Hillsdale Investment Management Inc. Trims Holdings in Fortis Inc (NYSE:FTS)

Hillsdale Investment Management Inc. decreased its holdings in Fortis Inc (NYSE:FTS) by 33.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 328,950 shares of the utilities provider’s stock after selling 162,620 shares during the period. Fortis comprises approximately 1.3% of Hillsdale Investment Management Inc.’s holdings, making the stock its 20th largest holding. Hillsdale Investment Management Inc. owned approximately 0.08% of Fortis worth $12,979,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Reaves W H & Co. Inc. increased its stake in Fortis by 5.9% in the first quarter. Reaves W H & Co. Inc. now owns 1,293,413 shares of the utilities provider’s stock worth $47,844,000 after purchasing an additional 72,491 shares during the period. Forsta AP Fonden increased its stake in shares of Fortis by 8.4% during the first quarter. Forsta AP Fonden now owns 304,900 shares of the utilities provider’s stock valued at $11,272,000 after buying an additional 23,700 shares during the period. Unigestion Holding SA purchased a new position in shares of Fortis during the second quarter valued at $320,000. The Manufacturers Life Insurance Company increased its stake in shares of Fortis by 7.3% during the first quarter. The Manufacturers Life Insurance Company now owns 2,619,960 shares of the utilities provider’s stock valued at $96,912,000 after buying an additional 178,476 shares during the period. Finally, Richard C. Young & CO. LTD. increased its stake in shares of Fortis by 5.0% during the first quarter. Richard C. Young & CO. LTD. now owns 183,681 shares of the utilities provider’s stock valued at $6,794,000 after buying an additional 8,772 shares during the period. Institutional investors and hedge funds own 51.67% of the company’s stock.

FTS stock traded up $0.27 during trading on Friday, reaching $41.00. 223,700 shares of the company traded hands, compared to its average volume of 354,254. Fortis Inc has a 12 month low of $31.37 and a 12 month high of $41.08. The business has a 50 day simple moving average of $39.89 and a 200 day simple moving average of $37.80. The company has a market capitalization of $17.66 billion, a price-to-earnings ratio of 21.47, a price-to-earnings-growth ratio of 4.05 and a beta of 0.18. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.51 and a current ratio of 0.62.

Fortis (NYSE:FTS) last issued its quarterly earnings data on Friday, August 2nd. The utilities provider reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.11. Fortis had a return on equity of 6.80% and a net margin of 12.72%. The company had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter last year, the company earned $0.57 earnings per share. As a group, research analysts forecast that Fortis Inc will post 1.96 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, September 1st. Investors of record on Tuesday, August 20th will be given a dividend of $0.344 per share. The ex-dividend date is Monday, August 19th. This represents a $1.38 dividend on an annualized basis and a yield of 3.36%. This is an increase from Fortis’s previous quarterly dividend of $0.34. Fortis’s dividend payout ratio (DPR) is presently 70.16%.

Several equities analysts have recently commented on the company. Bank of America set a $54.00 price target on Fortis and gave the company a “buy” rating in a research note on Thursday, May 2nd. ValuEngine lowered Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research downgraded Fortis from a “buy” rating to a “hold” rating in a research report on Wednesday, August 7th. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a research report on Tuesday, April 23rd. Finally, Veritas Investment Research downgraded Fortis from a “buy” rating to a “sell” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $51.20.

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 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.

Recommended Story: Does a trade war provide a risk to the global economy?

Want to see what other hedge funds are holding FTS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortis Inc (NYSE:FTS).

Institutional Ownership by Quarter for Fortis (NYSE:FTS)

Receive News & Ratings for Fortis Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortis and related companies with MarketBeat.com's FREE daily email newsletter.