Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Fortis Inc. (NYSE:FTS - Free Report) by 15.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,747,036 shares of the utilities provider's stock after buying an additional 507,068 shares during the period. Fortis accounts for about 0.8% of Connor Clark & Lunn Investment Management Ltd.'s holdings, making the stock its 25th largest holding. Connor Clark & Lunn Investment Management Ltd. owned about 0.75% of Fortis worth $170,230,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in FTS. Toronto Dominion Bank boosted its stake in shares of Fortis by 26.9% in the second quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider's stock valued at $352,336,000 after purchasing an additional 1,920,728 shares during the period. Canada Pension Plan Investment Board lifted its position in shares of Fortis by 31.4% in the second quarter. Canada Pension Plan Investment Board now owns 2,142,695 shares of the utilities provider's stock worth $83,259,000 after purchasing an additional 512,103 shares in the last quarter. TD Asset Management Inc raised its position in Fortis by 2.3% during the second quarter. TD Asset Management Inc now owns 12,151,327 shares of the utilities provider's stock valued at $472,164,000 after acquiring an additional 270,417 shares in the last quarter. Cidel Asset Management Inc. raised its position in shares of Fortis by 42.6% in the second quarter. Cidel Asset Management Inc. now owns 782,827 shares of the utilities provider's stock valued at $30,418,000 after purchasing an additional 233,743 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Fortis by 1.2% in the first quarter. Vanguard Group Inc. now owns 20,072,102 shares of the utilities provider's stock worth $793,049,000 after acquiring an additional 229,972 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company's stock.
Analyst Ratings Changes
Several research firms have recently issued reports on FTS. Raymond James lowered Fortis from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 6th. UBS Group upgraded Fortis to a "strong sell" rating in a research report on Tuesday, September 10th. StockNews.com raised Fortis from a "sell" rating to a "hold" rating in a research note on Sunday, August 4th. Finally, Bank of America assumed coverage on shares of Fortis in a research note on Friday, September 20th. They issued an "underperform" rating for the company. Three analysts have rated the stock with a sell rating and two have given a hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Reduce".
Get Our Latest Stock Report on Fortis
Fortis Trading Down 0.1 %
FTS stock traded down $0.05 during trading on Wednesday, hitting $44.70. The company had a trading volume of 214,106 shares, compared to its average volume of 719,440. The firm has a market capitalization of $22.23 billion, a P/E ratio of 18.80, a PEG ratio of 4.04 and a beta of 0.47. Fortis Inc. has a 52-week low of $36.86 and a 52-week high of $46.06. The company has a 50 day simple moving average of $44.40 and a 200-day simple moving average of $42.24. The company has a quick ratio of 0.58, a current ratio of 0.69 and a debt-to-equity ratio of 1.26.
Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 EPS for the quarter, topping the consensus estimate of $0.59 by $0.26. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.01 billion. Fortis had a net margin of 14.06% and a return on equity of 7.03%. During the same quarter in the previous year, the firm earned $0.63 EPS. As a group, research analysts forecast that Fortis Inc. will post 2.32 earnings per share for the current fiscal year.
Fortis Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Monday, November 18th will be issued a $0.615 dividend. This is a boost from Fortis's previous quarterly dividend of $0.43. The ex-dividend date is Monday, November 18th. This represents a $2.46 annualized dividend and a yield of 5.50%. Fortis's payout ratio is 71.85%.
Fortis 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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