Thornburg Investment Management Inc. Decreases Position in Fortis Inc (FTS)

Thornburg Investment Management Inc. cut its stake in Fortis Inc (NYSE:FTS) by 4.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 528,387 shares of the utilities provider’s stock after selling 23,495 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.12% of Fortis worth $17,130,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Cumberland Partners Ltd purchased a new position in Fortis in the 2nd quarter valued at about $184,000. Toronto Dominion Bank lifted its stake in Fortis by 28.0% in the 2nd quarter. Toronto Dominion Bank now owns 8,426,529 shares of the utilities provider’s stock valued at $269,575,000 after buying an additional 1,845,301 shares in the last quarter. Morgan Stanley lifted its stake in Fortis by 3.1% in the 2nd quarter. Morgan Stanley now owns 12,290,416 shares of the utilities provider’s stock valued at $391,819,000 after buying an additional 368,124 shares in the last quarter. Bank of Nova Scotia lifted its stake in Fortis by 7.6% in the 2nd quarter. Bank of Nova Scotia now owns 3,246,050 shares of the utilities provider’s stock valued at $103,577,000 after buying an additional 230,089 shares in the last quarter. Finally, State of Wisconsin Investment Board lifted its stake in Fortis by 8.8% in the 2nd quarter. State of Wisconsin Investment Board now owns 471,951 shares of the utilities provider’s stock valued at $15,076,000 after buying an additional 38,223 shares in the last quarter. 50.18% of the stock is currently owned by hedge funds and other institutional investors.

FTS has been the subject of a number of recent research reports. Zacks Investment Research upgraded shares of Fortis from a “sell” rating to a “hold” rating in a report on Wednesday, September 5th. Bank of America initiated coverage on shares of Fortis in a report on Tuesday, October 9th. They issued a “buy” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Fortis presently has an average rating of “Hold” and a consensus target price of $45.00.

FTS stock traded up $0.17 during mid-day trading on Wednesday, reaching $33.86. The company’s stock had a trading volume of 1,983 shares, compared to its average volume of 413,872. The company has a market cap of $14.04 billion, a price-to-earnings ratio of 17.37, a PEG ratio of 3.40 and a beta of -0.16. The company has a current ratio of 0.59, a quick ratio of 0.49 and a debt-to-equity ratio of 1.37. Fortis Inc has a fifty-two week low of $30.88 and a fifty-two week high of $38.24.

Fortis (NYSE:FTS) last released its quarterly earnings data on Friday, November 2nd. The utilities provider reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.01. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.63 billion. Fortis had a net margin of 11.72% and a return on equity of 6.82%. During the same quarter in the prior year, the firm earned $0.61 EPS. As a group, equities analysts forecast that Fortis Inc will post 1.93 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, December 1st. Shareholders of record on Tuesday, November 20th will be issued a $0.349 dividend. This is an increase from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date is Monday, November 19th. This represents a $1.40 dividend on an annualized basis and a yield of 4.12%. Fortis’s dividend payout ratio is presently 66.67%.

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Fortis Profile

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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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