Gold Investment Management Ltd. Has $2.94 Million Position in Fortis Inc. (NYSE:FTS)

Gold Investment Management Ltd. lifted its holdings in Fortis Inc. (NYSE:FTS) by 2.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 70,817 shares of the utilities provider’s stock after purchasing an additional 1,430 shares during the quarter. Fortis comprises 1.2% of Gold Investment Management Ltd.’s holdings, making the stock its 27th biggest position. Gold Investment Management Ltd.’s holdings in Fortis were worth $2,942,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. National Bank of Canada FI increased its position in shares of Fortis by 21.8% during the third quarter. National Bank of Canada FI now owns 5,190,336 shares of the utilities provider’s stock worth $235,839,000 after acquiring an additional 930,331 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Fortis by 15.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider’s stock worth $170,230,000 after purchasing an additional 507,068 shares during the period. Point72 Europe London LLP raised its stake in shares of Fortis by 413.6% in the 3rd quarter. Point72 Europe London LLP now owns 395,474 shares of the utilities provider’s stock valued at $17,973,000 after purchasing an additional 318,474 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Fortis in the third quarter valued at about $13,236,000. Finally, JPMorgan Chase & Co. boosted its position in shares of Fortis by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 2,890,184 shares of the utilities provider’s stock worth $131,330,000 after buying an additional 250,630 shares during the period. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Jefferies Financial Group initiated coverage on Fortis in a research report on Thursday, February 13th. They issued a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. According to MarketBeat.com, Fortis has an average rating of “Hold”.

Fortis Stock Up 0.1 %

Fortis stock opened at $44.92 on Monday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.30. Fortis Inc. has a 1-year low of $36.86 and a 1-year high of $46.06. The company has a fifty day simple moving average of $43.20 and a 200 day simple moving average of $43.68. The company has a market cap of $22.43 billion, a P/E ratio of 19.03, a price-to-earnings-growth ratio of 3.94 and a beta of 0.48.

Fortis (NYSE:FTS) last announced its quarterly earnings data on Friday, February 14th. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Fortis had a return on equity of 7.09% and a net margin of 14.12%. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.08 billion. During the same quarter last year, the company earned $0.72 EPS. Research analysts anticipate that Fortis Inc. will post 2.35 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, June 1st. Shareholders of record on Friday, May 16th will be given a dividend of $0.4324 per share. This represents a $1.73 annualized dividend and a yield of 3.85%. The ex-dividend date is Friday, May 16th. Fortis’s dividend payout ratio (DPR) is currently 72.03%.

Fortis Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.