Invictus RG Invests $955,000 in Fortis Inc. (FTS)
Invictus RG purchased a new position in shares of Fortis Inc. (NYSE:FTS) during the fourth quarter, HoldingsChannel reports. The firm purchased 26,041 shares of the utilities provider’s stock, valued at approximately $955,000. Fortis makes up approximately 1.0% of Invictus RG’s holdings, making the stock its 11th biggest holding.
A number of other large investors also recently modified their holdings of FTS. Parametric Portfolio Associates LLC grew its position in Fortis by 0.3% during the second quarter. Parametric Portfolio Associates LLC now owns 15,074 shares of the utilities provider’s stock worth $530,000 after buying an additional 44 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Fortis by 9.7% during the third quarter. Canada Pension Plan Investment Board now owns 352,950 shares of the utilities provider’s stock worth $12,638,000 after buying an additional 31,097 shares in the last quarter. Andra AP fonden grew its position in Fortis by 35.4% during the third quarter. Andra AP fonden now owns 99,000 shares of the utilities provider’s stock worth $4,433,000 after buying an additional 25,900 shares in the last quarter. Stevens Capital Management LP acquired a new stake in Fortis during the third quarter worth approximately $716,000. Finally, Mn Services Vermogensbeheer B.V. lifted its stake in Fortis by 5.4% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 68,651 shares of the utilities provider’s stock worth $2,458,000 after purchasing an additional 3,500 shares during the last quarter. 52.86% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have weighed in on the company. National Bank Financial upgraded Fortis from an “underperform” rating to a “sector perform” rating in a research note on Friday, February 16th. CIBC upgraded Fortis from a “neutral” rating to a “sector outperform” rating in a research note on Thursday, February 15th. They noted that the move was a valuation call. Raymond James Financial upgraded Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday, February 9th. UBS Group upgraded Fortis from a “market perform” rating to an “outperform” rating in a research note on Friday, February 9th. Finally, Zacks Investment Research cut Fortis from a “buy” rating to a “sell” rating in a research note on Thursday, January 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company. Fortis has a consensus rating of “Buy” and a consensus price target of $42.33.
Fortis (NYSE:FTS) last released its earnings results on Thursday, February 15th. The utilities provider reported $0.49 earnings per share for the quarter, hitting the consensus estimate of $0.49. Fortis had a return on equity of 6.86% and a net margin of 11.58%. The firm had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same period in the prior year, the company earned $0.64 earnings per share. equities analysts anticipate that Fortis Inc. will post 2.06 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 1st. Shareholders of record on Friday, May 18th will be paid a dividend of $0.3379 per share. The ex-dividend date of this dividend is Thursday, May 17th. This is a boost from Fortis’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 4.11%. Fortis’s dividend payout ratio is presently 74.72%.
COPYRIGHT VIOLATION WARNING: This piece was originally posted by Watch List News and is the sole property of of Watch List News. If you are reading this piece on another website, it was illegally copied and reposted in violation of US & international copyright laws. The legal version of this piece can be read at https://www.watchlistnews.com/invictus-rg-invests-955000-in-fortis-inc-fts/1909443.html.
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis Inc. (NYSE:FTS).
Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.