Healthcare of Ontario Pension Plan Trust Fund Buys 35,927 Shares of Fortis Inc. (NYSE:FTS)

Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Fortis Inc. (NYSE:FTS) by 13.5% in the third quarter, HoldingsChannel reports. The firm owned 302,700 shares of the utilities provider’s stock after purchasing an additional 35,927 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Fortis were worth $13,413,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of FTS. Coann Capital LLC bought a new stake in shares of Fortis during the second quarter valued at approximately $5,056,000. Amundi purchased a new position in Fortis in the second quarter worth $4,976,000. Natixis lifted its position in shares of Fortis by 64.0% during the 2nd quarter. Natixis now owns 69,904 shares of the utilities provider’s stock valued at $3,098,000 after buying an additional 27,290 shares during the last quarter. Bank of Nova Scotia lifted its position in shares of Fortis by 6.0% during the 2nd quarter. Bank of Nova Scotia now owns 6,930,731 shares of the utilities provider’s stock valued at $306,750,000 after buying an additional 389,779 shares during the last quarter. Finally, Ensign Peak Advisors Inc lifted its position in shares of Fortis by 2.1% during the 2nd quarter. Ensign Peak Advisors Inc now owns 19,751 shares of the utilities provider’s stock valued at $851,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 47.76% of the company’s stock.

Shares of NYSE FTS opened at $46.90 on Friday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.63 and a current ratio of 0.77. The firm has a market capitalization of $22.27 billion, a price-to-earnings ratio of 22.77, a PEG ratio of 3.53 and a beta of 0.30. The stock has a 50 day moving average price of $45.85 and a 200 day moving average price of $45.38. Fortis Inc. has a 52-week low of $38.49 and a 52-week high of $48.39.

Fortis (NYSE:FTS) last posted its earnings results on Thursday, October 28th. The utilities provider reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.12. The company had revenue of $1.74 billion during the quarter, compared to analyst estimates of $2.19 billion. Fortis had a return on equity of 6.63% and a net margin of 13.55%. During the same quarter in the prior year, the business earned $0.49 earnings per share. Analysts forecast that Fortis Inc. will post 2.11 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 1st. Shareholders of record on Tuesday, February 15th will be issued a $0.4248 dividend. This represents a $1.70 annualized dividend and a yield of 3.62%. This is a positive change from Fortis’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, February 14th. Fortis’s dividend payout ratio is presently 82.52%.

A number of analysts recently issued reports on FTS shares. TD Securities boosted their price objective on Fortis from C$63.00 to C$64.00 and gave the company a “buy” rating in a research note on Monday, November 1st. BMO Capital Markets cut their price objective on Fortis from C$58.00 to C$57.00 and set a “market perform” rating for the company in a report on Monday, November 1st. Scotiabank cut Fortis from an “outperform” rating to a “sector perform” rating in a report on Friday, January 7th. They noted that the move was a valuation call. Zacks Investment Research cut Fortis from a “hold” rating to a “sell” rating in a report on Friday, December 31st. Finally, UBS Group cut Fortis from a “buy” rating to a “neutral” rating and set a $61.00 target price for the company. in a report on Wednesday, January 5th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $58.58.

Fortis Company Profile

Fortis, Inc is an international electric and gas utility holding company. It operates through the following business segments: Regulated Utilities and Non-Regulated. The Regulated Utilities segment comprises of ITC, which contains mainly of the electric transmission operations of the ITC regulated operating subsidiaries; UNS Energy that offers vertically integrated utility services; Central Hudson, which provides regulated electric and gas T&D utility services; FortisBC Energy distributes natural gas in British Columbia; FortisAlberta, which involves in the ownership and operation of regulated electricity distribution facilities; FortisBC Electric includes the ownership of hydroelectric generating plants, high voltage transmission lines, and a large network of distribution assets; and Other Electric that contains utilities in the eastern Canada and Caribbean.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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