Cidel Asset Management Inc. Sells 317,127 Shares of Fortis $FTS

Key Points

• Cidel Asset Management cut its Fortis position by 35% in the third quarter, selling 317,127 shares and retaining 589,653 shares worth approximately $31.2 million. Institutional investors collectively own 57.77% of Fortis.
• Analyst sentiment remains mixed but leans neutral: Fortis has a consensus “Hold” rating from eight analysts, with a consensus price target of $65.00.
• Fortis shares opened at $58.65, near their 12-month high of $59.40. The utility provider recently reported quarterly EPS of $0.56, slightly above estimates, while revenue of $1.67 billion fell short of forecasts.

Cidel Asset Management Inc. decreased its position in Fortis (NYSE:FTS - Free Report) by 35.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 589,653 shares of the utilities provider's stock after selling 317,127 shares during the quarter. Fortis accounts for approximately 1.5% of Cidel Asset Management Inc.'s holdings, making the stock its 17th largest holding. Cidel Asset Management Inc. owned 0.11% of Fortis worth $31,220,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FTS. Signaturefd LLC raised its holdings in Fortis by 5.1% during the third quarter. Signaturefd LLC now owns 41,850 shares of the utilities provider's stock worth $2,211,000 after acquiring an additional 2,046 shares in the last quarter. Farmers & Merchants Investments Inc. boosted its position in Fortis by 1.7% during the third quarter. Farmers & Merchants Investments Inc. now owns 102,503 shares of the utilities provider's stock worth $5,414,000 after purchasing an additional 1,669 shares during the period. Guardian Partners Inc. grew its stake in Fortis by 5.1% in the 3rd quarter. Guardian Partners Inc. now owns 303,951 shares of the utilities provider's stock valued at $16,093,000 after buying an additional 14,792 shares during the last quarter. Value Partners Investments Inc. grew its position in shares of Fortis by 2.0% in the third quarter. Value Partners Investments Inc. now owns 93,512 shares of the utilities provider's stock valued at $4,954,000 after purchasing an additional 1,836 shares during the last quarter. Finally, Gold Investment Management Ltd. grew its holdings in Fortis by 2.4% in the 3rd quarter. Gold Investment Management Ltd. now owns 84,211 shares of the utilities provider's stock valued at $4,448,000 after buying an additional 1,959 shares in the last quarter. Institutional investors own 57.77% of the company's stock.

Analyst Ratings Changes

FTS has been the subject of a number of analyst reports. BMO Capital Markets reaffirmed a "market perform" rating on shares of Fortis in a research note on Monday, August 3rd. Canadian Imperial Bank of Commerce reissued a "neutral" rating on shares of Fortis in a report on Wednesday. Scotiabank restated a "sector perform" rating on shares of Fortis in a research report on Tuesday, August 4th. Wolfe Research set a $50.00 price target on Fortis in a research report on Tuesday, August 4th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Fortis in a research note on Thursday, October 15th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, Fortis has a consensus rating of "Hold" and a consensus target price of $65.00.

Fortis Price Performance

Shares of FTS opened at $58.65 on Friday. The business's fifty day moving average is $54.75 and its 200 day moving average is $55.86. Fortis has a 12-month low of $49.60 and a 12-month high of $59.40. The company has a quick ratio of 0.47, a current ratio of 0.56 and a debt-to-equity ratio of 1.27. The stock has a market cap of $30.25 billion, a P/E ratio of 23.74 and a beta of 0.42.

Fortis (NYSE:FTS - Get Free Report) last announced its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.01. Fortis had a net margin of 14.17% and a return on equity of 7.16%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the business posted $0.76 EPS. Sell-side analysts anticipate that Fortis will post 2.57 earnings per share for the current fiscal year.

Fortis Company Profile

Fortis Inc is a Canadian utility holding company that owns and operates regulated electric and natural gas utilities. Its businesses are primarily focused on the transmission and distribution of electricity, natural gas distribution, and related energy infrastructure.

Through its portfolio of utility subsidiaries, Fortis serves customers across Canada and the United States, with additional operations in the Caribbean. Its businesses include electric utilities, natural gas utilities, and electric transmission assets, providing essential energy services to residential, commercial, and industrial customers.

Fortis has expanded from its Canadian utility origins through acquisitions and investments in regulated infrastructure.

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