Fortis Inc. (FTS) Stake Lifted by Citadel Advisors LLC
Citadel Advisors LLC lifted its holdings in Fortis Inc. (NYSE:FTS) by 42.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,210,300 shares of the utilities provider’s stock after purchasing an additional 360,262 shares during the quarter. Citadel Advisors LLC owned 0.29% of Fortis worth $42,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also bought and sold shares of the company. Parametric Portfolio Associates LLC raised its stake in shares of Fortis by 0.3% in the second quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock worth $530,000 after purchasing an additional 44 shares during the last quarter. Parsons Capital Management Inc. RI raised its stake in shares of Fortis by 1.3% in the first quarter. Parsons Capital Management Inc. RI now owns 17,492 shares of the utilities provider’s stock worth $580,000 after purchasing an additional 216 shares during the last quarter. Creative Planning raised its stake in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 225 shares during the last quarter. Baskin Financial Services Inc. raised its stake in shares of Fortis by 0.6% in the second quarter. Baskin Financial Services Inc. now owns 37,523 shares of the utilities provider’s stock worth $1,317,000 after purchasing an additional 226 shares during the last quarter. Finally, BB&T Securities LLC raised its stake in shares of Fortis by 0.5% in the second quarter. BB&T Securities LLC now owns 52,905 shares of the utilities provider’s stock worth $1,859,000 after purchasing an additional 241 shares during the last quarter. Hedge funds and other institutional investors own 52.19% of the company’s stock.
Several research firms have recently weighed in on FTS. CIBC cut Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Zacks Investment Research upgraded Fortis from a “strong sell” rating to a “hold” rating and set a $39.00 price target for the company in a research note on Monday, July 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Fortis presently has an average rating of “Hold” and an average price target of $38.00.
Fortis Inc. (NYSE FTS) traded down 0.60% on Friday, hitting $36.40. The stock had a trading volume of 155,225 shares. The company has a 50-day moving average price of $36.53 and a 200 day moving average price of $34.24. Fortis Inc. has a 52-week low of $29.14 and a 52-week high of $37.67. The firm has a market cap of $15.21 billion and a PE ratio of 19.06.
Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, beating the 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 firm had revenue of $2.02 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the prior year, the business posted $0.45 EPS. The business’s revenue for the quarter was up 35.7% compared to the same quarter last year. Equities analysts forecast that Fortis Inc. will post $2.45 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Monday, August 21st were issued a dividend of $0.3197 per share. This represents a $1.28 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Thursday, August 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.31. Fortis’s dividend payout ratio is currently 74.42%.
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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 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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