Wellington Management Group LLP Grows Stock Holdings in Fortis Inc. (NYSE:FTS)

Wellington Management Group LLP grew its holdings in Fortis Inc. (NYSE:FTSFree Report) by 18.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,854 shares of the utilities provider’s stock after buying an additional 6,779 shares during the period. Wellington Management Group LLP’s holdings in Fortis were worth $1,995,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Raymond James & Associates lifted its position in Fortis by 13.4% in the second quarter. Raymond James & Associates now owns 33,670 shares of the utilities provider’s stock worth $1,308,000 after buying an additional 3,967 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Fortis in the 2nd quarter worth about $80,000. Hennessy Advisors Inc. boosted its stake in shares of Fortis by 2.4% during the 2nd quarter. Hennessy Advisors Inc. now owns 122,176 shares of the utilities provider’s stock worth $4,745,000 after purchasing an additional 2,900 shares during the period. Addison Capital Co grew its holdings in Fortis by 1.1% during the 2nd quarter. Addison Capital Co now owns 39,391 shares of the utilities provider’s stock valued at $1,530,000 after purchasing an additional 419 shares during the last quarter. Finally, K.J. Harrison & Partners Inc raised its position in Fortis by 6.7% in the 2nd quarter. K.J. Harrison & Partners Inc now owns 25,350 shares of the utilities provider’s stock worth $985,000 after purchasing an additional 1,600 shares during the period. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Fortis Stock Performance

Shares of NYSE:FTS opened at $41.04 on Thursday. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. The firm has a market cap of $20.41 billion, a PE ratio of 17.24, a price-to-earnings-growth ratio of 3.93 and a beta of 0.49. The firm’s 50 day simple moving average is $43.97 and its 200-day simple moving average is $42.76. Fortis Inc. has a one year low of $36.86 and a one year high of $46.06.

Fortis (NYSE:FTSGet Free Report) last issued its earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.26. The business had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Fortis had a return on equity of 7.01% and a net margin of 14.06%. During the same period in the prior year, the business earned $0.63 EPS. As a group, equities analysts predict that Fortis Inc. will post 2.32 EPS for the current year.

Fortis Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, February 18th will be issued a $0.4382 dividend. The ex-dividend date is Tuesday, February 18th. This represents a $1.75 annualized dividend and a dividend yield of 4.27%. Fortis’s dividend payout ratio is currently 76.05%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on FTS shares. Bank of America assumed coverage on Fortis in a research report on Friday, September 20th. They set an “underperform” rating for the company. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 6th. Finally, UBS Group upgraded Fortis to a “strong sell” rating in a research report on Tuesday, September 10th.

Check Out Our Latest Stock Report on FTS

Fortis Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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