Addenda Capital Inc. Acquires 42,636 Shares of Fortis Inc. (NYSE:FTS)

Addenda Capital Inc. grew its holdings in Fortis Inc. (NYSE:FTS) by 23.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 222,965 shares of the utilities provider’s stock after purchasing an additional 42,636 shares during the quarter. Addenda Capital Inc.’s holdings in Fortis were worth $8,809,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Lindbrook Capital LLC raised its stake in shares of Fortis by 111.2% during the 4th quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock worth $107,000 after acquiring an additional 1,368 shares in the last quarter. Gulf International Bank UK Ltd raised its stake in shares of Fortis by 9.0% during the 1st quarter. Gulf International Bank UK Ltd now owns 3,340 shares of the utilities provider’s stock worth $132,000 after acquiring an additional 276 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Fortis by 29.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,527 shares of the utilities provider’s stock worth $186,000 after acquiring an additional 1,023 shares in the last quarter. Quadrant Capital Group LLC raised its stake in shares of Fortis by 20.7% during the 4th quarter. Quadrant Capital Group LLC now owns 4,586 shares of the utilities provider’s stock worth $189,000 after acquiring an additional 786 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. raised its stake in shares of Fortis by 9.4% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 5,228 shares of the utilities provider’s stock worth $215,000 after acquiring an additional 449 shares in the last quarter. Institutional investors own 57.77% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com lowered shares of Fortis from a “hold” rating to a “sell” rating in a research note on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $55.13.

Fortis Stock Performance

Fortis stock traded down $0.16 during mid-day trading on Friday, reaching $38.86. 464,390 shares of the company traded hands, compared to its average volume of 775,604. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.60 and a quick ratio of 0.52. Fortis Inc. has a fifty-two week low of $36.30 and a fifty-two week high of $43.84. The company has a market capitalization of $19.16 billion, a price-to-earnings ratio of 16.75, a price-to-earnings-growth ratio of 2.76 and a beta of 0.46. The firm’s fifty day moving average is $39.72 and its two-hundred day moving average is $39.75.

Fortis (NYSE:FTS) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.69 EPS for the quarter, beating the consensus estimate of $0.65 by $0.04. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.43 billion. Fortis had a net margin of 13.66% and a return on equity of 7.02%. On average, equities research analysts expect that Fortis Inc. will post 2.33 earnings per share for the current fiscal year.

About Fortis

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 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.