CIBC Asset Management Inc Has $193.57 Million Position in Fortis Inc. (FTS)
CIBC Asset Management Inc reduced its stake in shares of Fortis Inc. (NYSE:FTS) by 0.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,408,013 shares of the utilities provider’s stock after selling 17,519 shares during the quarter. Fortis makes up 1.2% of CIBC Asset Management Inc’s holdings, making the stock its 23rd largest position. CIBC Asset Management Inc owned 1.29% of Fortis worth $193,573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC lifted its stake in shares of Fortis by 11.8% during the 2nd quarter. FMR LLC now owns 10,358,373 shares of the utilities provider’s stock worth $364,077,000 after purchasing an additional 1,090,988 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Fortis by 6.1% during the 2nd quarter. Vanguard Group Inc. now owns 9,359,355 shares of the utilities provider’s stock worth $328,981,000 after purchasing an additional 538,992 shares during the last quarter. TD Asset Management Inc. lifted its stake in shares of Fortis by 7.9% during the 2nd quarter. TD Asset Management Inc. now owns 8,537,600 shares of the utilities provider’s stock worth $299,642,000 after purchasing an additional 627,425 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Fortis by 5.6% during the 2nd quarter. Legal & General Group Plc now owns 4,474,904 shares of the utilities provider’s stock worth $155,030,000 after purchasing an additional 237,500 shares during the last quarter. Finally, First Eagle Investment Management LLC lifted its stake in shares of Fortis by 0.7% during the 3rd quarter. First Eagle Investment Management LLC now owns 3,966,300 shares of the utilities provider’s stock worth $141,875,000 after purchasing an additional 26,267 shares during the last quarter. Hedge funds and other institutional investors own 51.98% of the company’s stock.
Fortis Inc. (NYSE FTS) traded down $0.25 during trading on Monday, reaching $37.70. The company’s stock had a trading volume of 98,600 shares, compared to its average volume of 178,978. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.43 and a current ratio of 0.52. Fortis Inc. has a 52 week low of $29.14 and a 52 week high of $38.06. The stock has a market capitalization of $15,820.00, a PE ratio of 19.33, a PEG ratio of 3.48 and a beta of 0.43.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Monday, November 20th will be paid a $0.3396 dividend. The ex-dividend date is Friday, November 17th. This is a boost from Fortis’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a yield of 3.60%. Fortis’s dividend payout ratio (DPR) is 64.18%.
FTS has been the subject of a number of analyst reports. CIBC cut Fortis from an “outperform” rating to a “neutral” rating in a research note on Thursday, August 3rd. Zacks Investment Research cut Fortis from a “buy” rating to a “hold” rating in a research note on Thursday, October 19th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Fortis currently has a consensus rating of “Hold” and an average price target of $38.00.
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Fortis Company Profile
Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean. It generates, transmits, and distributes electricity to approximately 420,000 retail customers in a territory comprising approximately 2,991 square kilometers located in southeastern Arizona, including the greater Tucson metropolitan area in Pima county, as well as parts of Cochise county; and 95,000 retail customers in Arizonas Mohave and Santa Cruz counties with an aggregate capacity of 2,994 megawatts (MW) comprising 54 MW of solar capacity.
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