Duff & Phelps Investment Management Co. boosted its position in shares of Fortis Inc (NYSE:FTS) by 18.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,633,266 shares of the utilities provider’s stock after purchasing an additional 258,075 shares during the quarter. Duff & Phelps Investment Management Co. owned approximately 0.37% of Fortis worth $64,631,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Toronto Dominion Bank lifted its position in shares of Fortis by 40.6% in the first quarter. Toronto Dominion Bank now owns 11,480,664 shares of the utilities provider’s stock valued at $424,250,000 after acquiring an additional 3,314,547 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new stake in shares of Fortis in the first quarter valued at $64,275,000. Artisan Partners Limited Partnership lifted its position in shares of Fortis by 144.5% in the first quarter. Artisan Partners Limited Partnership now owns 1,651,719 shares of the utilities provider’s stock valued at $61,046,000 after acquiring an additional 976,119 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Fortis by 143.8% in the first quarter. CIBC Asset Management Inc now owns 1,579,859 shares of the utilities provider’s stock valued at $58,389,000 after acquiring an additional 931,720 shares in the last quarter. Finally, GQG Partners LLC lifted its position in shares of Fortis by 14.1% in the first quarter. GQG Partners LLC now owns 5,234,809 shares of the utilities provider’s stock valued at $193,323,000 after acquiring an additional 648,264 shares in the last quarter. Institutional investors own 51.67% of the company’s stock.
NYSE:FTS traded up $0.21 on Friday, hitting $40.94. 9,179 shares of the stock were exchanged, compared to its average volume of 350,088. The stock has a market cap of $17.80 billion, a PE ratio of 21.34, a PEG ratio of 4.09 and a beta of 0.18. The company has a current ratio of 0.62, a quick ratio of 0.51 and a debt-to-equity ratio of 1.31. The stock has a fifty day moving average of $39.86 and a 200-day moving average of $37.78. Fortis Inc has a fifty-two week low of $31.37 and a fifty-two week high of $41.06.
The business also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Stockholders of record on Tuesday, August 20th will be paid a $0.344 dividend. The ex-dividend date is Monday, August 19th. This represents a $1.38 dividend on an annualized basis and a dividend yield of 3.36%. This is a positive change from Fortis’s previous quarterly dividend of $0.34. Fortis’s dividend payout ratio (DPR) is 70.16%.
Several equities research analysts have commented on the company. ValuEngine lowered Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Bank of America set a $54.00 price target on Fortis and gave the stock a “buy” rating in a research note on Thursday, May 2nd. CIBC restated an “average” rating and set a $55.00 price target on shares of Fortis in a research note on Tuesday, July 23rd. UBS Group restated a “buy” rating on shares of Fortis in a research note on Friday, June 7th. Finally, Raymond James lowered Fortis from an “outperform” rating to a “market perform” rating in a research note on Tuesday, April 23rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Fortis has a consensus rating of “Hold” and an average target price of $51.20.
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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