Addenda Capital Inc. Has $8.74 Million Stake in Fortis Inc. (NYSE:FTS)

Addenda Capital Inc. boosted its stake in Fortis Inc. (NYSE:FTS) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 224,968 shares of the utilities provider’s stock after purchasing an additional 2,003 shares during the period. Addenda Capital Inc.’s holdings in Fortis were worth $8,738,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC grew its holdings in Fortis by 123.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 666 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 368 shares during the period. Bessemer Group Inc. grew its holdings in Fortis by 53.6% during the 1st quarter. Bessemer Group Inc. now owns 992 shares of the utilities provider’s stock worth $40,000 after acquiring an additional 346 shares during the period. Rational Advisors LLC acquired a new stake in Fortis during the 1st quarter worth about $42,000. Dixon Mitchell Investment Counsel Inc. acquired a new stake in Fortis during the 1st quarter worth about $60,000. Finally, Headlands Technologies LLC acquired a new stake in Fortis during the 1st quarter worth about $69,000. 57.77% of the stock is currently owned by institutional investors and hedge funds.

Fortis Stock Down 0.1 %

NYSE FTS traded down $0.04 during trading hours on Wednesday, hitting $43.42. The company’s stock had a trading volume of 488,297 shares, compared to its average volume of 737,648. Fortis Inc. has a 52 week low of $36.30 and a 52 week high of $43.74. The company has a market capitalization of $21.50 billion, a PE ratio of 18.73, a price-to-earnings-growth ratio of 3.00 and a beta of 0.45. The company has a current ratio of 0.69, a quick ratio of 0.52 and a debt-to-equity ratio of 1.26. The company’s 50-day simple moving average is $40.23 and its two-hundred day simple moving average is $39.74.

Fortis Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, September 1st. Shareholders of record on Tuesday, August 20th will be given a dividend of $0.431 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $1.72 annualized dividend and a dividend yield of 3.97%. Fortis’s dividend payout ratio is currently 73.28%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Fortis from a “sell” rating to a “hold” rating in a report on Sunday, August 4th.

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.