Alberta Investment Management Corp Invests $20.77 Million in Fortis $FTS

Alberta Investment Management Corp acquired a new stake in shares of Fortis (NYSE:FTS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 362,822 shares of the utilities provider's stock, valued at approximately $20,765,000. Alberta Investment Management Corp owned about 0.07% of Fortis as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Scarborough Advisors LLC bought a new position in shares of Fortis in the first quarter valued at approximately $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Fortis during the fourth quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA boosted its holdings in Fortis by 157.4% during the third quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 428 shares during the period. Larson Financial Group LLC grew its position in shares of Fortis by 123.9% in the third quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider's stock valued at $37,000 after purchasing an additional 409 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in shares of Fortis by 2,119.1% in 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 during the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Price Performance

Shares of FTS stock opened at $56.68 on Monday. Fortis has a 52 week low of $48.64 and a 52 week high of $59.40. The stock has a market capitalization of $28.96 billion, a PE ratio of 22.95 and a beta of 0.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. The stock's fifty day moving average is $57.13 and its 200-day moving average is $56.51.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.01. The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.83 billion. Fortis had a return on equity of 7.16% and a net margin of 14.17%.During the same period in the previous year, the business posted $0.76 earnings per share. Equities research analysts expect that Fortis will post 2.56 EPS for the current fiscal year.

Fortis Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be paid a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Wednesday, August 19th. Fortis's dividend payout ratio is 76.52%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FTS shares. Weiss Ratings reissued a "buy (b)" rating on shares of Fortis in a research report on Friday, July 17th. Royal Bank Of Canada raised their target price on Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a report on Monday, August 3rd. Scotiabank reaffirmed a "sector perform" rating on shares of Fortis in a research report on Tuesday, August 4th. Barclays cut their price target on Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, August 3rd. Finally, TD Securities reissued a "buy" rating on shares of Fortis in a research report on Tuesday, August 4th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $66.33.

Fortis 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.

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