Fortis Inc. (NYSE:FTS) Shares Sold by Cibc World Market Inc.

Cibc World Market Inc. cut its holdings in Fortis Inc. (NYSE:FTS) by 8.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,055,401 shares of the utilities provider’s stock after selling 786,026 shares during the period. Cibc World Market Inc.’s holdings in Fortis were worth $334,596,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in Fortis by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 489,343 shares of the utilities provider’s stock valued at $19,006,000 after acquiring an additional 21,059 shares during the period. Truist Financial Corp lifted its position in shares of Fortis by 6.3% during the 2nd quarter. Truist Financial Corp now owns 28,689 shares of the utilities provider’s stock valued at $1,114,000 after acquiring an additional 1,691 shares during the period. Code Waechter LLC purchased a new stake in shares of Fortis during the 3rd quarter worth approximately $838,000. CHICAGO TRUST Co NA acquired a new stake in shares of Fortis in the 3rd quarter worth approximately $209,000. Finally, Creative Planning increased its stake in Fortis by 21.1% in the 3rd quarter. Creative Planning now owns 52,266 shares of the utilities provider’s stock valued at $2,375,000 after purchasing an additional 9,108 shares in the last quarter. Institutional investors and hedge funds own 57.77% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Raymond James downgraded shares of Fortis from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th.

Fortis Trading Up 1.2 %

FTS opened at $42.80 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.74 and a debt-to-equity ratio of 1.32. The firm’s 50 day moving average is $42.62 and its 200-day moving average is $43.28. The firm has a market capitalization of $21.37 billion, a P/E ratio of 17.98, a P/E/G ratio of 3.79 and a beta of 0.50. Fortis Inc. has a 52-week low of $36.86 and a 52-week high of $46.06.

Fortis (NYSE:FTS) last released its quarterly earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.26. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.01 billion. Fortis had a net margin of 14.06% and a return on equity of 7.01%. During the same quarter last year, the company earned $0.63 earnings per share. Analysts expect that Fortis Inc. will post 2.29 EPS for the current fiscal year.

Fortis Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Saturday, March 1st. Investors of record on Tuesday, February 18th will be paid a $0.4382 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.75 dividend on an annualized basis and a yield of 4.10%. Fortis’s dividend payout ratio (DPR) is 79.41%.

About Fortis

Fortis Inc operates as an electric and gas utility company in Canada, the United States, and the Caribbean countries. It generates, transmits, and distributes electricity to approximately 447,000 retail customers in southeastern Arizona; and 103,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,408 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.