Canada Pension Plan Investment Board lowered its holdings in shares of Fortis Inc (NYSE:FTS) by 73.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 236,173 shares of the utilities provider’s stock after selling 669,259 shares during the period. Canada Pension Plan Investment Board owned about 0.06% of Fortis worth $7,652,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of FTS. Cumberland Partners Ltd acquired a new stake in shares of Fortis in the 2nd quarter valued at $184,000. Trexquant Investment LP acquired a new stake in shares of Fortis in the 2nd quarter valued at $202,000. Wetherby Asset Management Inc. acquired a new stake in shares of Fortis in the 3rd quarter valued at $213,000. Gluskin Sheff & Assoc Inc. acquired a new stake in shares of Fortis in the 3rd quarter valued at $216,000. Finally, US Bancorp DE boosted its stake in shares of Fortis by 98.2% in the 2nd quarter. US Bancorp DE now owns 8,187 shares of the utilities provider’s stock valued at $261,000 after purchasing an additional 4,057 shares in the last quarter. Institutional investors own 50.63% of the company’s stock.
Several equities research analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Fortis from a “sell” rating to a “hold” rating in a research note on Friday, November 9th. Bank of America assumed coverage on shares of Fortis in a research note on Tuesday, October 9th. They issued a “buy” rating on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $39.00.
Shares of NYSE FTS opened at $34.96 on Friday. The stock has a market cap of $15.11 billion, a P/E ratio of 17.93, a P/E/G ratio of 3.92 and a beta of -0.13. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.49 and a current ratio of 0.59. Fortis Inc has a 12-month low of $30.88 and a 12-month high of $37.13.
Fortis (NYSE:FTS) last issued its quarterly earnings results on Friday, November 2nd. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.01. The business had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.63 billion. Fortis had a net margin of 11.72% and a return on equity of 6.80%. During the same quarter in the prior year, the company earned $0.61 EPS. On average, sell-side analysts forecast that Fortis Inc will post 1.95 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 15th will be given a dividend of $0.342 per share. The ex-dividend date is Thursday, February 14th. This represents a $1.37 annualized dividend and a yield of 3.91%. Fortis’s dividend payout ratio (DPR) is 69.74%.
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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