Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Fortis Inc. (NYSE:FTS - Free Report) by 13.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,239,493 shares of the utilities provider's stock after selling 507,543 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.65% of Fortis worth $134,437,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its position in Fortis by 724.3% during the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock valued at $26,000 after acquiring an additional 507 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Fortis in the fourth quarter worth $38,000. Versant Capital Management Inc boosted its position in Fortis by 34.1% during the fourth 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 period. BNP Paribas Financial Markets purchased a new position in shares of Fortis in the third quarter worth about $44,000. Finally, Lindbrook Capital LLC lifted its stake in shares of Fortis by 38.5% in the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock valued at $113,000 after acquiring an additional 758 shares during the last quarter. Institutional investors own 57.77% of the company's stock.
Fortis Stock Up 0.1 %
Shares of NYSE FTS traded up $0.07 during trading on Friday, reaching $44.92. The company had a trading volume of 500,862 shares, compared to its average volume of 565,298. The stock has a market cap of $22.43 billion, a PE ratio of 19.03, a P/E/G ratio of 3.94 and a beta of 0.48. 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 business's 50-day moving average is $43.14 and its 200 day moving average is $43.67. Fortis Inc. has a 12-month low of $36.86 and a 12-month high of $46.06.
Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings data on Friday, February 14th. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Fortis had a net margin of 14.12% and a return on equity of 7.09%. The firm had revenue of $2.11 billion during the quarter, compared to analysts' expectations of $2.08 billion. During the same period in the previous year, the company earned $0.72 earnings per share. As a group, equities analysts forecast that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.
Fortis Cuts Dividend
The firm also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be paid a $0.4324 dividend. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.73 dividend on an annualized basis and a yield of 3.85%. Fortis's payout ratio is presently 72.03%.
Analyst Ratings Changes
Separately, Jefferies Financial Group assumed coverage on Fortis in a report on Thursday, February 13th. They set a "hold" rating on the stock. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold".
View Our Latest Stock Report on FTS
About Fortis
(
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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