Nykredit A S Takes $7.26 Million Position in Fortis $FTS

Key Points

• Nykredit A/S acquired 126,757 Fortis shares worth approximately $7.26 million in the second quarter. Institutional investors and hedge funds collectively own 57.77% of Fortis.
• Fortis reported quarterly EPS of $0.56, slightly above analysts’ $0.55 estimate, although revenue of $1.67 billion fell short of the $1.83 billion consensus forecast.
• Fortis maintains a quarterly dividend of $0.64 per share, equivalent to a 4.8% annualized yield. Analysts have a consensus “Hold” rating with an average price target of $66.33, while the stock recently traded at $53.61.

Nykredit A S acquired a new stake in shares of Fortis (NYSE:FTS - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 126,757 shares of the utilities provider's stock, valued at approximately $7,259,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTS. BlackRock Inc. acquired a new stake in shares of Fortis in the 2nd quarter worth about $111,451,000. Hillsdale Investment Management Inc. boosted its stake in 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 purchasing an additional 305,450 shares during the period. Quantbot Technologies LP acquired a new position in Fortis during the 2nd quarter valued at about $3,112,000. Quantinno Capital Management LP boosted its stake 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 purchasing an additional 91,219 shares during the period. 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 worth $2,714,000 after purchasing an additional 24,800 shares during the last quarter. Institutional investors and hedge funds own 57.77% of the company's stock.

Fortis Stock Down 0.9%

FTS stock opened at $53.61 on Tuesday. 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 $27.54 billion, a P/E ratio of 21.70 and a beta of 0.42. Fortis has a 52-week low of $48.90 and a 52-week high of $59.40. The company's 50 day simple moving average is $56.11 and its 200-day simple moving average is $56.42.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.01. Fortis had a return on equity of 7.16% and a net margin of 14.17%.The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the previous year, the company posted $0.76 earnings per share. As a group, equities research analysts anticipate that Fortis will post 2.58 EPS for the current year.

Fortis Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have weighed in on FTS. Wolfe Research set a $50.00 target price on Fortis in a research note on Tuesday, August 4th. Weiss Ratings reissued a "buy (b)" rating on shares of Fortis in a report on Friday, July 17th. Royal Bank Of Canada lifted their price objective on shares of Fortis from $80.00 to $89.00 and gave the company a "sector perform" rating in a research note on Monday, August 3rd. TD Securities reaffirmed a "buy" rating on shares of Fortis in a report on Tuesday, August 4th. Finally, Barclays decreased their target price on shares of Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Fortis has an average rating of "Hold" and an average target price of $66.33.

About Fortis

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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