Acadian Asset Management LLC trimmed its stake in shares of Fortis Inc (NYSE:FTS) by 14.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,268,923 shares of the utilities provider’s stock after selling 381,315 shares during the quarter. Acadian Asset Management LLC owned about 0.49% of Fortis worth $94,275,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in FTS. Reaves W H & Co. Inc. increased its stake in Fortis by 0.3% in the 4th quarter. Reaves W H & Co. Inc. now owns 1,302,839 shares of the utilities provider’s stock worth $54,093,000 after purchasing an additional 3,973 shares in the last quarter. Community Financial Services Group LLC boosted its holdings in shares of Fortis by 2.5% in the fourth quarter. Community Financial Services Group LLC now owns 103,723 shares of the utilities provider’s stock worth $4,307,000 after buying an additional 2,496 shares during the period. Miller Howard Investments Inc. NY increased its position in shares of Fortis by 26.5% in the fourth quarter. Miller Howard Investments Inc. NY now owns 209,201 shares of the utilities provider’s stock worth $8,683,000 after acquiring an additional 43,785 shares in the last quarter. Pacifica Partners Inc. purchased a new position in shares of Fortis in the fourth quarter worth approximately $653,000. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Fortis in the fourth quarter worth approximately $9,307,000. 49.34% of the stock is currently owned by institutional investors and hedge funds.
FTS has been the subject of several research analyst reports. Bank of America downgraded shares of Fortis from a “buy” rating to a “neutral” rating in a research report on Thursday, December 5th. BMO Capital Markets started coverage on shares of Fortis in a research note on Tuesday, December 3rd. They issued a “market perform” rating for the company. Zacks Investment Research upgraded shares of Fortis from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Raymond James reissued a “hold” rating and set a $55.00 target price on shares of Fortis in a research note on Wednesday, January 29th. Finally, Wells Fargo & Co increased their target price on Fortis from $59.00 to $64.00 and gave the company an “overweight” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Fortis presently has a consensus rating of “Hold” and a consensus price target of $56.00.
Shares of FTS opened at $44.03 on Friday. The company has a market capitalization of $20.09 billion, a price-to-earnings ratio of 21.80, a P/E/G ratio of 3.96 and a beta of 0.11. Fortis Inc has a fifty-two week low of $34.96 and a fifty-two week high of $44.49. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.56 and a quick ratio of 0.46. The business’s 50-day moving average is $42.76 and its 200-day moving average is $41.45.
Fortis (NYSE:FTS) last posted its quarterly earnings results on Thursday, February 13th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.16. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.71 billion. Fortis had a net margin of 12.72% and a return on equity of 6.75%. During the same period in the prior year, the firm earned $0.56 earnings per share. Equities research analysts expect that Fortis Inc will post 1.94 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a dividend of $0.3593 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Thursday, May 14th. Fortis’s payout ratio is presently 75.39%.
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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