Arrowstreet Capital Limited Partnership raised its stake in shares of Fortis Inc. (NYSE:FTS - Free Report) by 9.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,720,086 shares of the utilities provider's stock after purchasing an additional 154,851 shares during the period. Arrowstreet Capital Limited Partnership owned 0.34% of Fortis worth $71,396,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of FTS. Versant Capital Management Inc grew its stake in Fortis by 34.1% in the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider's stock valued at $42,000 after buying an additional 256 shares during the last quarter. JCIC Asset Management Inc. boosted its holdings in Fortis by 5.5% during the fourth quarter. JCIC Asset Management Inc. now owns 5,087 shares of the utilities provider's stock valued at $211,000 after acquiring an additional 267 shares during the period. Code Waechter LLC grew its position in shares of Fortis by 1.5% in the fourth quarter. Code Waechter LLC now owns 18,708 shares of the utilities provider's stock valued at $778,000 after purchasing an additional 277 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Fortis by 3.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 9,515 shares of the utilities provider's stock worth $396,000 after purchasing an additional 277 shares during the period. Finally, Farmers & Merchants Investments Inc. lifted its position in shares of Fortis by 0.5% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 89,681 shares of the utilities provider's stock worth $3,728,000 after purchasing an additional 447 shares during the last quarter. Institutional investors own 57.77% of the company's stock.
Fortis Stock Performance
NYSE FTS traded down $1.09 during midday trading on Friday, hitting $46.24. The company had a trading volume of 1,403,897 shares, compared to its average volume of 628,375. The firm has a fifty day simple moving average of $44.32 and a two-hundred day simple moving average of $43.75. Fortis Inc. has a fifty-two week low of $36.86 and a fifty-two week high of $48.07. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The stock has a market cap of $23.09 billion, a price-to-earnings ratio of 19.59, a P/E/G ratio of 3.94 and a beta of 0.46.
Fortis (NYSE:FTS - Get Free Report) last released its earnings results on Friday, February 14th. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Fortis had a return on equity of 7.09% and a net margin of 14.12%. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.08 billion. During the same period last year, the business earned $0.72 earnings per share. Equities analysts forecast that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.
Fortis Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be given a $0.4324 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.73 annualized dividend and a yield of 3.74%. Fortis's dividend payout ratio (DPR) is currently 72.03%.
Wall Street Analyst Weigh In
Separately, Jefferies Financial Group started coverage on Fortis in a report on Thursday, February 13th. They issued a "hold" rating on the stock. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold".
Read Our Latest Research Report on Fortis
Fortis Company 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 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.
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