FMR LLC raised its stake in shares of Fortis Inc. (NYSE:FTS - Free Report) by 36.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 62,495 shares of the utilities provider's stock after acquiring an additional 16,763 shares during the quarter. FMR LLC's holdings in Fortis were worth $2,840,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. TD Asset Management Inc raised its stake in shares of Fortis by 2.3% in the 2nd quarter. TD Asset Management Inc now owns 12,151,327 shares of the utilities provider's stock valued at $472,164,000 after purchasing an additional 270,417 shares in the last quarter. 1832 Asset Management L.P. grew its position in shares of Fortis by 1.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 9,199,047 shares of the utilities provider's stock worth $357,291,000 after acquiring an additional 95,813 shares in the last quarter. Toronto Dominion Bank raised its position in shares of Fortis by 26.9% during the 2nd quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider's stock valued at $352,336,000 after acquiring an additional 1,920,728 shares in the last quarter. CIBC Asset Management Inc lifted its stake in Fortis by 4.2% during the second quarter. CIBC Asset Management Inc now owns 3,938,001 shares of the utilities provider's stock worth $152,955,000 after purchasing an additional 158,178 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Fortis by 15.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider's stock worth $170,230,000 after purchasing an additional 507,068 shares during the period. 57.77% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
FTS has been the subject of several research reports. Raymond James lowered shares of Fortis from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 6th. Bank of America initiated coverage on Fortis in a report on Friday, September 20th. They issued an "underperform" rating on the stock. Finally, UBS Group upgraded Fortis to a "strong sell" rating in a research note on Tuesday, September 10th.
View Our Latest Stock Analysis on FTS
Fortis Stock Performance
Shares of FTS traded up $0.01 during mid-day trading on Friday, reaching $42.33. 306,240 shares of the company's stock traded hands, compared to its average volume of 710,871. Fortis Inc. has a 12 month low of $36.86 and a 12 month high of $46.06. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. The stock has a market capitalization of $21.06 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 3.93 and a beta of 0.49. The business's 50-day moving average price is $44.08 and its 200-day moving average price is $42.74.
Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share (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 analysts' expectations of $2.01 billion. Fortis had a return on equity of 7.01% and a net margin of 14.06%. During the same quarter in the prior year, the business posted $0.63 earnings per share. Equities analysts predict that Fortis Inc. will post 2.32 earnings per share for the current year.
Fortis Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Shareholders of record on Tuesday, February 18th will be given a dividend of $0.4382 per share. The ex-dividend date is Tuesday, February 18th. This represents a $1.75 dividend on an annualized basis and a dividend yield of 4.14%. Fortis's dividend payout ratio (DPR) is 76.47%.
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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