Capstone Investment Advisors LLC Acquires Shares of 19,544 Fortis $FTS

Capstone Investment Advisors LLC bought a new stake in Fortis (NYSE:FTS - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 19,544 shares of the utilities provider's stock, valued at approximately $1,119,000.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Fortis by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider's stock valued at $1,254,541,000 after buying an additional 536,118 shares during the period. Quantinno Capital Management LP boosted its holdings in Fortis by 37.7% during the 1st 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. Royal Bank of Canada boosted its holdings in Fortis by 4.6% during the 1st quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider's stock valued at $1,966,121,000 after acquiring an additional 1,557,443 shares during the period. Hillsdale Investment Management Inc. grew its position in Fortis by 39.0% in 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 during the last quarter. Finally, Janus Henderson Group PLC grew its position in Fortis by 103.4% in the 1st quarter. Janus Henderson Group PLC now owns 48,777 shares of the utilities provider's stock valued at $2,714,000 after acquiring an additional 24,800 shares during the last quarter. Institutional investors own 57.77% of the company's stock.

Fortis Price Performance

FTS opened at $54.88 on Friday. The company has a market capitalization of $28.04 billion, a price-to-earnings ratio of 22.22 and a beta of 0.43. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27. Fortis has a 12-month low of $48.64 and a 12-month high of $59.40. The business's fifty day simple moving average is $57.00 and its 200-day simple moving average is $56.63.

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

Fortis Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be issued a $0.64 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $2.56 annualized dividend and a dividend yield of 4.7%. Fortis's payout ratio is currently 73.68%.

Analyst Ratings Changes

Several analysts have recently weighed in on FTS shares. Canadian Imperial Bank of Commerce downgraded Fortis from an "outperform" rating to a "hold" rating in a research report on Friday, July 17th. Royal Bank Of Canada raised their price target on shares of Fortis from $80.00 to $89.00 and gave the stock a "sector perform" rating in a research note on Monday, August 3rd. Wall Street Zen cut shares of Fortis from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Barclays dropped their target price on shares of Fortis from $61.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, August 3rd. Finally, Scotiabank reaffirmed a "sector perform" rating on shares of Fortis in a research report on Tuesday, August 4th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $66.33.

Fortis Company 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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