Fairfield Bush & CO. maintained its position in shares of Fortis Inc. (NYSE:FTS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,024 shares of the utilities provider’s stock at the end of the second quarter. Fairfield Bush & CO.’s holdings in Fortis were worth $317,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Sentry Investments Corp. grew its stake in Fortis by 36.9% in the second quarter. Sentry Investments Corp. now owns 588,755 shares of the utilities provider’s stock valued at $26,835,000 after purchasing an additional 158,600 shares during the last quarter. Jarislowsky Fraser Ltd grew its stake in shares of Fortis by 4.3% during the second quarter. Jarislowsky Fraser Ltd now owns 60,698 shares of the utilities provider’s stock worth $2,130,000 after acquiring an additional 2,514 shares during the last quarter. Federated Investors Inc. PA grew its stake in shares of Fortis by 9.7% during the second quarter. Federated Investors Inc. PA now owns 303,220 shares of the utilities provider’s stock worth $10,658,000 after acquiring an additional 26,745 shares during the last quarter. Hennessy Advisors Inc. grew its stake in shares of Fortis by 0.6% during the second quarter. Hennessy Advisors Inc. now owns 1,028,289 shares of the utilities provider’s stock worth $36,144,000 after acquiring an additional 5,675 shares during the last quarter. Finally, Bridgewater Associates LP purchased a new stake in shares of Fortis during the second quarter worth about $2,916,000. Institutional investors own 52.19% of the company’s stock.
Shares of Fortis Inc. (NYSE FTS) traded up 0.25% during midday trading on Wednesday, hitting $36.43. The stock had a trading volume of 34,701 shares. The stock has a market cap of $15.22 billion and a PE ratio of 21.29. Fortis Inc. has a one year low of $29.14 and a one year high of $37.67. The firm has a 50 day moving average price of $36.46 and a 200 day moving average price of $34.69.
Fortis (NYSE:FTS) last released its quarterly earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.04. The firm had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.16 billion. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The firm’s quarterly revenue was up 35.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.45 EPS. On average, equities analysts forecast that Fortis Inc. will post $2.45 earnings per share for the current fiscal year.
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A number of equities research analysts have recently weighed in on FTS shares. Zacks Investment Research upgraded Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target on the stock in a research note on Monday, July 3rd. CIBC lowered Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.00.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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