Crossmark Global Holdings Inc. Decreases Stake in Fortis Inc. (NYSE:FTS)

Crossmark Global Holdings Inc. decreased its holdings in Fortis Inc. (NYSE:FTSFree Report) by 1.7% in the 4th quarter, HoldingsChannel reports. The fund owned 284,198 shares of the utilities provider’s stock after selling 4,779 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Fortis were worth $11,814,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Versant Capital Management Inc lifted its stake in shares of Fortis by 34.1% in the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 256 shares during the period. JCIC Asset Management Inc. lifted its position in shares of Fortis by 5.5% during the 4th quarter. JCIC Asset Management Inc. now owns 5,087 shares of the utilities provider’s stock valued at $211,000 after acquiring an additional 267 shares during the period. Code Waechter LLC boosted its stake in shares of Fortis by 1.5% during the 4th quarter. Code Waechter LLC now owns 18,708 shares of the utilities provider’s stock worth $778,000 after acquiring an additional 277 shares in the last quarter. Cromwell Holdings LLC grew its holdings in shares of Fortis by 52.2% in the 3rd quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 630 shares during the period. Finally, First Trust Direct Indexing L.P. increased its stake in Fortis by 13.1% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 7,865 shares of the utilities provider’s stock valued at $357,000 after purchasing an additional 910 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Price Performance

Shares of NYSE:FTS opened at $41.98 on Tuesday. Fortis Inc. has a 52 week low of $36.86 and a 52 week high of $46.06. The business has a fifty day simple moving average of $42.92 and a 200-day simple moving average of $43.14. The company has a quick ratio of 0.63, a current ratio of 0.74 and a debt-to-equity ratio of 1.32. The company has a market cap of $20.96 billion, a P/E ratio of 17.64, a P/E/G ratio of 3.76 and a beta of 0.50.

Fortis (NYSE:FTSGet Free Report) last announced its earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.26. Fortis had a return on equity of 7.01% and a net margin of 14.06%. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the company earned $0.63 earnings per share. Equities research analysts forecast that Fortis Inc. will post 2.29 EPS for the current year.

Fortis Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be paid a $0.4382 dividend. This represents a $1.75 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend is Tuesday, February 18th. Fortis’s dividend payout ratio is 79.41%.

Wall Street Analysts Forecast Growth

Separately, Raymond James cut shares of Fortis from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th.

View Our Latest Stock Analysis on FTS

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.

Further Reading

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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