Gold Investment Management Ltd. Has $3.15 Million Stock Holdings in Fortis Inc. (NYSE:FTS)

Gold Investment Management Ltd. cut its position in shares of Fortis Inc. (NYSE:FTS) by 0.8% during the third quarter, Holdings Channel reports. The institutional investor owned 69,387 shares of the utilities provider’s stock after selling 550 shares during the quarter. Fortis comprises 1.3% of Gold Investment Management Ltd.’s holdings, making the stock its 26th biggest position. Gold Investment Management Ltd.’s holdings in Fortis were worth $3,154,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Fortis by 1.2% during the first quarter. Vanguard Group Inc. now owns 20,072,102 shares of the utilities provider’s stock worth $793,049,000 after buying an additional 229,972 shares in the last quarter. TD Asset Management Inc grew its position in Fortis by 2.3% during the second quarter. TD Asset Management Inc now owns 12,151,327 shares of the utilities provider’s stock worth $472,164,000 after buying an additional 270,417 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in Fortis by 1.1% during the second quarter. 1832 Asset Management L.P. now owns 9,199,047 shares of the utilities provider’s stock valued at $357,291,000 after purchasing an additional 95,813 shares in the last quarter. Toronto Dominion Bank boosted its holdings in Fortis by 26.9% during the second quarter. Toronto Dominion Bank now owns 9,071,484 shares of the utilities provider’s stock valued at $352,336,000 after purchasing an additional 1,920,728 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its holdings in Fortis by 4.2% during the second quarter. CIBC Asset Management Inc now owns 3,938,001 shares of the utilities provider’s stock valued at $152,955,000 after purchasing an additional 158,178 shares in the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FTS shares. StockNews.com raised Fortis from a “sell” rating to a “hold” rating in a report on Sunday, August 4th. UBS Group raised Fortis to a “strong sell” rating in a report on Tuesday, September 10th. Raymond James downgraded Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday. Finally, Bank of America began coverage on Fortis in a report on Friday, September 20th. They issued an “underperform” rating on the stock. Three equities research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce”.

Fortis Stock Up 0.5 %

Shares of FTS opened at $44.06 on Friday. The company has a market capitalization of $21.91 billion, a P/E ratio of 18.58, a PEG ratio of 3.87 and a beta of 0.47. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.69 and a quick ratio of 0.58. Fortis Inc. has a one year low of $36.86 and a one year high of $46.06. The business’s 50 day simple moving average is $44.45 and its 200-day simple moving average is $41.92.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.26. Fortis had a net margin of 13.90% and a return on equity of 7.04%. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the company posted $0.63 EPS. As a group, sell-side analysts predict that Fortis Inc. will post 2.33 EPS for the current fiscal year.

Fortis Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Investors of record on Monday, November 18th will be given a $0.615 dividend. This represents a $2.46 annualized dividend and a yield of 5.58%. The ex-dividend date of this dividend is Monday, November 18th. This is a boost from Fortis’s previous quarterly dividend of $0.43. Fortis’s payout ratio is 72.46%.

Fortis Company Profile

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.