Jarislowsky Fraser Ltd Boosts Position in Fortis Inc. (NYSE:FTS)

Jarislowsky Fraser Ltd raised its stake in Fortis Inc. (NYSE:FTS) by 4.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 60,698 shares of the utilities provider’s stock after buying an additional 2,514 shares during the period. Jarislowsky Fraser Ltd’s holdings in Fortis were worth $2,130,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of FTS. Tradewinds Capital Management LLC acquired a new stake in shares of Fortis during the first quarter valued at about $108,000. Van ECK Associates Corp boosted its stake in shares of Fortis by 19.4% in the first quarter. Van ECK Associates Corp now owns 3,472 shares of the utilities provider’s stock valued at $115,000 after buying an additional 564 shares in the last quarter. Creative Planning boosted its stake in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after buying an additional 225 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Fortis during the first quarter valued at about $157,000. Finally, Bank of Hawaii acquired a new stake in shares of Fortis during the first quarter valued at about $206,000. 51.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of Fortis Inc. (NYSE:FTS) traded up 0.42% during mid-day trading on Friday, hitting $36.21. 172,318 shares of the stock traded hands. The stock has a 50 day moving average price of $35.53 and a 200-day moving average price of $33.38. The company has a market cap of $15.13 billion and a P/E ratio of 19.57. Fortis Inc. has a one year low of $29.14 and a one year high of $36.96.

Fortis (NYSE:FTS) last announced its earnings results on Friday, July 28th. The utilities provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.04. Fortis had a return on equity of 6.87% and a net margin of 11.03%. The company had revenue of $2.02 billion for the quarter, compared to analyst estimates of $2.16 billion. During the same period in the prior year, the company posted $0.45 EPS. Fortis’s quarterly revenue was up 35.7% on a year-over-year basis. On average, analysts forecast that Fortis Inc. will post $2.48 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Monday, August 21st will be given a $0.3197 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.53%. This is a positive change from Fortis’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Thursday, August 17th. Fortis’s dividend payout ratio is presently 68.02%.

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Several analysts have recently issued reports on the stock. Zacks Investment Research cut shares of Fortis from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 18th. CIBC cut shares of Fortis from an “outperform” rating to a “neutral” rating in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Fortis currently has an average rating of “Hold” and a consensus price target of $38.00.

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 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizona’s Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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