Fortis Inc (NYSE:FTS) Shares Sold by Price T Rowe Associates Inc. MD
Price T Rowe Associates Inc. MD lessened its stake in Fortis Inc (NYSE:FTS) by 2.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 15,340 shares of the utilities provider’s stock after selling 369 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Fortis were worth $607,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Fortis by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 12,410,114 shares of the utilities provider’s stock valued at $489,828,000 after buying an additional 398,352 shares during the period. TD Asset Management Inc. raised its holdings in Fortis by 3.3% in the 2nd quarter. TD Asset Management Inc. now owns 9,625,555 shares of the utilities provider’s stock worth $380,897,000 after purchasing an additional 304,290 shares during the period. Scotia Capital Inc. raised its holdings in Fortis by 2.2% in the 2nd quarter. Scotia Capital Inc. now owns 4,167,287 shares of the utilities provider’s stock worth $164,121,000 after purchasing an additional 90,556 shares during the period. Caisse DE Depot ET Placement DU Quebec acquired a new position in Fortis in the 2nd quarter worth about $162,243,000. Finally, Renaissance Technologies LLC raised its holdings in Fortis by 40.5% in the 2nd quarter. Renaissance Technologies LLC now owns 2,994,900 shares of the utilities provider’s stock worth $118,209,000 after purchasing an additional 863,900 shares during the period. 51.60% of the stock is owned by institutional investors and hedge funds.
FTS has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed a “buy” rating on shares of Fortis in a report on Wednesday, August 21st. Raymond James reaffirmed a “hold” rating and issued a $55.00 price target on shares of Fortis in a report on Thursday, September 12th. Wells Fargo & Co upped their price target on Fortis from $59.00 to $61.00 and gave the stock an “outperform” rating in a report on Wednesday, September 4th. Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Finally, Bank of America upped their price target on Fortis from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Fortis presently has a consensus rating of “Hold” and an average price target of $55.50.
Fortis (NYSE:FTS) last announced its earnings results on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Fortis had a return on equity of 6.80% and a net margin of 12.72%. The business had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the prior year, the firm earned $0.57 earnings per share. On average, equities research analysts expect that Fortis Inc will post 1.96 EPS for the current fiscal year.
The company also recently announced a — dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.3631 per share. The ex-dividend date is Monday, November 18th. This represents a dividend yield of 3.5%. Fortis’s payout ratio is currently 70.68%.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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