Korea Investment CORP Has $12.88 Million Holdings in Fortis Inc. (NYSE:FTS)

Korea Investment CORP lifted its stake in shares of Fortis Inc. (NYSE:FTS - Free Report) by 64.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 310,166 shares of the utilities provider's stock after acquiring an additional 121,149 shares during the quarter. Korea Investment CORP owned about 0.06% of Fortis worth $12,882,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. grew its holdings in Fortis by 724.3% during the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider's stock valued at $26,000 after purchasing an additional 507 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in Fortis in the 4th quarter valued at $38,000. BNP Paribas Financial Markets bought a new position in Fortis in the 3rd quarter worth $44,000. Versant Capital Management Inc lifted its position in Fortis by 34.1% during the 4th quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider's stock worth $42,000 after acquiring an additional 256 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position in Fortis by 38.5% during the 4th quarter. Lindbrook Capital LLC now owns 2,726 shares of the utilities provider's stock worth $113,000 after acquiring an additional 758 shares during the last quarter. 57.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Separately, Jefferies Financial Group began coverage on Fortis in a research note on Thursday, February 13th. They set a "hold" rating for the company. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold".

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Fortis Stock Performance

NYSE FTS traded down $1.09 during midday trading on Friday, hitting $46.24. The company had a trading volume of 1,403,897 shares, compared to its average volume of 627,934. The firm has a fifty day simple moving average of $44.32 and a two-hundred day simple moving average of $43.77. Fortis Inc. has a fifty-two week low of $36.86 and a fifty-two week high of $48.21. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 1.30. The stock has a market cap of $23.09 billion, a price-to-earnings ratio of 19.59, a P/E/G ratio of 3.94 and a beta of 0.46.

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

Fortis Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 1st. Investors of record on Friday, May 16th will be given a $0.4324 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.73 annualized dividend and a yield of 3.74%. Fortis's dividend payout ratio (DPR) is currently 72.03%.

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.