Point72 Asset Management L.P. cut its stake in shares of Fortis Inc (NYSE:FTS) by 48.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,000 shares of the utilities provider’s stock after selling 78,000 shares during the period. Point72 Asset Management L.P.’s holdings in Fortis were worth $3,470,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted 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 purchasing an additional 398,352 shares during the last quarter. TD Asset Management Inc. lifted its holdings in shares of Fortis by 3.3% during the second 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 in the last quarter. Scotia Capital Inc. lifted its holdings in shares of Fortis by 2.2% during the second 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 in the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Fortis in the second quarter valued at about $162,243,000. Finally, Renaissance Technologies LLC boosted its position in shares of Fortis by 40.5% in the second quarter. Renaissance Technologies LLC now owns 2,994,900 shares of the utilities provider’s stock valued at $118,209,000 after acquiring an additional 863,900 shares during the period. Hedge funds and other institutional investors own 52.10% of the company’s stock.
Several equities analysts recently commented on FTS shares. Royal Bank of Canada restated a “buy” rating on shares of Fortis in a research note on Wednesday, August 21st. BMO Capital Markets cut shares of Fortis from an “outperform” rating to a “market perform” rating and set a $55.00 price objective for the company. in a research note on Wednesday, September 11th. Wolfe Research assumed coverage on shares of Fortis in a report on Thursday, October 10th. They issued a “market perform” rating for the company. Raymond James restated a “hold” rating and set a $55.00 target price on shares of Fortis in a research report on Monday, November 25th. Finally, TheStreet cut shares of Fortis from a “b-” rating to a “c+” rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $55.63.
NYSE:FTS opened at $39.03 on Tuesday. The company has a market cap of $17.13 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 3.51 and a beta of 0.11. Fortis Inc has a fifty-two week low of $31.80 and a fifty-two week high of $42.80. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.46 and a current ratio of 0.56. The stock has a fifty day moving average price of $40.61 and a 200-day moving average price of $40.31.
Fortis (NYSE:FTS) last issued its quarterly earnings results on Friday, November 1st. The utilities provider reported $0.50 EPS for the quarter, topping the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Fortis had a return on equity of 6.75% and a net margin of 12.72%. During the same quarter last year, the business earned $0.65 earnings per share. Research analysts predict that Fortis Inc will post 1.96 EPS for the current fiscal year.
The company also recently disclosed a — dividend, which was paid on Sunday, December 1st. Investors of record on Tuesday, November 19th were given a dividend of $0.3631 per share. The ex-dividend date was Monday, November 18th. This represents a yield of 3.5%. Fortis’s dividend payout ratio is 75.39%.
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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