Andra AP fonden Has $9.75 Million Holdings in Fortis $FTS

Key Points

• Andra AP fonden increased its Fortis stake by 33% in the second quarter, holding 170,399 shares valued at approximately $9.75 million. Institutional investors and hedge funds collectively own 57.77% of Fortis.
• Analyst sentiment remains mixed, with three Buy ratings and five Holds, resulting in a consensus Hold rating and an average price target of $66.33.
• Fortis reported quarterly EPS of $0.56, slightly above estimates, while revenue fell short of expectations. The company maintains a quarterly dividend of $0.64, equivalent to a 4.8% annualized yield.

Andra AP fonden increased its position in shares of Fortis (NYSE:FTS - Free Report) by 33.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 170,399 shares of the utilities provider's stock after purchasing an additional 42,300 shares during the period. Andra AP fonden's holdings in Fortis were worth $9,752,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BlackRock Inc. bought a new position in shares of Fortis during the 2nd quarter worth about $111,451,000. Hillsdale Investment Management Inc. boosted its position in shares of Fortis by 39.0% during the 1st quarter. Hillsdale Investment Management Inc. now owns 1,088,628 shares of the utilities provider's stock valued at $60,720,000 after acquiring an additional 305,450 shares in the last quarter. Quantbot Technologies LP bought a new stake in Fortis in the second quarter valued at about $3,112,000. Quantinno Capital Management LP increased its stake in Fortis by 37.7% in the first quarter. Quantinno Capital Management LP now owns 333,219 shares of the utilities provider's stock valued at $18,590,000 after acquiring an additional 91,219 shares during the period. Finally, Janus Henderson Group PLC raised its position in Fortis by 103.4% in the first quarter. Janus Henderson Group PLC now owns 48,777 shares of the utilities provider's stock worth $2,714,000 after purchasing an additional 24,800 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on FTS. Barclays cut their price target on shares of Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Royal Bank Of Canada upped their price objective on Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a research note on Monday, August 3rd. BMO Capital Markets reissued a "market perform" rating on shares of Fortis in a report on Monday, August 3rd. TD Securities restated a "buy" rating on shares of Fortis in a research report on Tuesday, August 4th. Finally, Wolfe Research set a $50.00 price target on Fortis in a research note on Tuesday, August 4th. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $66.33.

Fortis Stock Performance

FTS stock opened at $53.85 on Wednesday. The company has a 50 day moving average price of $56.03 and a 200 day moving average price of $56.40. Fortis has a fifty-two week low of $48.90 and a fifty-two week high of $59.40. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.56 and a quick ratio of 0.47. The stock has a market capitalization of $27.66 billion, a PE ratio of 21.80 and a beta of 0.42.

Fortis (NYSE:FTS - Get Free Report) last released its earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. The company 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 last year, the firm earned $0.76 EPS. Analysts forecast that Fortis will post 2.58 EPS for the current year.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were issued a $0.64 dividend. The ex-dividend date was Wednesday, August 19th. This represents a $2.56 annualized dividend and a yield of 4.8%. Fortis's dividend payout ratio (DPR) is currently 73.68%.

Fortis Company Profile

Fortis Inc is a Canadian investor-owned utility company headquartered in St. John's, Newfoundland and Labrador. Through its regulated utility subsidiaries, the company provides electricity and natural gas services to residential, commercial and industrial customers.

Fortis operates electric transmission and distribution networks, natural gas distribution systems, and power generation assets. Its businesses include FortisBC in British Columbia, Newfoundland Power and Maritime Electric in Atlantic Canada, as well as utilities in the United States, including Central Hudson, UNS Energy and ITC.

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