Meag Munich Ergo Kapitalanlagegesellschaft MBH Buys New Stake in Fortis Inc. (FTS)

Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new stake in Fortis Inc. (NYSE:FTS) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 71,677 shares of the utilities provider’s stock, valued at approximately $2,369,000.

Other hedge funds have also recently bought and sold shares of the company. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in Fortis by 1.8% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 23,019 shares of the utilities provider’s stock valued at $762,000 after buying an additional 400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Fortis by 0.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 131,150 shares of the utilities provider’s stock valued at $4,334,000 after buying an additional 1,160 shares in the last quarter. Gulf International Bank UK Ltd boosted its stake in Fortis by 1.1% in the first quarter. Gulf International Bank UK Ltd now owns 123,208 shares of the utilities provider’s stock valued at $4,077,000 after buying an additional 1,400 shares in the last quarter. Baskin Financial Services Inc. boosted its stake in Fortis by 7.3% in the first quarter. Baskin Financial Services Inc. now owns 37,297 shares of the utilities provider’s stock valued at $1,234,000 after buying an additional 2,540 shares in the last quarter. Finally, Tradewinds Capital Management LLC purchased a new stake in Fortis during the first quarter valued at about $108,000. Institutional investors and hedge funds own 12.08% of the company’s stock.

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

Fortis Inc. (NYSE:FTS) traded up 1.00% during mid-day trading on Friday, hitting $32.26. 122,404 shares of the stock traded hands. The company’s 50 day moving average is $32.73 and its 200 day moving average is $31.73. The company has a market cap of $13.42 billion and a P/E ratio of 20.91. Fortis Inc. has a 12 month low of $29.14 and a 12 month high of $34.66.

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

ILLEGAL ACTIVITY WARNING: This piece was first published by Mideast Time and is the property of of Mideast Time. If you are reading this piece on another domain, it was copied illegally and reposted in violation of United States and international copyright & trademark law. The correct version of this piece can be accessed at https://www.mideasttime.com/meag-munich-ergo-kapitalanlagegesellschaft-mbh-buys-new-stake-in-fortis-inc-fts/1708715.html.

Several research firms have issued reports on FTS. Barclays PLC reiterated an “overweight” rating and issued a $37.00 target price on shares of Fortis in a research note on Tuesday, March 28th. JPMorgan Chase & Co. initiated coverage on shares of Fortis in a research report on Monday, February 27th. They set a “neutral” rating on the stock. CIBC upgraded shares of Fortis from a “neutral” rating to an “outperform” rating in a research report on Thursday, February 16th. Zacks Investment Research cut shares of Fortis from a “hold” rating to a “sell” rating in a research report on Thursday, May 4th. Finally, TheStreet upgraded shares of Fortis from a “d” rating to a “c” rating in a research report on Wednesday, February 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Fortis currently has a consensus rating of “Hold” and an average target price of $37.50.

5 Day 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).

Receive News & Ratings for Fortis Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis Inc. and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply

 
© 2006-2017 Mideast Time.