Prudential PLC Has $6.79 Million Position in Fortis Inc. (NYSE:FTS)

Prudential PLC grew its stake in shares of Fortis Inc. (NYSE:FTSFree Report) by 21.4% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 165,061 shares of the utilities provider’s stock after buying an additional 29,097 shares during the period. Prudential PLC’s holdings in Fortis were worth $6,791,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Fortis by 1.9% during the third quarter. Vanguard Group Inc. now owns 19,421,010 shares of the utilities provider’s stock valued at $737,804,000 after buying an additional 353,112 shares during the last quarter. TD Asset Management Inc increased its stake in Fortis by 22.3% in the fourth quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock valued at $553,145,000 after acquiring an additional 2,438,223 shares during the period. Toronto Dominion Bank increased its stake in Fortis by 11.4% in the third quarter. Toronto Dominion Bank now owns 12,664,645 shares of the utilities provider’s stock valued at $481,130,000 after acquiring an additional 1,294,939 shares during the period. Mackenzie Financial Corp increased its stake in Fortis by 7.5% in the fourth quarter. Mackenzie Financial Corp now owns 8,080,594 shares of the utilities provider’s stock valued at $332,583,000 after acquiring an additional 561,176 shares during the period. Finally, Scotia Capital Inc. grew its stake in Fortis by 1.6% during the fourth quarter. Scotia Capital Inc. now owns 7,848,435 shares of the utilities provider’s stock worth $322,244,000 after buying an additional 124,197 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded Fortis from a “hold” rating to a “sell” rating in a report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $55.13.

Check Out Our Latest Analysis on FTS

Fortis Trading Down 1.6 %

Shares of FTS traded down $0.67 during trading hours on Friday, hitting $40.01. 775,834 shares of the stock traded hands, compared to its average volume of 686,840. The business has a fifty day moving average of $39.55 and a 200-day moving average of $39.93. The firm has a market capitalization of $19.73 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 2.91 and a beta of 0.46. Fortis Inc. has a 1-year low of $36.30 and a 1-year high of $43.84. The company has a current ratio of 0.60, a quick ratio of 0.52 and a debt-to-equity ratio of 1.24.

Fortis (NYSE:FTSGet Free Report) last announced its quarterly earnings data 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 net margin of 13.66% and a return on equity of 7.02%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.43 billion. Analysts expect that Fortis Inc. will post 2.33 EPS for the current year.

About Fortis

(Free Report)

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.

Read More

Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis Inc. (NYSE:FTSFree Report).

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.