Russell Investments Group Ltd. Sells 72,327 Shares of Fortis Inc. (FTS)
Russell Investments Group Ltd. cut its holdings in Fortis Inc. (NYSE:FTS) by 8.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 782,644 shares of the utilities provider’s stock after selling 72,327 shares during the quarter. Russell Investments Group Ltd. owned 0.19% of Fortis worth $27,984,000 at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of FTS. Parametric Portfolio Associates LLC grew its holdings in shares of Fortis by 47.2% in the first quarter. Parametric Portfolio Associates LLC now owns 15,030 shares of the utilities provider’s stock valued at $498,000 after purchasing an additional 4,821 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Fortis by 335.9% in the first quarter. Renaissance Technologies LLC now owns 102,000 shares of the utilities provider’s stock valued at $3,382,000 after purchasing an additional 78,600 shares in the last quarter. Creative Planning grew its holdings in shares of Fortis by 7.3% in the second quarter. Creative Planning now owns 3,307 shares of the utilities provider’s stock valued at $116,000 after purchasing an additional 225 shares in the last quarter. Baskin Financial Services Inc. grew its holdings in shares of Fortis by 0.6% in the second quarter. Baskin Financial Services Inc. now owns 37,523 shares of the utilities provider’s stock valued at $1,317,000 after purchasing an additional 226 shares in the last quarter. Finally, Rothschild Asset Management Inc. grew its holdings in shares of Fortis by 11.8% in the second quarter. Rothschild Asset Management Inc. now owns 77,698 shares of the utilities provider’s stock valued at $3,541,000 after purchasing an additional 8,206 shares in the last quarter. 51.93% of the stock is owned by hedge funds and other institutional investors.
Fortis Inc. (NYSE:FTS) traded up $0.49 during midday trading on Friday, reaching $37.74. 1,181,100 shares of the company’s stock traded hands, compared to its average volume of 182,842. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.52 and a quick ratio of 0.43. The stock has a market capitalization of $15,831.93 and a price-to-earnings ratio of 19.35. Fortis Inc. has a 52 week low of $29.51 and a 52 week high of $38.24.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Monday, November 20th will be paid a dividend of $0.3396 per share. This represents a $1.36 annualized dividend and a yield of 3.60%. This is a positive change from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Friday, November 17th. Fortis’s payout ratio is presently 71.20%.
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A number of research analysts recently weighed in on FTS shares. Zacks Investment Research lowered shares of Fortis from a “buy” rating to a “hold” rating in a report on Thursday, October 19th. CIBC lowered shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $38.00.
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.
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