Hillsdale Investment Management Inc. Sells 19,050 Shares of Fortis Inc (FTS)
Hillsdale Investment Management Inc. decreased its stake in shares of Fortis Inc (NYSE:FTS) by 6.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 278,300 shares of the utilities provider’s stock after selling 19,050 shares during the period. Fortis accounts for approximately 1.2% of Hillsdale Investment Management Inc.’s portfolio, making the stock its 28th biggest position. Hillsdale Investment Management Inc.’s holdings in Fortis were worth $9,023,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Fortis by 32.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 505,328 shares of the utilities provider’s stock valued at $16,383,000 after purchasing an additional 125,054 shares during the period. Janus Henderson Group PLC boosted its position in shares of Fortis by 3.0% in the 3rd quarter. Janus Henderson Group PLC now owns 104,599 shares of the utilities provider’s stock valued at $3,392,000 after purchasing an additional 3,043 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Fortis by 1.4% in the 3rd quarter. Jones Financial Companies Lllp now owns 121,101 shares of the utilities provider’s stock valued at $3,926,000 after purchasing an additional 1,655 shares during the period. AXA boosted its position in shares of Fortis by 1.0% in the 3rd quarter. AXA now owns 336,149 shares of the utilities provider’s stock valued at $10,898,000 after purchasing an additional 3,208 shares during the period. Finally, Alliancebernstein L.P. boosted its position in shares of Fortis by 11.1% in the 3rd quarter. Alliancebernstein L.P. now owns 98,434 shares of the utilities provider’s stock valued at $3,191,000 after purchasing an additional 9,851 shares during the period. Institutional investors own 50.54% of the company’s stock.
Fortis stock opened at $35.58 on Monday. Fortis Inc has a twelve month low of $30.88 and a twelve month high of $38.05. The company has a quick ratio of 0.49, a current ratio of 0.59 and a debt-to-equity ratio of 1.37. The company has a market cap of $15.18 billion, a price-to-earnings ratio of 18.25, a P/E/G ratio of 3.93 and a beta of -0.16.
The business also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Tuesday, November 20th will be given a dividend of $0.349 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.92%. This is a boost from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date is Monday, November 19th. Fortis’s dividend payout ratio (DPR) is presently 66.67%.
A number of brokerages recently issued reports on FTS. Zacks Investment Research raised Fortis from a “sell” rating to a “hold” rating in a research report on Friday, November 9th. Bank of America started coverage on Fortis in a research report on Tuesday, October 9th. They set a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $45.00.
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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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