Caledonia Investments PLC Cuts Stock Holdings in Fortis $FTS

Caledonia Investments PLC lowered its position in shares of Fortis (NYSE:FTS) by 13.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 456,700 shares of the utilities provider’s stock after selling 70,000 shares during the quarter. Fortis comprises approximately 2.3% of Caledonia Investments PLC’s investment portfolio, making the stock its 15th largest position. Caledonia Investments PLC’s holdings in Fortis were worth $23,016,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Trust Co. of Toledo NA OH purchased a new stake in Fortis during the 2nd quarter valued at $28,000. Smartleaf Asset Management LLC lifted its holdings in shares of Fortis by 2,119.1% during the second quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 996 shares in the last quarter. State of Wyoming purchased a new stake in shares of Fortis during the second quarter valued at $56,000. Allworth Financial LP increased its holdings in Fortis by 157.3% in the 2nd quarter. Allworth Financial LP now owns 1,253 shares of the utilities provider’s stock worth $60,000 after buying an additional 766 shares in the last quarter. Finally, MAI Capital Management raised its position in Fortis by 55.8% in the 2nd quarter. MAI Capital Management now owns 2,067 shares of the utilities provider’s stock worth $99,000 after buying an additional 740 shares during the last quarter. 57.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FTS has been the topic of a number of recent analyst reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a report on Wednesday, November 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research note on Thursday, January 22nd. Finally, National Bankshares reissued a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. Five analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $72.00.

Fortis Stock Performance

Shares of NYSE FTS opened at $54.04 on Monday. Fortis has a 12-month low of $42.95 and a 12-month high of $55.34. The firm has a market capitalization of $27.42 billion, a price-to-earnings ratio of 22.52, a price-to-earnings-growth ratio of 4.22 and a beta of 0.50. The company has a current ratio of 0.66, a quick ratio of 0.54 and a debt-to-equity ratio of 1.32. The firm has a 50 day moving average of $52.03 and a 200 day moving average of $51.01.

Fortis Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be paid a $0.64 dividend. This represents a $2.56 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Tuesday, February 17th. Fortis’s dividend payout ratio is 75.83%.

Fortis Company Profile

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.