Fortis Inc. (NYSE:FTS) Shares Sold by Intact Investment Management Inc.

Intact Investment Management Inc. cut its position in shares of Fortis Inc. (NYSE:FTS - Free Report) by 23.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 174,800 shares of the utilities provider's stock after selling 52,900 shares during the period. Intact Investment Management Inc.'s holdings in Fortis were worth $7,262,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FTS. Blue Trust Inc. raised its stake in Fortis by 724.3% during the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock worth $26,000 after purchasing an additional 507 shares during the period. Golden State Wealth Management LLC purchased a new position in Fortis during the fourth quarter worth about $38,000. Versant Capital Management Inc raised its stake in Fortis by 34.1% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider's stock worth $42,000 after purchasing an additional 256 shares during the period. BNP Paribas Financial Markets purchased a new position in Fortis during the third quarter worth about $44,000. Finally, Lindbrook Capital LLC raised its stake in Fortis by 38.5% during the fourth quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock worth $113,000 after purchasing an additional 758 shares during the period. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Trading Up 0.8 %

Shares of Fortis stock traded up $0.37 on Monday, reaching $45.30. The company had a trading volume of 340,874 shares, compared to its average volume of 562,460. The firm's 50 day moving average price is $43.28 and its two-hundred day moving average price is $43.69. The firm has a market cap of $22.62 billion, a PE ratio of 19.19, a PEG ratio of 3.94 and a beta of 0.48. Fortis Inc. has a 52-week low of $36.86 and a 52-week high of $46.06. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.63 and a current ratio of 0.63.

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Fortis (NYSE:FTS - Get Free Report) last released 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. The business had revenue of $2.11 billion for 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 earned $0.72 EPS. Sell-side analysts predict that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be issued a $0.4324 dividend. This represents a $1.73 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Friday, May 16th. Fortis's dividend payout ratio (DPR) is currently 72.03%.

Analyst Upgrades and Downgrades

Separately, Jefferies Financial Group initiated coverage on shares of Fortis in a research note 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 assigned a hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold".

Fortis 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.