Envestnet Asset Management Inc. Has $7.66 Million Stock Holdings in Fortis $FTS

Envestnet Asset Management Inc. decreased its position in Fortis (NYSE:FTS) by 9.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 150,919 shares of the utilities provider’s stock after selling 16,030 shares during the period. Envestnet Asset Management Inc.’s holdings in Fortis were worth $7,658,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Fortis in the 2nd quarter valued at about $291,400,000. Geode Capital Management LLC boosted its stake in Fortis by 18.6% in the second quarter. Geode Capital Management LLC now owns 5,414,298 shares of the utilities provider’s stock valued at $262,828,000 after acquiring an additional 849,606 shares during the last quarter. Vanguard Group Inc. grew its holdings in Fortis by 3.4% during the 2nd quarter. Vanguard Group Inc. now owns 23,025,514 shares of the utilities provider’s stock worth $1,099,399,000 after acquiring an additional 759,772 shares during the period. TD Waterhouse Canada Inc. grew its holdings in Fortis by 7.7% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 4,897,492 shares of the utilities provider’s stock worth $233,947,000 after acquiring an additional 351,619 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Fortis by 5.9% during the 2nd quarter. Legal & General Group Plc now owns 6,224,022 shares of the utilities provider’s stock valued at $296,614,000 after acquiring an additional 345,633 shares during the last quarter. 57.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FTS shares. Wall Street Zen cut Fortis from a “hold” rating to a “sell” rating in a research note on Saturday, February 14th. Royal Bank Of Canada restated a “sector perform” rating on shares of Fortis in a research report on Friday, February 13th. BMO Capital Markets reiterated a “market perform” rating on shares of Fortis in a research report on Friday, February 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Thursday, January 22nd. Finally, Scotiabank restated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $72.00.

Fortis Trading Down 0.4%

NYSE:FTS opened at $56.28 on Friday. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.51 and a quick ratio of 0.42. The business’s 50-day simple moving average is $53.03 and its 200-day simple moving average is $51.45. Fortis has a fifty-two week low of $43.19 and a fifty-two week high of $57.25. The stock has a market capitalization of $28.55 billion, a PE ratio of 23.06, a price-to-earnings-growth ratio of 4.30 and a beta of 0.50.

Fortis (NYSE:FTS) last announced its quarterly earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.54 billion. Fortis had a net margin of 14.24% and a return on equity of 7.24%. During the same quarter in the previous year, the firm posted $0.83 earnings per share. Sell-side analysts expect that Fortis will post 2.35 earnings per share for the current fiscal year.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a yield of 4.5%. Fortis’s dividend payout ratio is presently 76.64%.

Fortis Company Profile

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.