Shell Asset Management Co. Sells 25,400 Shares of Fortis Inc. (NYSE:FTS)

Shell Asset Management Co. lessened its holdings in Fortis Inc. (NYSE:FTS) by 40.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,746 shares of the utilities provider’s stock after selling 25,400 shares during the quarter. Shell Asset Management Co.’s holdings in Fortis were worth $1,453,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. Bessemer Group Inc. lifted its position in shares of Fortis by 53.6% during the 1st quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock worth $40,000 after buying an additional 346 shares during the period. Rational Advisors LLC bought a new position in Fortis during the 1st quarter valued at about $42,000. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of Fortis in the first quarter valued at approximately $60,000. Headlands Technologies LLC acquired a new stake in Fortis during the 1st quarter valued at $69,000. Finally, Lindbrook Capital LLC boosted its stake in Fortis by 111.2% in the fourth quarter. Lindbrook Capital LLC now owns 2,598 shares of the utilities provider’s stock worth $107,000 after purchasing an additional 1,368 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Stock Up 0.6 %

Shares of Fortis stock traded up $0.23 during trading on Friday, reaching $40.94. The stock had a trading volume of 53,301 shares, compared to its average volume of 738,663. The company has a current ratio of 0.60, a quick ratio of 0.52 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $20.27 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 2.92 and a beta of 0.45. The stock has a fifty day moving average price of $39.64 and a two-hundred day moving average price of $39.60. Fortis Inc. has a 52 week low of $36.30 and a 52 week high of $43.40.

Fortis (NYSE:FTS) last released its earnings results 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 firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Fortis had a return on equity of 7.02% and a net margin of 13.66%. Sell-side analysts predict that Fortis Inc. will post 2.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, StockNews.com raised shares of Fortis from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Fortis has an average rating of “Hold” and an average price target of $55.13.

Fortis Company 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 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.