Fortis Inc. (FTS) Shares Bought by First Eagle Investment Management LLC
First Eagle Investment Management LLC lifted its holdings in shares of Fortis Inc. (NYSE:FTS) by 0.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,966,300 shares of the utilities provider’s stock after buying an additional 26,267 shares during the period. First Eagle Investment Management LLC owned about 0.95% of Fortis worth $141,875,000 as of its most recent filing with the SEC.
Other institutional investors have also bought and sold shares of the company. Sentry Investments Corp. raised its holdings in shares of Fortis by 36.9% during the 2nd quarter. Sentry Investments Corp. now owns 588,755 shares of the utilities provider’s stock worth $26,835,000 after buying an additional 158,600 shares in the last quarter. Jarislowsky Fraser Ltd grew its position in Fortis by 4.3% during the 2nd quarter. Jarislowsky Fraser Ltd now owns 60,698 shares of the utilities provider’s stock worth $2,130,000 after acquiring an additional 2,514 shares during the last quarter. Federated Investors Inc. PA grew its position in Fortis by 9.7% during the 2nd quarter. Federated Investors Inc. PA now owns 303,220 shares of the utilities provider’s stock worth $10,658,000 after acquiring an additional 26,745 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Fortis by 25.6% during the 2nd quarter. Goldman Sachs Group Inc. now owns 1,076,925 shares of the utilities provider’s stock worth $37,854,000 after acquiring an additional 219,216 shares during the last quarter. Finally, Strs Ohio bought a new stake in Fortis during the 3rd quarter worth $3,236,000. 51.98% of the stock is owned by institutional investors.
Shares of Fortis Inc. (NYSE:FTS) traded up $0.02 during mid-day trading on Tuesday, reaching $37.73. The company had a trading volume of 18,076 shares, compared to its average volume of 178,058. The company has a market cap of $15,820.00, a price-to-earnings ratio of 19.33, a P/E/G ratio of 3.48 and a beta of 0.43. Fortis Inc. has a twelve month low of $29.14 and a twelve month high of $38.06. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.43.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Monday, November 20th will be given a $0.3396 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Friday, November 17th. This is a positive change from Fortis’s previous quarterly dividend of $0.32. Fortis’s payout ratio is 64.18%.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research lowered Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, October 19th. CIBC lowered Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price 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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