Cromwell Holdings LLC Has $83,000 Holdings in Fortis Inc. (NYSE:FTS)

Cromwell Holdings LLC lifted its stake in shares of Fortis Inc. (NYSE:FTS) by 52.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,837 shares of the utilities provider’s stock after buying an additional 630 shares during the quarter. Cromwell Holdings LLC’s holdings in Fortis were worth $83,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. EverSource Wealth Advisors LLC raised its holdings in shares of Fortis by 123.5% during the first quarter. EverSource Wealth Advisors LLC now owns 666 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 368 shares during the period. Ridgewood Investments LLC bought a new position in shares of Fortis in the 2nd quarter worth $32,000. Bessemer Group Inc. grew its position in Fortis by 53.6% in the 1st quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock valued at $40,000 after purchasing an additional 346 shares during the period. Dixon Mitchell Investment Counsel Inc. bought a new stake in Fortis during the 1st quarter valued at $60,000. Finally, Headlands Technologies LLC acquired a new position in Fortis during the first quarter worth $69,000. Institutional investors own 57.77% of the company’s stock.

Fortis Stock Performance

FTS stock opened at $43.80 on Friday. The business has a 50 day moving average of $44.52 and a 200-day moving average of $41.56. The firm has a market cap of $21.69 billion, a PE ratio of 18.88, a P/E/G ratio of 3.83 and a beta of 0.47. Fortis Inc. has a 12-month low of $36.86 and a 12-month high of $46.06. The company has a quick ratio of 0.58, a current ratio of 0.69 and a debt-to-equity ratio of 1.26.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. Fortis had a net margin of 13.90% and a return on equity of 7.04%. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.96 billion. As a group, sell-side analysts expect that Fortis Inc. will post 2.35 earnings per share for the current year.

Fortis Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 1st. Shareholders of record on Monday, November 18th will be issued a dividend of $0.615 per share. This represents a $2.46 annualized dividend and a yield of 5.62%. This is a positive change from Fortis’s previous quarterly dividend of $0.43. The ex-dividend date is Monday, November 18th. Fortis’s dividend payout ratio is 78.02%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Fortis from a “sell” rating to a “hold” rating in a report on Sunday, August 4th. Bank of America initiated coverage on Fortis in a report on Friday, September 20th. They set an “underperform” rating for the company. Finally, UBS Group upgraded Fortis to a “strong sell” rating in a report on Tuesday, September 10th.

About Fortis

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.