Mn Services Vermogensbeheer B.V. Has $5.80 Million Holdings in Fortis Inc. (NYSE:FTS)

Posted by on Jul 14th, 2023

Mn Services Vermogensbeheer B.V. lifted its stake in Fortis Inc. (NYSE:FTS – Free Report) by 5.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 136,700 shares of the utilities provider’s stock after purchasing an additional 7,200 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Fortis were worth $5,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in FTS. Van ECK Associates Corp grew its holdings in shares of Fortis by 18.5% during the 4th quarter. Van ECK Associates Corp now owns 114,950 shares of the utilities provider’s stock valued at $4,595,000 after acquiring an additional 17,946 shares in the last quarter. Gabelli Funds LLC bought a new position in Fortis during the fourth quarter valued at approximately $7,656,000. Credit Suisse AG lifted its stake in Fortis by 8.0% in the fourth quarter. Credit Suisse AG now owns 1,239,831 shares of the utilities provider’s stock valued at $67,174,000 after acquiring an additional 91,514 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in Fortis by 36.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,792,768 shares of the utilities provider’s stock worth $151,772,000 after acquiring an additional 1,022,068 shares in the last quarter. Finally, Montrusco Bolton Investments Inc. increased its stake in shares of Fortis by 102.4% during the 4th quarter. Montrusco Bolton Investments Inc. now owns 413,784 shares of the utilities provider’s stock worth $16,546,000 after purchasing an additional 209,315 shares during the last quarter. 45.10% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Up 1.4 %

FTS stock opened at $43.33 on Friday. The stock has a market capitalization of $21.08 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 3.48 and a beta of 0.44. The company has a 50-day moving average of $43.12 and a two-hundred day moving average of $42.20. Fortis Inc. has a 52-week low of $34.76 and a 52-week high of $47.89. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.68 and a quick ratio of 0.58.

Fortis (NYSE:FTS – Get Free Report) last issued its quarterly earnings results on Wednesday, May 3rd. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.61 by $0.06. Fortis had a return on equity of 6.63% and a net margin of 12.42%. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.25 billion. As a group, equities research analysts anticipate that Fortis Inc. will post 2.21 EPS for the current year.

Analyst Upgrades and Downgrades

FTS has been the subject of a number of recent research reports. StockNews.com began coverage on shares of Fortis in a report on Thursday, May 18th. They issued a “hold” rating for the company. Royal Bank of Canada reiterated a “sector perform” rating and set a $65.00 price target on shares of Fortis in a research note on Friday, March 24th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $59.14.

Fortis Profile

(Free Report)

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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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