Intact Investment Management Inc. Has $47.94 Million Position in Fortis $FTS

Intact Investment Management Inc. lifted its position in shares of Fortis (NYSE:FTS) by 31.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 945,005 shares of the utilities provider’s stock after acquiring an additional 225,995 shares during the quarter. Fortis makes up about 1.5% of Intact Investment Management Inc.’s investment portfolio, making the stock its 20th largest position. Intact Investment Management Inc. owned approximately 0.19% of Fortis worth $47,938,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Fortis by 3.4% in the second quarter. Vanguard Group Inc. now owns 23,025,514 shares of the utilities provider’s stock valued at $1,099,399,000 after purchasing an additional 759,772 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Fortis by 4.7% during the second quarter. TD Asset Management Inc now owns 13,474,508 shares of the utilities provider’s stock worth $642,076,000 after acquiring an additional 603,772 shares during the period. Legal & General Group Plc raised its stake in shares of Fortis by 5.9% in 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 purchasing an additional 345,633 shares during the period. Norges Bank acquired a new stake in Fortis in the 2nd quarter valued at approximately $291,400,000. Finally, Geode Capital Management LLC lifted its position in shares of Fortis by 18.6% in the second quarter. Geode Capital Management LLC now owns 5,414,298 shares of the utilities provider’s stock worth $262,828,000 after purchasing an additional 849,606 shares in the last quarter. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Up 0.8%

Shares of NYSE:FTS opened at $52.68 on Monday. Fortis has a 1 year low of $41.24 and a 1 year high of $52.89. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.66 and a quick ratio of 0.54. The business’s 50-day moving average is $51.68 and its 200-day moving average is $50.58. The company has a market capitalization of $26.73 billion, a price-to-earnings ratio of 21.95, a P/E/G ratio of 4.78 and a beta of 0.50.

Fortis (NYSE:FTS) last announced its quarterly earnings data 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 analyst estimates of $2.22 billion. Fortis had a return on equity of 7.05% and a net margin of 14.18%. Equities research analysts predict that Fortis will post 2.35 earnings per share for the current year.

Fortis Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 1st. Shareholders of record on Tuesday, February 17th will be paid a $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Tuesday, February 17th. Fortis’s dividend payout ratio (DPR) is 75.83%.

Analyst Upgrades and Downgrades

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