Citadel Advisors LLC trimmed its holdings in Fortis Inc (NYSE:FTS) by 1.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,899,573 shares of the utilities provider’s stock after selling 29,068 shares during the quarter. Citadel Advisors LLC owned 0.44% of Fortis worth $75,064,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Fortis by 3.3% during the 2nd quarter. Vanguard Group Inc. now owns 12,410,114 shares of the utilities provider’s stock worth $489,828,000 after buying an additional 398,352 shares during the period. TD Asset Management Inc. raised its holdings in Fortis by 3.3% during the 2nd quarter. TD Asset Management Inc. now owns 9,625,555 shares of the utilities provider’s stock worth $380,897,000 after buying an additional 304,290 shares during the period. GQG Partners LLC raised its holdings in Fortis by 14.1% during the 1st quarter. GQG Partners LLC now owns 5,234,809 shares of the utilities provider’s stock worth $193,323,000 after buying an additional 648,264 shares during the period. Scotia Capital Inc. raised its holdings in Fortis by 2.2% during the 2nd quarter. Scotia Capital Inc. now owns 4,167,287 shares of the utilities provider’s stock worth $164,121,000 after buying an additional 90,556 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new stake in Fortis during the 2nd quarter worth about $162,243,000. 51.46% of the stock is owned by institutional investors.
FTS has been the topic of several recent analyst reports. Zacks Investment Research downgraded Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. Bank of America boosted their price objective on Fortis from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, September 12th. CIBC restated a “hold” rating and set a $56.00 price objective on shares of Fortis in a report on Wednesday, September 11th. Raymond James restated a “hold” rating and set a $55.00 price objective on shares of Fortis in a report on Thursday, September 12th. Finally, UBS Group set a $62.00 price objective on Fortis and gave the stock a “buy” rating in a report on Friday, September 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $55.50.
Fortis (NYSE:FTS) last issued its earnings results on Friday, August 2nd. The utilities provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortis had a return on equity of 6.80% and a net margin of 12.72%. During the same quarter in the prior year, the company earned $0.57 EPS. As a group, analysts forecast that Fortis Inc will post 1.96 EPS for the current fiscal year.
The firm also recently announced a — dividend, which will be paid on Sunday, December 1st. Stockholders of record on Tuesday, November 19th will be issued a $0.3631 dividend. The ex-dividend date is Monday, November 18th. This represents a dividend yield of 3.5%. Fortis’s dividend payout ratio is 70.68%.
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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.
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