TCW Group Inc. Cuts Stake in Fortis Inc (NYSE:FTS)

TCW Group Inc. decreased its position in shares of Fortis Inc (NYSE:FTS) by 39.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 13,830 shares of the utilities provider’s stock after selling 8,870 shares during the quarter. TCW Group Inc.’s holdings in Fortis were worth $512,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FTS. GQG Partners LLC purchased a new position in shares of Fortis during the 4th quarter valued at about $152,884,000. Norges Bank bought a new stake in shares of Fortis during the fourth quarter valued at approximately $136,106,000. Toronto Dominion Bank boosted its position in shares of Fortis by 40.6% during the first quarter. Toronto Dominion Bank now owns 11,480,664 shares of the utilities provider’s stock valued at $424,250,000 after purchasing an additional 3,314,547 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Fortis by 418.1% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,217,805 shares of the utilities provider’s stock valued at $73,900,000 after buying an additional 1,789,760 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in Fortis during the first quarter valued at $64,275,000. Institutional investors own 52.17% of the company’s stock.

Shares of Fortis stock opened at $38.92 on Friday. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 1.37. Fortis Inc has a twelve month low of $30.88 and a twelve month high of $39.21. The stock has a market capitalization of $16.80 billion, a P/E ratio of 20.38, a price-to-earnings-growth ratio of 3.91 and a beta of 0.14.

Fortis (NYSE:FTS) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $0.55 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.55. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.72 billion. Fortis had a return on equity of 6.44% and a net margin of 12.61%. During the same period in the previous year, the firm posted $0.69 EPS. Analysts forecast that Fortis Inc will post 1.95 earnings per share for the current fiscal year.

Several research analysts have recently weighed in on FTS shares. Raymond James cut Fortis from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 23rd. Veritas Investment Research lowered Fortis from a “buy” rating to a “sell” rating in a report on Friday, May 3rd. Zacks Investment Research lowered Fortis from a “hold” rating to a “sell” rating in a research note on Tuesday, April 9th. Royal Bank of Canada reaffirmed an “average” rating and issued a $53.00 price objective on shares of Fortis in a research note on Tuesday, February 19th. Finally, BMO Capital Markets reissued a “buy” rating and set a $50.00 price target on shares of Fortis in a research note on Tuesday, April 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Fortis currently has an average rating of “Hold” and a consensus price target of $52.33.

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Fortis Company Profile

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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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