Alberta Investment Management Corp Has $56.54 Million Stock Holdings in Fortis Inc. (NYSE:FTS)

Alberta Investment Management Corp reduced its position in shares of Fortis Inc. (NYSE:FTS - Free Report) by 2.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,361,416 shares of the utilities provider's stock after selling 40,540 shares during the period. Alberta Investment Management Corp owned approximately 0.27% of Fortis worth $56,541,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FTS. Van ECK Associates Corp lifted its position in shares of Fortis by 9.1% during the 4th quarter. Van ECK Associates Corp now owns 149,151 shares of the utilities provider's stock valued at $6,194,000 after acquiring an additional 12,430 shares during the last quarter. Farmers & Merchants Investments Inc. raised its holdings in shares of Fortis by 0.5% during the fourth quarter. Farmers & Merchants Investments Inc. now owns 89,681 shares of the utilities provider's stock valued at $3,728,000 after acquiring an additional 447 shares during the period. Kingsview Wealth Management LLC lifted its position in shares of Fortis by 14.9% in the 4th quarter. Kingsview Wealth Management LLC now owns 5,385 shares of the utilities provider's stock valued at $224,000 after acquiring an additional 698 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of Fortis in the fourth quarter worth $38,000. Finally, Clear Creek Financial Management LLC acquired a new position in Fortis during the fourth quarter valued at $203,000. 57.77% of the stock is currently owned by institutional investors.

Fortis Stock Up 0.7 %

Shares of NYSE FTS traded up $0.29 during trading hours on Friday, hitting $44.07. The stock had a trading volume of 335,522 shares, compared to its average volume of 615,155. The firm's 50-day moving average price is $42.38 and its two-hundred day moving average price is $43.57. Fortis Inc. has a 52 week low of $36.86 and a 52 week high of $46.06. The company has a market capitalization of $22.00 billion, a P/E ratio of 18.67, a P/E/G ratio of 3.96 and a beta of 0.50. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.63 and a current ratio of 0.63.

Fortis (NYSE:FTS - Get Free Report) last posted its earnings results on Friday, February 14th. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.08 billion. Fortis had a net margin of 14.12% and a return on equity of 7.09%. During the same period in the previous year, the firm posted $0.72 earnings per share. Analysts anticipate that Fortis Inc. will post 2.35 EPS for the current fiscal year.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be issued a dividend of $0.4324 per share. The ex-dividend date of this dividend is Friday, May 16th. This represents a $1.73 annualized dividend and a yield of 3.93%. Fortis's dividend payout ratio (DPR) is currently 71.61%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on FTS. Jefferies Financial Group began coverage on shares of Fortis in a research report on Thursday, February 13th. They set a "hold" rating on the stock. Raymond James lowered Fortis from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, Fortis has a consensus rating of "Hold".

Fortis Company 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.