Cidel Asset Management Inc. Sells 317,127 Shares of Fortis $FTS

Cidel Asset Management Inc. decreased its stake in shares of Fortis (NYSE:FTS) by 35.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 589,653 shares of the utilities provider’s stock after selling 317,127 shares during the period. Fortis makes up about 1.5% of Cidel Asset Management Inc.’s portfolio, making the stock its 17th largest position. Cidel Asset Management Inc.’s holdings in Fortis were worth $31,220,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in shares of Fortis in the 2nd quarter worth $111,451,000. Nykredit A S purchased a new stake in shares of Fortis in the second quarter valued at about $7,259,000. Quantbot Technologies LP bought a new position in shares of Fortis during the second quarter valued at about $3,112,000. Quantinno Capital Management LP lifted its position in shares of Fortis by 37.7% during the first quarter. Quantinno Capital Management LP now owns 333,219 shares of the utilities provider’s stock valued at $18,590,000 after purchasing an additional 91,219 shares in the last quarter. Finally, Hillsdale Investment Management Inc. lifted its position in shares of Fortis by 39.0% during the first quarter. Hillsdale Investment Management Inc. now owns 1,088,628 shares of the utilities provider’s stock valued at $60,720,000 after purchasing an additional 305,450 shares in the last quarter. Institutional investors own 57.77% of the company’s stock.

Fortis Stock Up 1.0%

FTS opened at $58.65 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. The stock has a market cap of $30.25 billion, a price-to-earnings ratio of 23.74 and a beta of 0.42. Fortis has a twelve month low of $49.60 and a twelve month high of $59.40. The company’s 50-day moving average price is $54.75 and its two-hundred day moving average price is $55.86.

Fortis (NYSE:FTS) last issued its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter last year, the business posted $0.76 EPS. As a group, equities analysts expect that Fortis will post 2.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. TD Securities restated a “buy” rating on shares of Fortis in a report on Tuesday, August 4th. Wolfe Research set a $50.00 price objective on shares of Fortis in a research note on Tuesday, August 4th. Scotiabank reissued a “sector perform” rating on shares of Fortis in a research report on Tuesday, August 4th. Royal Bank Of Canada boosted 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. Finally, Barclays cut their target price on Fortis from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 29th. Three research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Fortis currently has a consensus rating of “Hold” and a consensus target price of $65.00.

Fortis Profile

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.