying an additional 4,924,031 shares during the period. Norges Bank acquired a new stake in Fortis during the 4th quarter worth about $120,880,000. Clearbridge Investments LLC acquired a new stake in Fortis during the 4th quarter worth about $119,043,000. TD Asset Management Inc raised its holdings in Fortis by 22.3% during the 4th quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock worth $553,145,000 after buying an additional 2,438,223 shares during the period. Finally, Toronto Dominion Bank raised its holdings in Fortis by 11.4% during the 3rd quarter. Toronto Dominion Bank now owns 12,664,645 shares of the utilities provider’s stock worth $481,130,000 after buying an additional 1,294,939 shares during the period. 57.77% of the stock is currently owned by institutional investors.

Fortis Trading Down 0.2 %

NYSE:FTS opened at $38.46 on Monday. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52. Fortis Inc. has a fifty-two week low of $36.30 and a fifty-two week high of $43.84. The stock’s 50-day moving average is $39.59 and its two-hundred day moving average is $39.80. The stock has a market cap of $18.96 billion, a PE ratio of 16.58, a price-to-earnings-growth ratio of 2.76 and a beta of 0.46.

Fortis (NYSE:FTS) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.69 earnings per share for the quarter, beating 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 company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.43 billion. As a group, equities research analysts forecast that Fortis Inc. will post 2.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

Separately, StockNews.com downgraded Fortis from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Two equities research 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $55.13.

Fortis Company Profile

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.