Pictet Asset Management Holding SA Has $15.46 Million Stake in Fortis $FTS

Pictet Asset Management Holding SA trimmed its position in shares of Fortis (NYSE:FTS) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 296,875 shares of the utilities provider’s stock after selling 10,299 shares during the period. Pictet Asset Management Holding SA owned approximately 0.06% of Fortis worth $15,455,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. JARISLOWSKY FRASER Ltd raised its position in Fortis by 1.7% in the third quarter. JARISLOWSKY FRASER Ltd now owns 13,325 shares of the utilities provider’s stock worth $676,000 after purchasing an additional 220 shares in the last quarter. West Family Investments Inc. increased its holdings in Fortis by 4.3% during the 3rd quarter. West Family Investments Inc. now owns 5,443 shares of the utilities provider’s stock valued at $276,000 after purchasing an additional 224 shares in the last quarter. Newport Trust Company LLC raised its holdings in shares of Fortis by 2.8% in the third quarter. Newport Trust Company LLC now owns 9,734 shares of the utilities provider’s stock valued at $494,000 after buying an additional 263 shares during the last quarter. Argonautica Private Wealth Management Inc. raised its stake in shares of Fortis by 3.5% in the third quarter. Argonautica Private Wealth Management Inc. now owns 7,895 shares of the utilities provider’s stock worth $401,000 after acquiring an additional 270 shares during the last quarter. Finally, Compound Planning Inc. raised its position in Fortis by 6.6% in the 3rd quarter. Compound Planning Inc. now owns 4,536 shares of the utilities provider’s stock worth $230,000 after purchasing an additional 281 shares during the last quarter. Institutional investors own 57.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a research report on Tuesday, April 21st. Scotiabank reiterated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Barclays initiated coverage on shares of Fortis in a research note on Tuesday. They issued an “overweight” rating and a $62.00 price target on the stock. BMO Capital Markets reaffirmed a “market perform” rating on shares of Fortis in a research report on Friday, February 13th. Finally, Royal Bank Of Canada restated a “sector perform” rating on shares of Fortis in a report on Friday, February 13th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Fortis Trading Up 0.0%

Shares of Fortis stock opened at $57.24 on Friday. The firm’s 50-day moving average price is $56.78 and its two-hundred day moving average price is $53.78. The company has a quick ratio of 0.42, a current ratio of 0.51 and a debt-to-equity ratio of 1.28. Fortis has a 12-month low of $45.87 and a 12-month high of $58.78. The company has a market capitalization of $29.14 billion, a price-to-earnings ratio of 23.46 and a beta of 0.45.

Fortis (NYSE:FTS) last issued its earnings results on Thursday, February 12th. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.03. Fortis had a return on equity of 7.24% and a net margin of 14.24%.The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the business posted $0.83 EPS. On average, analysts forecast that Fortis will post 2.62 earnings per share for the current fiscal year.

Fortis Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.5%. The ex-dividend date is Friday, May 15th. Fortis’s payout ratio is 77.05%.

Fortis 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.