Fortis Inc. (FTS) Position Increased by USS Investment Management Ltd

USS Investment Management Ltd increased its position in shares of Fortis Inc. (NYSE:FTS) by 4.9% during the first quarter, Holdings Channel reports. The fund owned 181,319 shares of the utilities provider’s stock after buying an additional 8,419 shares during the period. USS Investment Management Ltd’s holdings in Fortis were worth $6,019,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC acquired a new stake in Fortis during the first quarter valued at about $108,000. Affinity Wealth Management acquired a new stake in Fortis during the first quarter valued at about $210,000. Cardinal Capital Management Inc. acquired a new stake in Fortis during the first quarter valued at about $302,000. Keybank National Association OH acquired a new stake in Fortis during the fourth quarter valued at about $328,000. Finally, Princeton Portfolio Strategies Group LLC acquired a new stake in Fortis during the fourth quarter valued at about $331,000. Hedge funds and other institutional investors own 12.08% of the company’s stock.

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

Fortis Inc. (NYSE:FTS) traded up 1.00% on Friday, hitting $32.26. 122,404 shares of the stock were exchanged. Fortis Inc. has a one year low of $29.14 and a one year high of $34.66. The company has a market cap of $13.42 billion and a P/E ratio of 20.91. The company’s 50 day moving average price is $32.73 and its 200-day moving average price is $31.73.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Tuesday, May 2nd. The utilities provider reported $0.53 EPS for the quarter, missing the consensus estimate of $0.71 by $0.18. Fortis had a net margin of 8.22% and a return on equity of 7.17%. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.50 billion. The company’s revenue was up 711.8% compared to the same quarter last year. Equities research analysts predict that Fortis Inc. will post $2.21 EPS for the current fiscal year.

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Several equities research analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Fortis from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 18th. Barclays PLC reiterated an “overweight” rating and set a $37.00 price objective on shares of Fortis in a research note on Tuesday, March 28th. TheStreet upgraded shares of Fortis from a “d” rating to a “c” rating in a research note on Wednesday, February 22nd. JPMorgan Chase & Co. assumed coverage on shares of Fortis in a research note on Monday, February 27th. They set a “neutral” rating for the company. Finally, CIBC upgraded shares of Fortis from a “neutral” rating to an “outperform” rating in a research note on Thursday, February 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $37.50.

12 Month Chart for NYSE:FTS

Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis Inc. (NYSE:FTS).

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