CLARET ASSET MANAGEMENT Corp Trims Stock Holdings in Fortis Inc (NYSE:FTS)

CLARET ASSET MANAGEMENT Corp trimmed its holdings in Fortis Inc (NYSE:FTS) by 3.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,699 shares of the utilities provider’s stock after selling 296 shares during the period. CLARET ASSET MANAGEMENT Corp’s holdings in Fortis were worth $410,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Stonebridge Capital Advisors LLC purchased a new position in Fortis in the 2nd quarter valued at approximately $30,000. Ropes Wealth Advisors LLC purchased a new position in Fortis in the 2nd quarter valued at approximately $39,000. AGF Investments LLC purchased a new position in Fortis in the 2nd quarter valued at approximately $54,000. Flinton Capital Management LLC grew its stake in Fortis by 23.8% in the 2nd quarter. Flinton Capital Management LLC now owns 2,080 shares of the utilities provider’s stock valued at $79,000 after buying an additional 400 shares in the last quarter. Finally, Riverhead Capital Management LLC grew its stake in Fortis by 27.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,300 shares of the utilities provider’s stock valued at $87,000 after buying an additional 500 shares in the last quarter. Institutional investors and hedge funds own 51.44% of the company’s stock.

FTS opened at $41.98 on Friday. Fortis Inc has a one year low of $31.37 and a one year high of $42.80. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.51. The firm has a market capitalization of $18.34 billion, a P/E ratio of 21.98, a price-to-earnings-growth ratio of 3.76 and a beta of 0.15. The company has a fifty day moving average price of $41.92 and a 200-day moving average price of $39.40.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.11. Fortis had a net margin of 12.72% and a return on equity of 6.80%. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm posted $0.57 EPS. On average, analysts expect that Fortis Inc will post 1.96 earnings per share for the current year.

The business also recently disclosed a — dividend, which will be paid on Sunday, December 1st. Stockholders of record on Tuesday, November 19th will be issued a dividend of $0.3631 per share. This represents a dividend yield of 3.5%. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio is currently 70.68%.

A number of research firms recently weighed in on FTS. CIBC reiterated a “hold” rating and issued a $56.00 price objective on shares of Fortis in a research note on Wednesday, September 11th. Royal Bank of Canada reiterated a “buy” rating on shares of Fortis in a research note on Wednesday, August 21st. UBS Group set a $62.00 price target on shares of Fortis and gave the company a “buy” rating in a research report on Friday, September 6th. Wells Fargo & Co boosted their price target on shares of Fortis from $59.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Finally, Raymond James restated a “hold” rating and set a $55.00 price target on shares of Fortis in a research report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $55.50.

Fortis Company 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 425,000 retail customers in southeastern Arizona; and 97,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,377 MW (MW), including 57 MW of solar capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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