CIBC Asset Management Inc Sells 751,588 Shares of Fortis Inc (FTS)
CIBC Asset Management Inc decreased its position in Fortis Inc (NYSE:FTS) by 51.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 713,531 shares of the utilities provider’s stock after selling 751,588 shares during the quarter. CIBC Asset Management Inc owned approximately 0.17% of Fortis worth $22,810,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Cumberland Partners Ltd bought a new position in Fortis in the second quarter valued at about $184,000. Trexquant Investment LP purchased a new stake in Fortis in the second quarter worth about $202,000. Dynamic Technology Lab Private Ltd purchased a new stake in Fortis in the first quarter worth about $221,000. US Bancorp DE increased its position in Fortis by 98.2% in the second quarter. US Bancorp DE now owns 8,187 shares of the utilities provider’s stock worth $261,000 after buying an additional 4,057 shares in the last quarter. Finally, Koch Industries Inc. purchased a new stake in Fortis in the first quarter worth about $265,000. 49.71% of the stock is currently owned by institutional investors.
Shares of FTS opened at $32.62 on Friday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.59 and a quick ratio of 0.49. The stock has a market capitalization of $13.88 billion, a price-to-earnings ratio of 16.58, a P/E/G ratio of 3.05 and a beta of -0.17. Fortis Inc has a 52 week low of $30.88 and a 52 week high of $38.24.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 1st. Shareholders of record on Tuesday, August 21st will be given a $0.324 dividend. This represents a $1.30 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Monday, August 20th. Fortis’s payout ratio is 67.18%.
FTS has been the subject of a number of analyst reports. ValuEngine cut Fortis from a “hold” rating to a “sell” rating in a research report on Wednesday, June 6th. Zacks Investment Research upgraded Fortis from a “sell” rating to a “hold” rating in a research report on Wednesday, May 23rd. Scotiabank cut Fortis from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, May 1st. Finally, UBS Group initiated coverage on Fortis in a research report on Tuesday, May 1st. They issued a “buy” rating for the company. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $45.00.
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 422,000 retail customers in southeastern Arizona; and 96,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 2,834 megawatts (MW), including 64 MW of solar capacity.
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