Miller Howard Investments Inc. NY lifted its holdings in shares of Fortis Inc (NYSE:FTS) by 65.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 234,551 shares of the utilities provider’s stock after purchasing an additional 92,729 shares during the quarter. Miller Howard Investments Inc. NY’s holdings in Fortis were worth $7,604,000 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. Cumberland Partners Ltd acquired a new stake in Fortis during the 2nd quarter worth approximately $184,000. Trexquant Investment LP acquired a new stake in Fortis during the 2nd quarter worth approximately $202,000. Dynamic Technology Lab Private Ltd acquired a new stake in Fortis during the 1st quarter worth approximately $221,000. US Bancorp DE lifted its holdings in Fortis by 98.2% during the 2nd quarter. US Bancorp DE now owns 8,187 shares of the utilities provider’s stock worth $261,000 after purchasing an additional 4,057 shares during the last quarter. Finally, LPL Financial LLC acquired a new stake in Fortis during the 1st quarter worth approximately $287,000. Institutional investors own 49.87% of the company’s stock.
FTS has been the subject of several research reports. Bank of America initiated coverage on Fortis in a report on Tuesday, October 9th. They set a “buy” rating for the company. Zacks Investment Research raised Fortis from a “sell” rating to a “hold” rating in a report on Tuesday, September 11th. Finally, ValuEngine raised Fortis from a “sell” rating to a “hold” rating in a report on Thursday, July 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the stock. Fortis presently has an average rating of “Hold” and a consensus target price of $45.00.
Fortis (NYSE:FTS) last released its quarterly earnings results on Tuesday, July 31st. The utilities provider reported $0.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.13. The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.57 billion. Fortis had a return on equity of 6.75% and a net margin of 11.97%. During the same period last year, the firm posted $0.61 EPS. As a group, equities research analysts forecast that Fortis Inc will post 1.95 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, December 1st. Investors of record on Tuesday, November 20th will be issued a dividend of $0.349 per share. This is a boost from Fortis’s previous quarterly dividend of $0.32. This represents a $1.40 annualized dividend and a yield of 4.26%. The ex-dividend date is Monday, November 19th. Fortis’s dividend payout ratio (DPR) is presently 66.67%.
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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