Jennison Associates LLC lessened its stake in Fortis Inc. (NYSE:FTS) by 37.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,853,177 shares of the utilities provider’s stock after selling 1,087,569 shares during the period. Jennison Associates LLC owned approximately 0.44% of Fortis worth $66,473,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Sentry Investments Corp. grew its stake in Fortis by 36.9% in the 2nd quarter. Sentry Investments Corp. now owns 588,755 shares of the utilities provider’s stock worth $26,835,000 after buying an additional 158,600 shares in the last quarter. Jarislowsky Fraser Ltd boosted its stake in shares of Fortis by 4.3% in the 2nd quarter. Jarislowsky Fraser Ltd now owns 60,698 shares of the utilities provider’s stock valued at $2,130,000 after purchasing an additional 2,514 shares in the last quarter. Federated Investors Inc. PA boosted its stake in shares of Fortis by 9.7% in the 2nd quarter. Federated Investors Inc. PA now owns 303,220 shares of the utilities provider’s stock valued at $10,658,000 after purchasing an additional 26,745 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Fortis by 25.6% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,076,925 shares of the utilities provider’s stock valued at $37,854,000 after purchasing an additional 219,216 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of Fortis in the 3rd quarter valued at $3,236,000. 51.98% of the stock is owned by institutional investors and hedge funds.
Shares of Fortis Inc. (FTS) opened at $37.72 on Tuesday. Fortis Inc. has a 12 month low of $29.14 and a 12 month high of $38.06. The stock has a market cap of $15,815.15 and a price-to-earnings ratio of 19.33. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 1.31.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 20th will be paid a $0.3396 dividend. This is a boost from Fortis’s previous quarterly dividend of $0.32. The ex-dividend date is Friday, November 17th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.60%. Fortis’s dividend payout ratio is 67.54%.
FTS has been the subject of a number of research reports. CIBC cut shares of Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Zacks Investment Research cut shares of Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $38.00.
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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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