Greenland Capital Management LP Invests $3.75 Million in Fortis $FTS

Greenland Capital Management LP bought a new stake in shares of Fortis (NYSE:FTS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 65,500 shares of the utilities provider's stock, valued at approximately $3,751,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank acquired a new stake in Fortis in the 4th quarter valued at $335,980,000. Ontario Teachers Pension Plan Board purchased a new stake in Fortis during the 2nd quarter worth approximately $114,523,000. BlackRock Inc. purchased a new stake in Fortis during the 2nd quarter worth approximately $111,451,000. FIL Ltd raised its holdings in shares of Fortis by 9.1% during the fourth quarter. FIL Ltd now owns 19,898,613 shares of the utilities provider's stock valued at $1,034,545,000 after acquiring an additional 1,666,481 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in shares of Fortis by 4.6% during the first 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 last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FTS shares. Canadian Imperial Bank of Commerce lowered Fortis from an "outperform" rating to a "hold" rating in a research note on Friday, July 17th. Royal Bank Of Canada raised their price objective on Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a report on Monday, August 3rd. Wolfe Research set a $50.00 target price on shares of Fortis in a research note on Tuesday, August 4th. TD Securities reaffirmed a "buy" rating on shares of Fortis in a report on Tuesday, August 4th. Finally, Wall Street Zen cut shares of Fortis from a "hold" rating to a "sell" rating in a research report on Saturday, May 23rd. Three research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $66.33.

Fortis Price Performance

FTS stock opened at $54.94 on Friday. Fortis has a 1 year low of $48.64 and a 1 year 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 firm has a market capitalization of $28.07 billion, a PE ratio of 22.24 and a beta of 0.43. The business has a 50 day simple moving average of $57.12 and a 200-day simple moving average of $56.58.

Fortis (NYSE:FTS - Get Free Report) last issued its earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) 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 company had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.83 billion. During the same period in the prior year, the business earned $0.76 EPS. Equities research analysts anticipate that Fortis will post 2.56 earnings per share for the current fiscal year.

Fortis Announces Dividend

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

About Fortis

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.

Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis (NYSE:FTS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source