Cibc World Market Inc. Buys New Stake in Fortis $FTS

Cibc World Market Inc. purchased a new position in shares of Fortis (NYSE:FTS) during the second quarter, Holdings Channel.com reports. The fund purchased 7,733,140 shares of the utilities provider’s stock, valued at approximately $442,633,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Trust Co. of Vermont purchased a new stake in shares of Fortis during the 2nd quarter worth about $26,000. Scarborough Advisors LLC purchased a new position in shares of Fortis in the 1st quarter valued at about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Fortis in the 4th quarter valued at about $34,000. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its holdings in Fortis by 157.4% in the 3rd quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 700 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 428 shares during the period. Finally, Larson Financial Group LLC raised its holdings in Fortis by 123.9% in the 3rd quarter. Larson Financial Group LLC now owns 739 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 409 shares during the period. Institutional investors and hedge funds own 57.77% of the company’s stock.

Fortis Trading Up 0.1%

FTS stock opened at $54.94 on Monday. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27. Fortis has a 12-month low of $48.64 and a 12-month high of $59.40. The stock has a market cap of $28.07 billion, a price-to-earnings ratio of 22.24 and a beta of 0.43. The business’s 50-day moving average is $57.12 and its 200 day moving average is $56.61.

Fortis (NYSE:FTS) last posted its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. Fortis had a return on equity of 7.16% and a net margin of 14.17%.The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the business earned $0.76 EPS. On average, sell-side analysts anticipate that Fortis will post 2.56 EPS for the current fiscal year.

Fortis Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Wednesday, August 19th will be paid a $0.64 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.7%. Fortis’s payout ratio is currently 73.68%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Wall Street Zen lowered Fortis from a “hold” rating to a “sell” rating in a report on Saturday, May 23rd. Royal Bank Of Canada upped their target price on Fortis from $80.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Monday, August 3rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortis in a research report on Friday, July 17th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Monday, August 3rd. Finally, Barclays cut their price target on shares of Fortis from $61.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, August 3rd. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Fortis has an average rating of “Hold” and a consensus price target of $66.33.

About Fortis

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.