Fortis Inc. (NYSE:FTS) Stake Raised by Renaissance Technologies LLC
Renaissance Technologies LLC raised its position in Fortis Inc. (NYSE:FTS) by 335.9% during the first quarter, Holdings Channel reports. The institutional investor owned 102,000 shares of the utilities provider’s stock after buying an additional 78,600 shares during the period. Renaissance Technologies LLC’s holdings in Fortis were worth $3,382,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in Fortis by 6.7% in the first quarter. Vanguard Group Inc. now owns 8,820,363 shares of the utilities provider’s stock worth $292,484,000 after buying an additional 557,346 shares in the last quarter. TD Asset Management Inc. purchased a new position in shares of Fortis during the first quarter valued at about $261,389,000. CIBC World Markets Inc. raised its position in shares of Fortis by 3.6% in the first quarter. CIBC World Markets Inc. now owns 7,442,087 shares of the utilities provider’s stock valued at $246,780,000 after buying an additional 261,022 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Fortis by 7.0% in the first quarter. Great West Life Assurance Co. Can now owns 4,358,476 shares of the utilities provider’s stock valued at $144,365,000 after buying an additional 284,765 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Fortis by 3.5% in the first quarter. Legal & General Group Plc now owns 4,237,404 shares of the utilities provider’s stock valued at $140,054,000 after buying an additional 142,751 shares during the period. 51.87% of the stock is currently owned by institutional investors.
Shares of Fortis Inc. (FTS) traded up 0.11% during trading on Friday, hitting $36.10. The stock had a trading volume of 67,426 shares. The stock has a 50 day moving average price of $35.50 and a 200-day moving average price of $33.34. The stock has a market capitalization of $15.09 billion and a price-to-earnings ratio of 19.51. Fortis Inc. has a one year low of $29.14 and a one year high of $36.96.
Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.04. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The company had revenue of $2.02 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the business posted $0.45 EPS. Fortis’s revenue for the quarter was up 35.7% on a year-over-year basis. On average, equities research analysts predict that Fortis Inc. will post $2.48 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Monday, August 21st will be issued a dividend of $0.3197 per share. This is an increase from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Thursday, August 17th. This represents a $1.28 annualized dividend and a dividend yield of 3.55%. Fortis’s dividend payout ratio (DPR) is 68.02%.
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Several equities analysts have recently issued reports on the company. CIBC lowered Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Zacks Investment Research raised Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target on the stock in a research note on Monday, July 3rd. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $38.00.
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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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