Montrusco Bolton Investments Inc. lessened its holdings in shares of Fortis Inc. (NYSE:FTS) by 1.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,633,841 shares of the utilities provider’s stock after selling 20,954 shares during the period. Fortis makes up about 3.3% of Montrusco Bolton Investments Inc.’s portfolio, making the stock its 8th largest holding. Montrusco Bolton Investments Inc.’s holdings in Fortis were worth $60,127,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. AXA boosted its position in Fortis by 22.3% during the 3rd quarter. AXA now owns 435,972 shares of the utilities provider’s stock worth $15,595,000 after acquiring an additional 79,523 shares during the period. Guardian Capital Advisors LP boosted its position in Fortis by 2.7% during the 3rd quarter. Guardian Capital Advisors LP now owns 82,437 shares of the utilities provider’s stock worth $3,859,000 after acquiring an additional 2,134 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in Fortis by 4.8% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 65,900 shares of the utilities provider’s stock worth $1,885,000 after acquiring an additional 3,000 shares during the period. AMP Capital Investors Ltd boosted its position in Fortis by 2.6% during the 3rd quarter. AMP Capital Investors Ltd now owns 179,175 shares of the utilities provider’s stock worth $6,414,000 after acquiring an additional 4,461 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Fortis by 25.0% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 149,271 shares of the utilities provider’s stock worth $5,367,000 after acquiring an additional 29,868 shares during the period. Institutional investors own 50.90% of the company’s stock.
Fortis Inc. (FTS) traded down $0.37 on Friday, hitting $35.02. The stock had a trading volume of 328,900 shares, compared to its average volume of 294,775. Fortis Inc. has a 12 month low of $30.93 and a 12 month high of $38.24. The company has a quick ratio of 0.43, a current ratio of 0.52 and a debt-to-equity ratio of 1.31. The company has a market cap of $14,850.00, a P/E ratio of 17.42, a PEG ratio of 3.24 and a beta of 0.43.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Stockholders of record on Thursday, February 15th will be paid a $0.3353 dividend. This represents a $1.34 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date of this dividend is Wednesday, February 14th. Fortis’s dividend payout ratio is presently 66.67%.
FTS has been the subject of a number of analyst reports. Scotiabank reiterated a “buy” rating and set a $51.00 price target on shares of Fortis in a research report on Monday, December 4th. Zacks Investment Research downgraded Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $42.33.
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Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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