Fortis Inc. (FTS) Stake Increased by Fmr LLC
Fmr LLC grew its stake in shares of Fortis Inc. (NYSE:FTS) by 11.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 10,358,373 shares of the utilities provider’s stock after acquiring an additional 1,090,988 shares during the quarter. Fmr LLC owned about 2.48% of Fortis worth $364,077,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Sentry Investments Corp. lifted its position in shares of Fortis by 36.9% during the 2nd quarter. Sentry Investments Corp. now owns 588,755 shares of the utilities provider’s stock valued at $26,835,000 after acquiring an additional 158,600 shares during the period. Jarislowsky Fraser Ltd lifted its position in shares of Fortis by 4.3% during the 2nd quarter. Jarislowsky Fraser Ltd now owns 60,698 shares of the utilities provider’s stock valued at $2,130,000 after acquiring an additional 2,514 shares during the period. Federated Investors Inc. PA lifted its position in shares of Fortis by 9.7% during the 2nd quarter. Federated Investors Inc. PA now owns 303,220 shares of the utilities provider’s stock valued at $10,658,000 after acquiring an additional 26,745 shares during the period. Hennessy Advisors Inc. lifted its position in shares of Fortis by 0.6% during the 2nd quarter. Hennessy Advisors Inc. now owns 1,028,289 shares of the utilities provider’s stock valued at $36,144,000 after acquiring an additional 5,675 shares during the period. Finally, Dearborn Partners LLC lifted its position in shares of Fortis by 33.3% during the 2nd quarter. Dearborn Partners LLC now owns 520,799 shares of the utilities provider’s stock valued at $18,306,000 after acquiring an additional 130,098 shares during the period. Hedge funds and other institutional investors own 52.19% of the company’s stock.
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A number of analysts have recently weighed in on the company. CIBC downgraded Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target for the company in a report on Monday, July 3rd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $38.00.
Fortis Inc. (NYSE FTS) opened at 35.39 on Thursday. The firm has a market cap of $14.79 billion and a PE ratio of 18.53. Fortis Inc. has a 12-month low of $29.14 and a 12-month high of $37.67. The stock’s 50 day moving average price is $36.53 and its 200-day moving average price is $34.24.
Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.04. The company had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The firm’s quarterly revenue was up 35.7% on a year-over-year basis. During the same quarter last year, the company earned $0.45 earnings per share. Equities research analysts anticipate that Fortis Inc. will post $2.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Monday, August 21st were paid a dividend of $0.3197 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date was Thursday, August 17th. This represents a $1.28 annualized dividend and a yield of 3.61%. Fortis’s dividend payout ratio (DPR) is currently 74.42%.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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