Intact Investment Management Inc. lessened its stake in shares of Fortis Inc. (NYSE:FTS - Free Report) by 23.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 174,800 shares of the utilities provider's stock after selling 52,900 shares during the quarter. Intact Investment Management Inc.'s holdings in Fortis were worth $7,262,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its position in shares of Fortis by 5.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,352,485 shares of the utilities provider's stock valued at $61,516,000 after acquiring an additional 73,682 shares in the last quarter. Citigroup Inc. boosted its stake in shares of Fortis by 11.3% during the 3rd quarter. Citigroup Inc. now owns 153,325 shares of the utilities provider's stock worth $6,974,000 after purchasing an additional 15,605 shares during the last quarter. Unigestion Holding SA purchased a new stake in shares of Fortis during the third quarter worth about $2,830,000. Connor Clark & Lunn Investment Management Ltd. grew 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 buying an additional 507,068 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Fortis by 847.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 181,586 shares of the utilities provider's stock valued at $7,548,000 after buying an additional 162,430 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.
Analyst Upgrades and Downgrades
Separately, Jefferies Financial Group initiated coverage on shares of Fortis in a research note on Thursday, February 13th. They issued a "hold" rating for the company. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold".
Check Out Our Latest Analysis on Fortis
Fortis Trading Down 0.2 %
NYSE FTS traded down $0.09 during trading hours on Tuesday, hitting $45.21. 249,607 shares of the company's stock were exchanged, compared to its average volume of 561,213. The business's 50 day moving average is $43.28 and its 200-day moving average is $43.69. 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 Inc. has a 12-month low of $36.86 and a 12-month high of $46.06. The firm has a market capitalization of $22.57 billion, a P/E ratio of 19.16, a price-to-earnings-growth ratio of 3.94 and a beta of 0.48.
Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings data on Friday, February 14th. The utilities provider reported $0.59 earnings per share for the quarter, topping 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 business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.08 billion. During the same period in the prior year, the firm posted $0.72 EPS. As a group, analysts anticipate that Fortis Inc. will post 2.35 EPS for the current fiscal year.
Fortis Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be issued 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 dividend yield of 3.83%. Fortis's dividend payout ratio (DPR) is presently 72.03%.
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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