Fortis $FTS Stock Holdings Reduced by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. lowered its position in Fortis (NYSE:FTS) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,871,309 shares of the utilities provider’s stock after selling 297,467 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.96% of Fortis worth $253,016,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. West Family Investments Inc. grew its stake in Fortis by 4.3% in the third quarter. West Family Investments Inc. now owns 5,443 shares of the utilities provider’s stock valued at $276,000 after purchasing an additional 224 shares in the last quarter. Compound Planning Inc. grew its stake in Fortis by 6.6% in the third quarter. Compound Planning Inc. now owns 4,536 shares of the utilities provider’s stock valued at $230,000 after purchasing an additional 281 shares in the last quarter. JCIC Asset Management Inc. grew its stake in Fortis by 5.0% in the fourth quarter. JCIC Asset Management Inc. now owns 5,990 shares of the utilities provider’s stock valued at $311,000 after purchasing an additional 285 shares in the last quarter. US Bancorp DE grew its stake in Fortis by 1.7% in the third quarter. US Bancorp DE now owns 18,370 shares of the utilities provider’s stock valued at $932,000 after purchasing an additional 300 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its stake in Fortis by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider’s stock valued at $2,313,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

FTS opened at $55.88 on Friday. Fortis has a 52-week low of $46.46 and a 52-week high of $58.78. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.41 and a current ratio of 0.49. The company has a market cap of $28.45 billion, a PE ratio of 22.71 and a beta of 0.43. The stock has a 50-day moving average of $56.24 and a 200-day moving average of $54.58.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share for the quarter, topping 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 business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the firm earned $1.00 EPS. As a group, equities research analysts forecast that Fortis will post 2.64 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FTS shares. Wall Street Zen downgraded Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, May 23rd. Barclays lowered their target price on Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Royal Bank Of Canada reiterated a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research note on Thursday, May 7th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Fortis in a research note on Monday, April 20th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

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.