Hillsdale Investment Management Inc. Lowers Stake in Fortis $FTS

Hillsdale Investment Management Inc. reduced its stake in shares of Fortis (NYSE:FTS) by 3.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 783,178 shares of the utilities provider’s stock after selling 30,038 shares during the quarter. Fortis makes up approximately 1.1% of Hillsdale Investment Management Inc.’s investment portfolio, making the stock its 15th largest position. Hillsdale Investment Management Inc. owned approximately 0.15% of Fortis worth $40,791,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its stake in shares of Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 428 shares during the period. Larson Financial Group LLC boosted its stake in shares of Fortis by 123.9% during the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 409 shares during the period. LOM Asset Management Ltd purchased a new stake in shares of Fortis during the fourth quarter valued at $43,000. Smartleaf Asset Management LLC boosted its stake in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 996 shares during the period. Finally, State of Wyoming purchased a new stake in shares of Fortis during the second quarter valued at $56,000. 57.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTS has been the subject of a number of recent analyst reports. Royal Bank Of Canada reissued a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Scotiabank reaffirmed a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a report on Thursday, May 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a report on Tuesday, April 21st. Finally, TD Securities reiterated a “buy” rating on shares of Fortis in a report on Thursday, May 7th. 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.00.

Fortis Price Performance

Shares of FTS stock opened at $55.37 on Friday. Fortis has a twelve month low of $46.46 and a twelve month high of $58.78. The stock has a market capitalization of $28.19 billion, a price-to-earnings ratio of 22.51 and a beta of 0.45. The stock has a fifty day simple moving average of $56.28 and a two-hundred day simple moving average of $54.48. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25.

Fortis (NYSE:FTS) last issued its earnings results 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 period in the prior year, the business earned $1.00 EPS. On average, analysts predict that Fortis will post 2.64 EPS for the current fiscal 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.