CIBC Asset Management Inc Sells 237,298 Shares of Fortis $FTS

CIBC Asset Management Inc lessened its holdings in shares of Fortis (NYSE:FTS) by 8.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,655,787 shares of the utilities provider’s stock after selling 237,298 shares during the period. CIBC Asset Management Inc owned 0.52% of Fortis worth $138,443,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Cidel Asset Management Inc. grew its holdings in shares of Fortis by 2.8% during the third quarter. Cidel Asset Management Inc. now owns 963,061 shares of the utilities provider’s stock worth $48,859,000 after purchasing an additional 25,809 shares during the last quarter. Citigroup Inc. grew its holdings in shares of Fortis by 68.8% during the third quarter. Citigroup Inc. now owns 313,659 shares of the utilities provider’s stock worth $15,913,000 after purchasing an additional 127,868 shares during the last quarter. Coleford Investment Management Ltd. bought a new stake in shares of Fortis during the third quarter worth $10,516,000. Hillsdale Investment Management Inc. grew its holdings in shares of Fortis by 2.4% during the third quarter. Hillsdale Investment Management Inc. now owns 813,216 shares of the utilities provider’s stock worth $41,238,000 after purchasing an additional 18,896 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Fortis by 40.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 175,760 shares of the utilities provider’s stock valued at $9,150,000 after purchasing an additional 50,632 shares during the last quarter. Institutional investors own 57.77% of the company’s stock.

Analyst Upgrades and Downgrades

FTS has been the topic of several research analyst reports. Scotiabank reissued a “sector perform” rating on shares of Fortis in a research note on Friday, February 13th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortis in a research note on Tuesday, April 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Fortis in a research note on Monday, April 20th. TD Securities reissued a “buy” rating on shares of Fortis in a research note on Thursday, May 7th. Finally, Barclays decreased their price target on shares of Fortis from $62.00 to $61.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Fortis has an average rating of “Moderate Buy” and an average target price of $61.00.

Fortis Price Performance

Shares of FTS opened at $54.75 on Wednesday. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.25. Fortis has a 1 year low of $46.46 and a 1 year high of $58.78. The stock has a market cap of $27.87 billion, a P/E ratio of 22.25 and a beta of 0.43. The stock’s 50-day moving average price is $56.25 and its two-hundred day moving average price is $54.52.

Fortis (NYSE:FTS) last issued its earnings results on Wednesday, May 6th. The utilities provider reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. Fortis had a return on equity of 7.25% and a net margin of 14.21%.The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter last year, the business earned $1.00 earnings per share. On average, equities analysts predict that Fortis will post 2.64 earnings per share for the current year.

Fortis Profile

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.