Canada Pension Plan Investment Board Trims Stock Position in Fortis Inc. (NYSE:FTS)

Canada Pension Plan Investment Board decreased its position in Fortis Inc. (NYSE:FTSFree Report) by 47.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,456,008 shares of the utilities provider’s stock after selling 1,339,423 shares during the period. Canada Pension Plan Investment Board’s holdings in Fortis were worth $55,559,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Cumberland Partners Ltd grew its position in shares of Fortis by 20.3% in the 3rd quarter. Cumberland Partners Ltd now owns 27,900 shares of the utilities provider’s stock worth $1,065,000 after acquiring an additional 4,700 shares in the last quarter. Cidel Asset Management Inc. grew its position in shares of Fortis by 59.7% in the 3rd quarter. Cidel Asset Management Inc. now owns 1,218,177 shares of the utilities provider’s stock worth $46,483,000 after acquiring an additional 455,435 shares in the last quarter. Community Financial Services Group LLC acquired a new position in shares of Fortis in the 3rd quarter worth approximately $3,383,000. Quantbot Technologies LP acquired a new position in shares of Fortis in the 3rd quarter worth approximately $663,000. Finally, Versor Investments LP grew its position in shares of Fortis by 12.0% in the 3rd quarter. Versor Investments LP now owns 6,535 shares of the utilities provider’s stock worth $248,000 after acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds own 50.18% of the company’s stock.

Fortis Trading Up 0.3 %

Shares of FTS stock opened at $39.06 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.62 and a current ratio of 0.71. Fortis Inc. has a 1 year low of $36.30 and a 1 year high of $46.28. The stock has a fifty day moving average of $40.57 and a two-hundred day moving average of $40.31. The firm has a market capitalization of $19.16 billion, a PE ratio of 17.06, a price-to-earnings-growth ratio of 2.97 and a beta of 0.44.

Fortis Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Friday, February 16th will be given a dividend of $0.435 per share. The ex-dividend date of this dividend is Thursday, February 15th. This represents a $1.74 dividend on an annualized basis and a yield of 4.45%. Fortis’s dividend payout ratio (DPR) is presently 76.42%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on FTS shares. StockNews.com downgraded Fortis from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. JPMorgan Chase & Co. downgraded Fortis from a “neutral” rating to an “underweight” rating in a report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.30.

Get Our Latest Stock Report on Fortis

Fortis Company Profile

(Free Report)

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 443,000 retail customers in southeastern Arizona; and 102,000 retail customers in Arizona's Mohave and Santa Cruz counties with an aggregate capacity of 3,328 megawatts (MW), including 68 MW of solar capacity and 250 MV of wind capacity.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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