Baillie Gifford & Co. Increases Stake in Fortis $FTS

Baillie Gifford & Co. increased its position in Fortis (NYSE:FTS) by 41.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 315,468 shares of the utilities provider’s stock after purchasing an additional 92,794 shares during the quarter. Baillie Gifford & Co. owned approximately 0.06% of Fortis worth $16,005,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. West Family Investments Inc. bought a new stake in Fortis during the 2nd quarter valued at about $249,000. Aviso Financial Inc. raised its position in Fortis by 7.0% in the second quarter. Aviso Financial Inc. now owns 101,518 shares of the utilities provider’s stock worth $4,846,000 after acquiring an additional 6,682 shares during the period. Hillsdale Investment Management Inc. grew its holdings in Fortis by 42.4% during the second quarter. Hillsdale Investment Management Inc. now owns 794,320 shares of the utilities provider’s stock valued at $37,955,000 after purchasing an additional 236,347 shares during the period. XTX Topco Ltd raised its stake in Fortis by 172.5% during the 2nd quarter. XTX Topco Ltd now owns 32,997 shares of the utilities provider’s stock worth $1,575,000 after acquiring an additional 20,889 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Fortis by 5.9% in the 2nd quarter. Legal & General Group Plc now owns 6,224,022 shares of the utilities provider’s stock worth $296,614,000 after buying an additional 345,633 shares during the period. 57.77% of the stock is owned by hedge funds and other institutional investors.

Fortis Stock Up 0.8%

NYSE FTS opened at $52.68 on Friday. The company has a market cap of $26.73 billion, a P/E ratio of 21.95, a P/E/G ratio of 4.79 and a beta of 0.50. Fortis has a one year low of $41.24 and a one year high of $52.89. The business has a fifty day moving average price of $51.68 and a 200 day moving average price of $50.56. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.54 and a current ratio of 0.66.

Fortis (NYSE:FTS) last posted its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.02). The company had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.22 billion. Fortis had a return on equity of 7.05% and a net margin of 14.18%. Research analysts anticipate that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Investors of record on Tuesday, February 17th will be issued 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 4.9%. Fortis’s dividend payout ratio (DPR) is 75.83%.

Analyst Upgrades and Downgrades

FTS has been the topic of several research reports. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a report on Wednesday, November 5th. National Bankshares reissued a “sector perform” rating on shares of Fortis in a research report on Wednesday, November 5th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a report on Thursday. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a research note on Monday, October 6th. Finally, CIBC reissued an “outperform” rating on shares of Fortis in a research report on Tuesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $72.00.

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.