Federated Hermes Inc. Sells 1,303 Shares of Fortis Inc. (NYSE:FTS)

Federated Hermes Inc. trimmed its holdings in Fortis Inc. (NYSE:FTS) by 0.6% in the first quarter, HoldingsChannel reports. The fund owned 234,839 shares of the utilities provider’s stock after selling 1,303 shares during the period. Federated Hermes Inc.’s holdings in Fortis were worth $10,185,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Bank of Montreal Can lifted its holdings in shares of Fortis by 3.6% in the 1st quarter. Bank of Montreal Can now owns 20,772,806 shares of the utilities provider’s stock worth $907,148,000 after acquiring an additional 719,468 shares during the last quarter. Aviva PLC lifted its holdings in shares of Fortis by 1.7% in the 1st quarter. Aviva PLC now owns 156,256 shares of the utilities provider’s stock worth $6,766,000 after acquiring an additional 2,655 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its holdings in shares of Fortis by 31.8% in the 1st quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 17,413 shares of the utilities provider’s stock worth $756,000 after acquiring an additional 4,201 shares during the last quarter. Korea Investment CORP lifted its holdings in shares of Fortis by 100.4% in the 1st quarter. Korea Investment CORP now owns 275,100 shares of the utilities provider’s stock worth $11,936,000 after acquiring an additional 137,800 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Fortis by 14.1% in the 1st quarter. Northern Trust Corp now owns 154,401 shares of the utilities provider’s stock worth $6,696,000 after acquiring an additional 19,034 shares during the last quarter. Hedge funds and other institutional investors own 48.48% of the company’s stock.

NYSE:FTS opened at $45.51 on Friday. The firm’s fifty day moving average price is $45.36. Fortis Inc. has a 52 week low of $36.63 and a 52 week high of $47.02. The company has a quick ratio of 0.56, a current ratio of 0.65 and a debt-to-equity ratio of 1.25. The company has a market cap of $21.36 billion, a price-to-earnings ratio of 22.58, a P/E/G ratio of 3.24 and a beta of 0.25.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Wednesday, May 5th. The utilities provider reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.17. Fortis had a net margin of 13.79% and a return on equity of 6.54%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the business earned $0.68 EPS. Research analysts predict that Fortis Inc. will post 2.24 EPS for the current fiscal year.

A number of equities research analysts have recently weighed in on FTS shares. Zacks Investment Research lowered shares of Fortis from a “buy” rating to a “hold” rating in a report on Monday, May 3rd. Raymond James reiterated a “market perform” rating and set a $58.00 price target on shares of Fortis in a report on Tuesday, May 4th. Finally, BMO Capital Markets lowered shares of Fortis from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $60.00 to $57.00 in a report on Tuesday, June 1st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company. Fortis has an average rating of “Hold” and an average price target of $56.80.

Fortis Profile

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 433,000 retail customers in southeastern Arizona; and 98,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,233 megawatts (MW), including 59 MW of solar capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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