Caledonia Investments PLC Reduces Stake in Fortis $FTS

Caledonia Investments PLC reduced its holdings in Fortis (NYSE:FTS) by 13.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 456,700 shares of the utilities provider’s stock after selling 70,000 shares during the quarter. Fortis comprises 2.3% of Caledonia Investments PLC’s investment portfolio, making the stock its 15th largest position. Caledonia Investments PLC owned approximately 0.09% of Fortis worth $23,016,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Trust Co. of Toledo NA OH bought a new stake in Fortis in the second quarter valued at $28,000. Smartleaf Asset Management LLC lifted its position in shares of Fortis by 2,119.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,043 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 996 shares during the period. State of Wyoming purchased a new stake in shares of Fortis in the 2nd quarter worth about $56,000. Allworth Financial LP boosted its stake in shares of Fortis by 157.3% during the 2nd quarter. Allworth Financial LP now owns 1,253 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 766 shares in the last quarter. Finally, MAI Capital Management increased its position in shares of Fortis by 55.8% during the second quarter. MAI Capital Management now owns 2,067 shares of the utilities provider’s stock valued at $99,000 after buying an additional 740 shares during the period. Institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

Fortis stock opened at $54.04 on Monday. Fortis has a twelve month low of $42.95 and a twelve month high of $55.34. The company has a quick ratio of 0.54, a current ratio of 0.66 and a debt-to-equity ratio of 1.32. The company has a market capitalization of $27.42 billion, a P/E ratio of 22.52, a PEG ratio of 4.22 and a beta of 0.50. The stock’s 50 day moving average is $52.03 and its 200 day moving average is $51.01.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be paid a $0.64 dividend. The ex-dividend date is Tuesday, February 17th. This represents a $2.56 dividend on an annualized basis and a yield of 4.7%. Fortis’s payout ratio is presently 75.83%.

Analysts Set New Price Targets

Several analysts have commented on FTS shares. National Bankshares restated a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Fortis in a research note on Tuesday, October 21st. BMO Capital Markets restated a “market perform” rating on shares of Fortis in a research report on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a report on Thursday, January 22nd. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $72.00.

About Fortis

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John’s, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company’s core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.