Connor Clark & Lunn Investment Management Ltd. Sells 452,239 Shares of Fortis $FTS

Key Points

• Connor Clark & Lunn Investment Management Ltd. cut its Fortis stake by 10.9%, selling 452,239 shares and now holds 3,707,514 shares (about 0.73% of Fortis) valued at roughly $188,012,000 per its SEC filing.
• Institutional investors own 57.77% of Fortis, and analysts are split (five Buy, five Hold) giving an overall rating of Moderate Buy with an average target price of $72.00.
• Fortis announced a quarterly dividend of $0.64 (annualized $2.56) for a yield of 4.5% with an ex-dividend/record date of May 15 and payment on June 1; the latest quarter showed an EPS beat ($0.65 vs. $0.62) but revenue below estimates.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in shares of Fortis (NYSE:FTS - Free Report) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,707,514 shares of the utilities provider's stock after selling 452,239 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.73% of Fortis worth $188,012,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Kepler Cheuvreux Suisse SA purchased a new stake in shares of Fortis during the third quarter worth about $8,215,000. Magnetar Financial LLC purchased a new stake in Fortis during the 3rd quarter valued at approximately $1,891,000. Quadrant Capital Group LLC bought a new stake in shares of Fortis during the third quarter valued at approximately $151,000. Van ECK Associates Corp raised its position in shares of Fortis by 6.7% during the third quarter. Van ECK Associates Corp now owns 183,268 shares of the utilities provider's stock valued at $9,294,000 after buying an additional 11,511 shares during the last quarter. Finally, Capital World Investors lifted its holdings in shares of Fortis by 72.7% in the third quarter. Capital World Investors now owns 33,786 shares of the utilities provider's stock worth $1,714,000 after buying an additional 14,223 shares in the last quarter. 57.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Royal Bank Of Canada reiterated a "sector perform" rating on shares of Fortis in a report on Friday, February 13th. TD Securities reaffirmed a "buy" rating on shares of Fortis in a report on Tuesday, February 17th. Wall Street Zen raised Fortis from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Scotiabank reaffirmed a "sector perform" rating on shares of Fortis in a research note on Friday, February 13th. Finally, BMO Capital Markets reaffirmed a "market perform" rating on shares of Fortis in a report on Friday, February 13th. Five 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, the stock currently has an average rating of "Moderate Buy" and an average target price of $72.00.

Fortis Stock Down 0.4%

Shares of NYSE FTS opened at $57.37 on Thursday. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.28. Fortis has a 12-month low of $43.28 and a 12-month high of $58.23. The firm's 50-day moving average price is $54.44 and its 200-day moving average price is $52.07. The stock has a market capitalization of $29.11 billion, a price-to-earnings ratio of 23.51, a P/E/G ratio of 4.39 and a beta of 0.49.

Fortis (NYSE:FTS - Get Free Report) last released its quarterly earnings results on Thursday, February 12th. The utilities provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.62 by $0.03. Fortis had a return on equity of 7.24% and a net margin of 14.24%.The company had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same quarter last year, the business posted $0.83 earnings per share. On average, equities research analysts anticipate that Fortis will post 2.35 EPS for the current fiscal year.

Fortis Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Friday, May 15th will be issued a $0.64 dividend. The ex-dividend date is Friday, May 15th. This represents a $2.56 dividend on an annualized basis and a dividend yield of 4.5%. Fortis's payout ratio is 77.05%.

About Fortis

Fortis Inc is a Canadian diversified electric and gas utility holding company headquartered in St. John's, Newfoundland and Labrador. Through a portfolio of regulated utility subsidiaries, the company develops, owns and operates electricity and natural gas transmission, distribution and generation assets. Fortis serves customers across multiple jurisdictions in Canada, the United States and the Caribbean, focusing on the delivery of safe, reliable energy to residential, commercial and industrial users.

The company's core activities include operation and maintenance of transmission and distribution networks, ownership of generation facilities, and investment in grid modernization and system resilience.

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