Richard C. Young & CO. LTD. Decreases Stock Position in Fortis Inc. (NYSE:FTS)

Richard C. Young & CO. LTD. decreased its holdings in shares of Fortis Inc. (NYSE:FTS) by 4.6% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 156,864 shares of the utilities provider’s stock after selling 7,644 shares during the period. Richard C. Young & CO. LTD.’s holdings in Fortis were worth $6,521,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. National Bank of Canada FI increased its position in shares of Fortis by 21.8% in the 3rd quarter. National Bank of Canada FI now owns 5,190,336 shares of the utilities provider’s stock valued at $235,839,000 after acquiring an additional 930,331 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in Fortis by 15.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,747,036 shares of the utilities provider’s stock valued at $170,230,000 after purchasing an additional 507,068 shares during the last quarter. Point72 Europe London LLP increased its holdings in shares of Fortis by 413.6% in the third quarter. Point72 Europe London LLP now owns 395,474 shares of the utilities provider’s stock valued at $17,973,000 after purchasing an additional 318,474 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Fortis in the third quarter worth about $13,236,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Fortis by 9.5% during the third quarter. JPMorgan Chase & Co. now owns 2,890,184 shares of the utilities provider’s stock worth $131,330,000 after purchasing an additional 250,630 shares during the period. Institutional investors and hedge funds own 57.77% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.

Fortis Price Performance

NYSE:FTS opened at $43.52 on Friday. The firm’s fifty day moving average is $42.37 and its two-hundred day moving average is $43.40. The firm has a market cap of $21.73 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 3.94 and a beta of 0.50. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. Fortis Inc. has a one year low of $36.86 and a one year high of $46.06.

Fortis Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be issued a dividend of $0.4382 per share. This represents a $1.75 annualized dividend and a yield of 4.03%. The ex-dividend date of this dividend is Tuesday, February 18th. Fortis’s dividend payout ratio (DPR) is 79.41%.

Fortis 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.