AMP Capital Investors Ltd increased its stake in Fortis Inc (NYSE:FTS) by 29.4% during the third quarter, HoldingsChannel.com reports. The fund owned 290,757 shares of the utilities provider’s stock after buying an additional 66,083 shares during the period. AMP Capital Investors Ltd’s holdings in Fortis were worth $9,440,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Glassman Wealth Services acquired a new position in Fortis in the third quarter valued at approximately $132,000. Cumberland Partners Ltd acquired a new position in Fortis in the second quarter valued at approximately $184,000. Trexquant Investment LP acquired a new position in Fortis in the second quarter valued at approximately $202,000. Wetherby Asset Management Inc. acquired a new position in Fortis in the third quarter valued at approximately $213,000. Finally, Gluskin Sheff & Assoc Inc. acquired a new position in Fortis in the third quarter valued at approximately $216,000. 50.63% of the stock is currently owned by institutional investors.
FTS has been the topic of several recent analyst reports. Zacks Investment Research raised Fortis from a “sell” rating to a “hold” rating in a research note on Friday, November 9th. Bank of America initiated coverage on Fortis in a research note on Tuesday, October 9th. They issued a “buy” rating on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $39.00.
Shares of FTS opened at $35.42 on Thursday. Fortis Inc has a 52-week low of $30.88 and a 52-week high of $37.34. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $14.81 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 3.92 and a beta of -0.13.
Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, November 2nd. The utilities provider reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The firm had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortis had a return on equity of 6.80% and a net margin of 11.72%. During the same quarter in the previous year, the company posted $0.61 earnings per share. Equities analysts predict that Fortis Inc will post 1.95 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Stockholders of record on Friday, February 15th will be issued a dividend of $0.342 per share. The ex-dividend date is Thursday, February 14th. This represents a $1.37 annualized dividend and a dividend yield of 3.86%. Fortis’s dividend payout ratio is 69.74%.
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Fortis Company Profile
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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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