Addenda Capital Inc. Increases Stock Position in Fortis Inc. (NYSE:FTS)

Addenda Capital Inc. boosted its stake in Fortis Inc. (NYSE:FTSFree Report) by 6.1% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 180,329 shares of the utilities provider’s stock after purchasing an additional 10,404 shares during the quarter. Addenda Capital Inc.’s holdings in Fortis were worth $7,417,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Invesco Ltd. increased its holdings in shares of Fortis by 8.4% in the 3rd quarter. Invesco Ltd. now owns 1,845,400 shares of the utilities provider’s stock worth $70,107,000 after buying an additional 142,731 shares during the last quarter. Vanguard Group Inc. increased its stake in Fortis by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 19,421,010 shares of the utilities provider’s stock valued at $737,804,000 after purchasing an additional 353,112 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Fortis by 32.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 158,635 shares of the utilities provider’s stock valued at $6,027,000 after purchasing an additional 38,803 shares in the last quarter. Aviva PLC increased its stake in Fortis by 8.6% during the 3rd quarter. Aviva PLC now owns 658,009 shares of the utilities provider’s stock valued at $25,078,000 after purchasing an additional 52,014 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Fortis by 1.7% in the third quarter. Legal & General Group Plc now owns 5,410,825 shares of the utilities provider’s stock worth $206,425,000 after acquiring an additional 90,274 shares during the period. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on FTS shares. JPMorgan Chase & Co. lowered shares of Fortis from a “neutral” rating to an “underweight” rating in a research report on Tuesday, December 12th. StockNews.com raised shares of Fortis from a “sell” rating to a “hold” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $55.13.

Get Our Latest Stock Report on Fortis

Fortis Stock Down 0.2 %

Shares of Fortis stock opened at $39.32 on Thursday. The company has a market capitalization of $19.29 billion, a P/E ratio of 17.10, a P/E/G ratio of 2.94 and a beta of 0.42. The company has a quick ratio of 0.58, a current ratio of 0.67 and a debt-to-equity ratio of 1.27. Fortis Inc. has a 52-week low of $36.30 and a 52-week high of $46.28. The company has a 50 day moving average of $39.44 and a 200 day moving average of $40.05.

Fortis (NYSE:FTSGet Free Report) last posted its quarterly earnings results on Friday, February 9th. The utilities provider reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.01. Fortis had a net margin of 13.22% and a return on equity of 7.00%. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period in the prior year, the company posted $0.53 EPS. As a group, research analysts forecast that Fortis Inc. will post 2.39 EPS for the current fiscal year.

Fortis Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 17th will be issued a $0.4382 dividend. This represents a $1.75 dividend on an annualized basis and a yield of 4.46%. This is a positive change from Fortis’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Thursday, May 16th. Fortis’s dividend payout ratio is 76.09%.

Fortis Company Profile

(Free Report)

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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