Fortis Inc. (NYSE:FTS) Holdings Decreased by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC decreased its holdings in shares of Fortis Inc. (NYSE:FTS) by 8.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 6,182 shares of the utilities provider’s stock after selling 601 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in Fortis were worth $244,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of FTS. Bessemer Group Inc. grew its holdings in shares of Fortis by 53.6% during the first quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock valued at $40,000 after buying an additional 346 shares in the last quarter. Rational Advisors LLC purchased a new position in Fortis in the first quarter valued at about $42,000. Dixon Mitchell Investment Counsel Inc. purchased a new position in Fortis in the first quarter valued at about $60,000. Headlands Technologies LLC purchased a new position in Fortis in the first quarter valued at about $69,000. Finally, Lindbrook Capital LLC lifted its position in shares of 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 buying an additional 1,368 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Fortis from a “hold” rating to a “sell” rating in a research report on Saturday, July 27th. 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $55.13.

Fortis Price Performance

NYSE FTS opened at $41.85 on Thursday. Fortis Inc. has a twelve month low of $36.30 and a twelve month high of $42.78. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.52 and a current ratio of 0.60. The stock has a market capitalization of $20.72 billion, a PE ratio of 18.04, a P/E/G ratio of 2.95 and a beta of 0.45. The stock has a 50-day simple moving average of $39.69 and a 200 day simple moving average of $39.59.

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

Fortis 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.