Meeder Asset Management Inc. maintained its position in Fortis Inc. (NYSE:FTS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,461 shares of the utilities provider’s stock at the end of the second quarter. Meeder Asset Management Inc.’s holdings in Fortis were worth $227,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in FTS. Bank of Montreal Can increased its position in Fortis by 21.9% in the second quarter. Bank of Montreal Can now owns 25,618,736 shares of the utilities provider’s stock valued at $900,499,000 after buying an additional 4,594,810 shares during the period. Vanguard Group Inc. increased its position in Fortis by 6.7% in the first quarter. Vanguard Group Inc. now owns 8,820,363 shares of the utilities provider’s stock valued at $292,484,000 after buying an additional 557,346 shares during the period. TD Asset Management Inc. acquired a new position in Fortis during the first quarter valued at approximately $261,389,000. CIBC World Markets Inc. increased its position in Fortis by 3.6% in the first quarter. CIBC World Markets Inc. now owns 7,442,087 shares of the utilities provider’s stock valued at $246,780,000 after buying an additional 261,022 shares during the period. Finally, Great West Life Assurance Co. Can increased its position in Fortis by 7.0% in the first quarter. Great West Life Assurance Co. Can now owns 4,358,476 shares of the utilities provider’s stock valued at $144,365,000 after buying an additional 284,765 shares during the period. Institutional investors and hedge funds own 52.18% of the company’s stock.
Shares of Fortis Inc. (NYSE:FTS) traded up 0.47% during midday trading on Friday, reaching $36.07. 143,374 shares of the company’s stock were exchanged. Fortis Inc. has a 12 month low of $29.14 and a 12 month high of $36.96. The company has a market cap of $15.07 billion and a P/E ratio of 19.50. The firm has a 50 day moving average price of $35.62 and a 200 day moving average price of $33.51.
Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, July 28th. The utilities provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. Fortis’s revenue was up 35.7% on a year-over-year basis. Equities research analysts forecast that Fortis Inc. will post $2.46 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Monday, August 21st will be issued a dividend of $0.3197 per share. 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. This represents a $1.28 annualized dividend and a dividend yield of 3.55%. Fortis’s payout ratio is presently 68.02%.
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FTS has been the topic of a number of analyst reports. Zacks Investment Research downgraded shares of Fortis from a “hold” rating to a “sell” rating in a research note on Thursday, May 4th. CIBC downgraded shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price 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 Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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