Riverhead Capital Management LLC lifted its holdings in Fortis Inc (NYSE:FTS) by 27.8% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,300 shares of the utilities provider’s stock after purchasing an additional 500 shares during the period. Riverhead Capital Management LLC’s holdings in Fortis were worth $87,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Janus Henderson Group PLC grew its holdings in shares of Fortis by 3.3% in the second quarter. Janus Henderson Group PLC now owns 312,353 shares of the utilities provider’s stock valued at $12,358,000 after purchasing an additional 9,953 shares in the last quarter. Reaves W H & Co. Inc. grew its holdings in shares of Fortis by 5.9% in the first quarter. Reaves W H & Co. Inc. now owns 1,293,413 shares of the utilities provider’s stock valued at $47,844,000 after purchasing an additional 72,491 shares in the last quarter. Forsta AP Fonden grew its holdings in shares of Fortis by 8.4% in the first quarter. Forsta AP Fonden now owns 304,900 shares of the utilities provider’s stock valued at $11,272,000 after purchasing an additional 23,700 shares in the last quarter. Unigestion Holding SA acquired a new position in shares of Fortis in the second quarter valued at approximately $320,000. Finally, Russell Investments Group Ltd. grew its holdings in shares of Fortis by 2.2% in the second quarter. Russell Investments Group Ltd. now owns 1,783,736 shares of the utilities provider’s stock valued at $70,578,000 after purchasing an additional 37,954 shares in the last quarter. Hedge funds and other institutional investors own 51.55% of the company’s stock.
NYSE FTS traded down $0.14 on Friday, hitting $41.75. 413,192 shares of the stock were exchanged, compared to its average volume of 413,947. The company has a quick ratio of 0.51, a current ratio of 0.62 and a debt-to-equity ratio of 1.31. Fortis Inc has a fifty-two week low of $31.37 and a fifty-two week high of $42.62. The company has a market cap of $18.30 billion, a PE ratio of 21.86, a PEG ratio of 3.79 and a beta of 0.15. The company has a 50-day moving average price of $40.80 and a 200-day moving average price of $38.55.
Fortis (NYSE:FTS) last posted its quarterly earnings results on Friday, August 2nd. The utilities provider reported $0.55 EPS for the quarter, topping the consensus estimate of $0.44 by $0.11. Fortis had a net margin of 12.72% and a return on equity of 6.80%. The company had revenue of $1.82 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the business posted $0.57 EPS. As a group, equities research analysts predict that Fortis Inc will post 1.96 EPS for the current fiscal year.
The company also recently declared a — dividend, which will be paid on Sunday, December 1st. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.3631 per share. This represents a yield of 3.5%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio (DPR) is presently 70.68%.
A number of research analysts recently weighed in on FTS shares. Raymond James restated a “hold” rating and issued a $55.00 price objective on shares of Fortis in a report on Thursday. Bank of America boosted their price target on shares of Fortis from $56.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday. BMO Capital Markets cut shares of Fortis from an “outperform” rating to a “market perform” rating and set a $55.00 price target for the company. in a report on Wednesday. ValuEngine cut shares of Fortis from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Zacks Investment Research cut shares of Fortis from a “buy” rating to a “hold” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $55.50.
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 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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