Addenda Capital Inc. Has $8.81 Million Holdings in Fortis Inc. (NYSE:FTS)

Addenda Capital Inc. raised its position in shares of Fortis Inc. (NYSE:FTS) by 23.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 222,965 shares of the utilities provider’s stock after acquiring an additional 42,636 shares during the period. Addenda Capital Inc.’s holdings in Fortis were worth $8,809,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Fortis by 2.2% during the fourth quarter. Vanguard Group Inc. now owns 19,842,130 shares of the utilities provider’s stock worth $816,107,000 after acquiring an additional 421,120 shares during the period. FIL Ltd boosted its stake in shares of Fortis by 33.8% in the fourth quarter. FIL Ltd now owns 19,477,406 shares of the utilities provider’s stock valued at $801,263,000 after buying an additional 4,924,031 shares during the period. TD Asset Management Inc boosted its stake in shares of Fortis by 22.3% in the fourth quarter. TD Asset Management Inc now owns 13,380,619 shares of the utilities provider’s stock valued at $553,145,000 after buying an additional 2,438,223 shares during the period. Toronto Dominion Bank boosted its stake in shares of Fortis by 11.4% in the third quarter. Toronto Dominion Bank now owns 12,664,645 shares of the utilities provider’s stock valued at $481,130,000 after buying an additional 1,294,939 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of Fortis by 7.5% in the fourth quarter. Mackenzie Financial Corp now owns 8,080,594 shares of the utilities provider’s stock valued at $332,583,000 after buying an additional 561,176 shares during the period. Institutional investors own 57.77% of the company’s stock.

Wall Street Analyst Weigh In

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

Fortis Price Performance

NYSE FTS traded down $0.16 on Friday, hitting $38.86. 464,390 shares of the company’s stock were exchanged, compared to its average volume of 775,604. The stock has a 50-day moving average of $39.72 and a 200-day moving average of $39.75. The company has a current ratio of 0.60, a quick ratio of 0.52 and a debt-to-equity ratio of 1.24. Fortis Inc. has a 52 week low of $36.30 and a 52 week high of $43.84. The stock has a market cap of $19.16 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 2.76 and a beta of 0.46.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.04. The company had revenue of $2.31 billion during 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%. Analysts expect that Fortis Inc. will post 2.33 earnings per share for the current year.

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.