Swiss National Bank Has $94.78 Million Stake in Fortis $FTS

Swiss National Bank grew its stake in Fortis (NYSE:FTS) by 27.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,701,282 shares of the utilities provider’s stock after buying an additional 366,500 shares during the period. Swiss National Bank’s holdings in Fortis were worth $94,776,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Fortis by 40.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 175,760 shares of the utilities provider’s stock valued at $9,150,000 after purchasing an additional 50,632 shares during the last quarter. TD Waterhouse Canada Inc. grew its position in shares of Fortis by 4.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 5,138,553 shares of the utilities provider’s stock worth $266,942,000 after buying an additional 204,151 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Fortis by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider’s stock worth $1,254,541,000 after buying an additional 536,118 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Fortis by 4,662.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 986,548 shares of the utilities provider’s stock valued at $51,244,000 after buying an additional 965,833 shares during the period. Finally, Ninety One UK Ltd increased its stake in shares of Fortis by 34.6% during the fourth quarter. Ninety One UK Ltd now owns 127,809 shares of the utilities provider’s stock valued at $6,654,000 after buying an additional 32,842 shares during the period. 57.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTS has been the subject of several research analyst reports. Wall Street Zen cut shares of Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, May 23rd. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research report on Thursday, May 7th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Thursday, May 7th. Barclays lowered their price objective on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Finally, Canadian Imperial Bank of Commerce downgraded Fortis from an “outperform” rating to a “hold” rating in a report on Friday. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Fortis presently has a consensus rating of “Hold” and an average target price of $61.00.

Fortis Trading Down 0.8%

NYSE:FTS opened at $58.29 on Tuesday. The company has a market cap of $29.78 billion, a PE ratio of 23.69 and a beta of 0.43. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. The company has a 50 day simple moving average of $56.63 and a two-hundred day simple moving average of $55.81. Fortis has a 12 month low of $47.65 and a 12 month high of $59.08.

Fortis (NYSE:FTS) last released its quarterly earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.02. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.56 billion. Fortis had a return on equity of 7.25% and a net margin of 14.21%.During the same period in the previous year, the company posted $1.00 EPS. Research analysts forecast that Fortis will post 2.59 earnings per share for the current 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.