Bridgewater Associates LP increased its stake in Fortis Inc (NYSE:FTS) by 17.0% during the third quarter, according to its most recent filing with the SEC. The fund owned 202,798 shares of the utilities provider’s stock after buying an additional 29,425 shares during the quarter. Bridgewater Associates LP’s holdings in Fortis were worth $6,571,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of FTS. Cornerstone Wealth Management LLC acquired a new position in Fortis in the second quarter worth approximately $557,000. Eqis Capital Management Inc. grew its position in Fortis by 36.0% in the second quarter. Eqis Capital Management Inc. now owns 14,809 shares of the utilities provider’s stock worth $472,000 after buying an additional 3,919 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Fortis by 0.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 778,232 shares of the utilities provider’s stock worth $24,810,000 after buying an additional 2,278 shares during the last quarter. Aperio Group LLC acquired a new position in Fortis in the second quarter worth approximately $3,557,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its position in Fortis by 6.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,293,165 shares of the utilities provider’s stock worth $41,338,000 after buying an additional 73,615 shares during the last quarter. 50.54% of the stock is currently owned by institutional investors.
Fortis stock opened at $34.72 on Friday. Fortis Inc has a 52 week low of $30.88 and a 52 week high of $37.64. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.49. The company has a market capitalization of $14.81 billion, a P/E ratio of 17.54, a PEG ratio of 3.84 and a beta of -0.16.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 1st. Investors of record on Friday, February 15th will be paid a $0.342 dividend. This represents a $1.37 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date is Thursday, February 14th. Fortis’s dividend payout ratio is 69.74%.
Several research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Fortis from a “sell” rating to a “hold” rating in a research report on Friday, November 9th. Bank of America initiated coverage on shares of Fortis in a research note on Tuesday, October 9th. They issued a “buy” rating for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Fortis has an average rating of “Buy” and an average target price of $45.00.
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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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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