Cibc World Market Inc. Sells 849,001 Shares of Fortis $FTS

Cibc World Market Inc. reduced its holdings in shares of Fortis (NYSE:FTS) by 9.7% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,886,908 shares of the utilities provider’s stock after selling 849,001 shares during the period. Cibc World Market Inc. owned about 1.56% of Fortis worth $399,955,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. ProShare Advisors LLC increased its position in Fortis by 2.2% in the third quarter. ProShare Advisors LLC now owns 54,292 shares of the utilities provider’s stock worth $2,754,000 after buying an additional 1,172 shares in the last quarter. Cardinal Point Capital Management ULC raised its position in shares of Fortis by 2.9% during the 3rd quarter. Cardinal Point Capital Management ULC now owns 11,057 shares of the utilities provider’s stock valued at $561,000 after purchasing an additional 316 shares during the period. Alps Advisors Inc. lifted its stake in shares of Fortis by 93.7% during the 3rd quarter. Alps Advisors Inc. now owns 17,758 shares of the utilities provider’s stock valued at $901,000 after buying an additional 8,590 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in Fortis by 4.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 29,152 shares of the utilities provider’s stock worth $1,479,000 after buying an additional 1,220 shares during the period. Finally, State of Wyoming boosted its holdings in Fortis by 325.9% in the 3rd quarter. State of Wyoming now owns 5,021 shares of the utilities provider’s stock worth $255,000 after buying an additional 3,842 shares during the period. Institutional investors own 57.77% of the company’s stock.

Fortis Stock Up 0.8%

NYSE FTS opened at $54.57 on Wednesday. The stock has a 50 day moving average price of $52.13 and a 200-day moving average price of $51.09. Fortis has a one year low of $42.95 and a one year high of $55.34. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.54 and a current ratio of 0.66. The company has a market capitalization of $27.69 billion, a P/E ratio of 22.74, a P/E/G ratio of 4.23 and a beta of 0.50.

Fortis Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Sunday, March 1st. Stockholders of record on Tuesday, February 17th will be given a dividend of $0.64 per share. This represents a $2.56 annualized dividend and a dividend yield of 4.7%. The ex-dividend date is Tuesday, February 17th. Fortis’s dividend payout ratio is currently 75.83%.

Analyst Upgrades and Downgrades

FTS has been the topic of a number of recent analyst reports. National Bankshares reissued a “sector perform” rating on shares of Fortis in a report on Wednesday, November 5th. BMO Capital Markets reissued a “market perform” rating on shares of Fortis in a research note on Wednesday, November 5th. Weiss Ratings restated a “buy (b)” rating on shares of Fortis in a research note on Thursday, January 22nd. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Fortis in a report on Tuesday, October 21st. Five analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $72.00.

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.