Greenland Capital Management LP increased its holdings in shares of Fortis Inc. (NYSE:FTS - Free Report) by 15.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 103,610 shares of the utilities provider's stock after purchasing an additional 13,610 shares during the quarter. Greenland Capital Management LP's holdings in Fortis were worth $4,304,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in Fortis during the fourth quarter worth $1,751,000. Unigestion Holding SA purchased a new stake in shares of Fortis in the 3rd quarter valued at $2,830,000. Assenagon Asset Management S.A. lifted its stake in Fortis by 847.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 181,586 shares of the utilities provider's stock worth $7,548,000 after acquiring an additional 162,430 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Fortis by 9.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,890,184 shares of the utilities provider's stock valued at $131,330,000 after acquiring an additional 250,630 shares during the period. Finally, Forsta AP Fonden grew its position in Fortis by 94.8% in the 4th quarter. Forsta AP Fonden now owns 294,600 shares of the utilities provider's stock valued at $12,235,000 after acquiring an additional 143,400 shares in the last quarter. 57.77% of the stock is currently owned by hedge funds and other institutional investors.
Fortis Stock Up 3.0 %
Shares of NYSE FTS traded up $1.34 during mid-day trading on Friday, hitting $46.59. The company had a trading volume of 630,236 shares, compared to its average volume of 638,445. The company has a market capitalization of $23.37 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 3.94 and a beta of 0.46. The business's 50-day simple moving average is $44.64 and its 200 day simple moving average is $43.76. Fortis Inc. has a 1-year low of $36.86 and a 1-year high of $48.07. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.63 and a quick ratio of 0.63.
Fortis (NYSE:FTS - Get Free Report) last posted its quarterly earnings results on Friday, February 14th. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same quarter last year, the company earned $0.72 EPS. On average, analysts predict that Fortis Inc. will post 2.35 earnings per share for the current year.
Fortis Cuts Dividend
The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be paid a $0.4324 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.73 dividend on an annualized basis and a yield of 3.71%. Fortis's dividend payout ratio is currently 72.03%.
Wall Street Analyst Weigh In
Separately, Jefferies Financial Group assumed coverage on shares of Fortis in a research report on Thursday, February 13th. They set a "hold" rating on the stock. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold".
Read Our Latest Stock Analysis 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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