Creative Planning raised its position in shares of Fortis Inc. (NYSE:FTS – Free Report) by 60.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,869 shares of the utilities provider’s stock after acquiring an additional 12,775 shares during the quarter. Creative Planning’s holdings in Fortis were worth $1,459,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. Miller Howard Investments Inc. NY raised its holdings in shares of Fortis by 1.7% during the second quarter. Miller Howard Investments Inc. NY now owns 90,708 shares of the utilities provider’s stock valued at $3,909,000 after acquiring an additional 1,489 shares during the last quarter. Addenda Capital Inc. grew its position in shares of Fortis by 1.0% in the second quarter. Addenda Capital Inc. now owns 170,297 shares of the utilities provider’s stock valued at $9,722,000 after purchasing an additional 1,678 shares in the last quarter. Value Partners Investments Inc. grew its position in shares of Fortis by 2.0% in the second quarter. Value Partners Investments Inc. now owns 126,894 shares of the utilities provider’s stock valued at $5,472,000 after purchasing an additional 2,456 shares in the last quarter. Jarislowsky Fraser Ltd grew its position in shares of Fortis by 1.0% in the second quarter. Jarislowsky Fraser Ltd now owns 31,792 shares of the utilities provider’s stock valued at $1,371,000 after purchasing an additional 317 shares in the last quarter. Finally, Summit Global Investments grew its position in shares of Fortis by 5.3% in the second quarter. Summit Global Investments now owns 85,552 shares of the utilities provider’s stock valued at $3,686,000 after purchasing an additional 4,290 shares in the last quarter. Institutional investors and hedge funds own 50.18% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $61.00 price target on shares of Fortis in a research report on Thursday, September 28th. StockNews.com upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Wednesday. Raymond James dropped their price target on Fortis from $65.00 to $62.00 and set an “outperform” rating for the company in a research report on Thursday, August 3rd. Credit Suisse Group lowered their price objective on Fortis from $61.50 to $60.50 and set a “neutral” rating for the company in a research report on Thursday, August 24th. Finally, Bank of America lowered their price objective on Fortis from $38.00 to $37.00 in a research report on Wednesday, September 20th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $56.81.
Fortis Trading Down 1.7 %
FTS opened at $40.09 on Friday. Fortis Inc. has a 52 week low of $34.76 and a 52 week high of $46.28. The business has a fifty day simple moving average of $39.63 and a 200-day simple moving average of $41.99. The firm has a market cap of $19.58 billion, a P/E ratio of 18.14, a P/E/G ratio of 3.62 and a beta of 0.45. The company has a quick ratio of 0.69, a current ratio of 0.79 and a debt-to-equity ratio of 1.26.
Fortis (NYSE:FTS – Get Free Report) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Fortis had a return on equity of 6.68% and a net margin of 12.40%. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.99 billion. During the same period last year, the business posted $0.44 earnings per share. On average, equities analysts expect that Fortis Inc. will post 2.18 earnings per share for the current year.
Fortis Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be given a dividend of $0.437 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.43. This represents a $1.75 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Thursday, November 16th. Fortis’s dividend payout ratio (DPR) is currently 75.57%.
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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.
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