Fortis Inc. (NYSE:FTS) is Cidel Asset Management Inc.’s 7th Largest Position

Cidel Asset Management Inc. lowered its stake in shares of Fortis Inc. (NYSE:FTSFree Report) by 0.2% during the fourth quarter, Holdings Channel.com reports. The firm owned 930,325 shares of the utilities provider’s stock after selling 1,941 shares during the quarter. Fortis makes up about 2.6% of Cidel Asset Management Inc.’s investment portfolio, making the stock its 7th biggest position. Cidel Asset Management Inc.’s holdings in Fortis were worth $38,637,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in shares of Fortis by 724.3% during the fourth quarter. Blue Trust Inc. now owns 577 shares of the utilities provider’s stock valued at $26,000 after buying an additional 507 shares during the last quarter. Golden State Wealth Management LLC purchased a new stake in Fortis during the fourth quarter valued at approximately $38,000. Versant Capital Management Inc lifted its position in Fortis by 34.1% during the fourth quarter. Versant Capital Management Inc now owns 1,006 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 256 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Fortis in the third quarter valued at approximately $44,000. Finally, Cromwell Holdings LLC grew its holdings in Fortis by 52.2% in the third quarter. Cromwell Holdings LLC now owns 1,837 shares of the utilities provider’s stock worth $83,000 after purchasing an additional 630 shares during the last quarter. Hedge funds and other institutional investors own 57.77% of the company’s stock.

Analysts Set New Price Targets

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

View Our Latest Analysis on FTS

Fortis Price Performance

Shares of FTS stock opened at $43.52 on Friday. Fortis Inc. has a fifty-two week low of $36.86 and a fifty-two week high of $46.06. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.63 and a current ratio of 0.74. The firm has a market capitalization of $21.73 billion, a price-to-earnings ratio of 18.29, a PEG ratio of 3.85 and a beta of 0.50. The stock’s 50-day simple moving average is $42.39 and its 200-day simple moving average is $43.38.

Fortis (NYSE:FTSGet Free Report) last released its earnings results on Tuesday, November 5th. The utilities provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.26. The company had revenue of $2.03 billion for 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 in the previous year, the firm earned $0.63 EPS. As a group, equities analysts forecast that Fortis Inc. will post 2.27 earnings per share for the current fiscal year.

Fortis Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, March 1st. Stockholders of record on Tuesday, February 18th will be issued a dividend of $0.4382 per share. This represents a $1.75 dividend on an annualized basis and a dividend yield of 4.03%. The ex-dividend date of this dividend is Tuesday, February 18th. Fortis’s dividend payout ratio (DPR) is presently 79.41%.

About Fortis

(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 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.

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Institutional Ownership by Quarter for Fortis (NYSE:FTS)

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