Bank of Nova Scotia Lowers Position in CMS Energy Corporation (NYSE:CMS)

Key Points

• Bank of Nova Scotia reduced its stake in CMS Energy by 20.4% in Q1, holding 36,530 shares valued at approximately $2.74 million.
• CMS Energy reported a quarterly EPS of $0.71, surpassing expectations, with revenue up 14.4% year-over-year.
• The company announced a quarterly dividend of $0.5425, with a yield of 2.9%, reflecting a payout ratio of 64.20%.

Bank of Nova Scotia trimmed its position in shares of CMS Energy Corporation (NYSE:CMS - Free Report) by 20.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,530 shares of the utilities provider's stock after selling 9,368 shares during the quarter. Bank of Nova Scotia's holdings in CMS Energy were worth $2,744,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Sigma Planning Corp raised its stake in CMS Energy by 0.4% in the 1st quarter. Sigma Planning Corp now owns 32,045 shares of the utilities provider's stock valued at $2,407,000 after acquiring an additional 142 shares during the period. Sage Mountain Advisors LLC increased its stake in shares of CMS Energy by 4.5% in the first quarter. Sage Mountain Advisors LLC now owns 3,360 shares of the utilities provider's stock worth $252,000 after purchasing an additional 144 shares in the last quarter. Sumitomo Life Insurance Co. raised its position in shares of CMS Energy by 1.3% in the first quarter. Sumitomo Life Insurance Co. now owns 11,233 shares of the utilities provider's stock valued at $844,000 after purchasing an additional 146 shares during the period. Spire Wealth Management raised its position in shares of CMS Energy by 6.4% in the first quarter. Spire Wealth Management now owns 2,550 shares of the utilities provider's stock valued at $191,000 after purchasing an additional 154 shares during the period. Finally, Private Trust Co. NA lifted its stake in shares of CMS Energy by 14.4% during the 1st quarter. Private Trust Co. NA now owns 1,466 shares of the utilities provider's stock valued at $110,000 after buying an additional 185 shares in the last quarter. Institutional investors own 93.57% of the company's stock.

CMS Energy Stock Performance

NYSE CMS opened at $74.10 on Thursday. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.77 and a current ratio of 1.00. The company has a market capitalization of $22.18 billion, a P/E ratio of 21.92, a P/E/G ratio of 2.76 and a beta of 0.36. The company has a fifty day moving average of $70.66 and a 200-day moving average of $71.05. CMS Energy Corporation has a 52-week low of $63.97 and a 52-week high of $76.45.

CMS Energy (NYSE:CMS - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.04. CMS Energy had a return on equity of 12.07% and a net margin of 12.76%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the company posted $0.66 EPS. CMS Energy's quarterly revenue was up 14.4% compared to the same quarter last year. As a group, equities research analysts predict that CMS Energy Corporation will post 3.59 EPS for the current fiscal year.

CMS Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 8th will be issued a $0.5425 dividend. The ex-dividend date is Friday, August 8th. This represents a $2.17 annualized dividend and a yield of 2.9%. CMS Energy's dividend payout ratio is 64.20%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CMS. Wells Fargo & Company lifted their price objective on shares of CMS Energy from $78.00 to $82.00 and gave the company an "overweight" rating in a research note on Friday, April 25th. Wall Street Zen cut CMS Energy from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Wolfe Research reiterated a "peer perform" rating on shares of CMS Energy in a research note on Monday, July 7th. Scotiabank restated an "outperform" rating and issued a $81.00 target price (up previously from $77.00) on shares of CMS Energy in a research note on Friday, April 25th. Finally, BMO Capital Markets increased their price target on shares of CMS Energy from $77.00 to $79.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $77.25.

CMS Energy Company Profile

CMS Energy Corporation operates as an energy company primarily in Michigan. The company operates through three segments: Electric Utility; Gas Utility; and Enterprises. The Electric Utility segment is involved in the generation, purchase, transmission, distribution, and sale of electricity. This segment generates electricity through coal, wind, gas, renewable energy, oil, and nuclear sources.

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