State of Tennessee Treasury Department lifted its position in shares of Fortis Inc (NYSE:FTS) by 2.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 342,999 shares of the utilities provider’s stock after purchasing an additional 9,588 shares during the period. State of Tennessee Treasury Department owned about 0.07% of Fortis worth $13,223,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTS. Synovus Financial Corp bought a new position in Fortis during the 1st quarter valued at about $37,000. Oppenheimer Asset Management Inc. raised its holdings in Fortis by 111.5% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 1,506 shares of the utilities provider’s stock worth $63,000 after purchasing an additional 794 shares in the last quarter. Bessemer Group Inc. bought a new position in Fortis in the first quarter worth $65,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in Fortis by 96.6% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,064 shares of the utilities provider’s stock worth $89,000 after purchasing an additional 1,014 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in Fortis in the first quarter worth $104,000. Institutional investors and hedge funds own 51.06% of the company’s stock.

Shares of Fortis stock traded down $0.26 during trading on Friday, hitting $37.43. 4,364 shares of the company’s stock traded hands, compared to its average volume of 400,465. The company has a debt-to-equity ratio of 1.18, a current ratio of 0.55 and a quick ratio of 0.47. Fortis Inc has a 1 year low of $28.59 and a 1 year high of $44.72. The stock has a market capitalization of $17.39 billion, a P/E ratio of 17.95, a PEG ratio of 3.23 and a beta of 0.22. The business has a 50-day simple moving average of $37.95 and a 200-day simple moving average of $39.83.

Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $0.68 EPS for the quarter, beating the consensus estimate of $0.52 by $0.16. Fortis had a return on equity of 6.57% and a net margin of 13.69%. The company had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm posted $0.74 earnings per share. On average, equities analysts predict that Fortis Inc will post 1.94 earnings per share for the current fiscal year.

FTS has been the subject of a number of research reports. Zacks Investment Research downgraded Fortis from a “buy” rating to a “hold” rating in a report on Thursday, May 28th. Bank of America downgraded Fortis from a “neutral” rating to an “underperform” rating in a report on Tuesday, April 14th. Raymond James upgraded Fortis from a “market perform” rating to an “outperform” rating in a report on Friday, March 13th. UBS Group increased their target price on Fortis from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, BMO Capital Markets increased their target price on Fortis from $55.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, May 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Fortis presently has a consensus rating of “Buy” and an average target price of $56.13.

About Fortis

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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