Thornburg Investment Management Inc. Has $26.25 Million Stake in Fortis Inc. (FTS)
Thornburg Investment Management Inc. cut its position in Fortis Inc. (NYSE:FTS) by 1.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 733,731 shares of the utilities provider’s stock after selling 11,720 shares during the period. Thornburg Investment Management Inc. owned about 0.17% of Fortis worth $26,246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Creative Planning increased 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 in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Fortis by 12.3% in the second quarter. PNC Financial Services Group Inc. now owns 3,480 shares of the utilities provider’s stock worth $122,000 after purchasing an additional 382 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Fortis by 4,514.1% during the second quarter. Tower Research Capital LLC TRC now owns 3,922 shares of the utilities provider’s stock worth $179,000 after acquiring an additional 3,837 shares during the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of Fortis by 20.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,682 shares of the utilities provider’s stock worth $200,000 after acquiring an additional 965 shares during the last quarter. Finally, REDW Stanley Financial Advisors LLC bought a new position in shares of Fortis during the second quarter worth $203,000. 50.91% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortis Inc. (NYSE:FTS) traded down $0.71 during trading hours on Thursday, hitting $36.89. 394,000 shares of the company were exchanged, compared to its average volume of 184,029. The company has a current ratio of 0.52, a quick ratio of 0.43 and a debt-to-equity ratio of 1.31. Fortis Inc. has a 12-month low of $29.51 and a 12-month high of $38.24. The company has a market capitalization of $15,773.20 and a price-to-earnings ratio of 19.28.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Monday, November 20th will be given a dividend of $0.3396 per share. This is a positive change from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, November 17th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.68%. Fortis’s dividend payout ratio is currently 71.20%.
A number of brokerages recently weighed in on FTS. Zacks Investment Research lowered shares of Fortis from a “buy” rating to a “hold” rating in a research report on Thursday, October 19th. CIBC lowered shares of Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $38.00.
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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