Fortis $FTS Shares Purchased by Legal & General Group Plc

Legal & General Group Plc boosted its holdings in Fortis (NYSE:FTS) by 1.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,954,579 shares of the utilities provider’s stock after acquiring an additional 90,856 shares during the quarter. Legal & General Group Plc owned 1.17% of Fortis worth $309,966,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA increased its position in Fortis by 157.4% in the 3rd 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 increased its position in Fortis by 123.9% in the 3rd 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 Fortis in the 4th quarter valued at approximately $43,000. Smartleaf Asset Management LLC increased its position in Fortis by 2,119.1% in the 2nd 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 Fortis in the 2nd quarter valued at approximately $56,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTS has been the topic of several analyst reports. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a research report on Monday, April 20th. TD Securities restated a “buy” rating on shares of Fortis in a research report on Thursday, May 7th. Barclays lowered their target price on Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research report on Friday, May 8th. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. Finally, Scotiabank restated a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $61.00.

Fortis Stock Up 0.3%

Shares of FTS stock opened at $56.65 on Wednesday. Fortis has a 1 year low of $46.46 and a 1 year high of $58.78. The stock has a market cap of $28.84 billion, a PE ratio of 23.03 and a beta of 0.45. The business’s fifty day moving average is $56.40 and its 200-day moving average is $54.40. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same period last year, the firm earned $1.00 EPS. Equities analysts expect that Fortis will post 2.64 earnings per share for the current fiscal year.

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.