Connor Clark & Lunn Investment Management Ltd. Takes Position in Fortis $FTS

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Fortis (NYSE:FTS - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,436,620 shares of the utilities provider's stock, valued at approximately $311,146,000. Connor Clark & Lunn Investment Management Ltd. owned 1.06% of Fortis as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Fortis by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 24,129,958 shares of the utilities provider's stock valued at $1,254,541,000 after purchasing an additional 536,118 shares during the period. Quantinno Capital Management LP increased its holdings in Fortis by 37.7% in the first quarter. Quantinno Capital Management LP now owns 333,219 shares of the utilities provider's stock worth $18,590,000 after purchasing an additional 91,219 shares in the last quarter. Hillsdale Investment Management Inc. lifted its stake in Fortis by 39.0% in the first quarter. Hillsdale Investment Management Inc. now owns 1,088,628 shares of the utilities provider's stock valued at $60,720,000 after buying an additional 305,450 shares during the period. Royal Bank of Canada boosted its holdings in shares of Fortis by 4.6% during the 1st quarter. Royal Bank of Canada now owns 35,241,451 shares of the utilities provider's stock worth $1,966,121,000 after buying an additional 1,557,443 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Fortis by 103.4% during the 1st quarter. Janus Henderson Group PLC now owns 48,777 shares of the utilities provider's stock worth $2,714,000 after buying an additional 24,800 shares during the period. Institutional investors own 57.77% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Canadian Imperial Bank of Commerce downgraded shares of Fortis from an "outperform" rating to a "hold" rating in a research report on Friday, July 17th. Scotiabank restated a "sector perform" rating on shares of Fortis in a report on Tuesday, August 4th. Barclays decreased their price target on shares of Fortis from $61.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, August 3rd. Wolfe Research set a $50.00 price objective on shares of Fortis in a research report on Tuesday, August 4th. Finally, BMO Capital Markets restated a "market perform" rating on shares of Fortis in a research note on Monday, August 3rd. 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, the stock presently has a consensus rating of "Hold" and a consensus price target of $66.33.

Fortis Stock Performance

FTS opened at $54.94 on Monday. Fortis has a 1-year low of $48.64 and a 1-year high of $59.40. The company has a market cap of $28.07 billion, a price-to-earnings ratio of 22.24 and a beta of 0.43. The company's fifty day moving average price is $57.12 and its two-hundred day moving average price is $56.61. The company has a current ratio of 0.56, a quick ratio of 0.47 and a debt-to-equity ratio of 1.27.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings data on Friday, July 31st. The utilities provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.55 by $0.01. The firm had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.83 billion. Fortis had a net margin of 14.17% and a return on equity of 7.16%. During the same period last year, the company earned $0.76 earnings per share. On average, analysts expect that Fortis will post 2.56 EPS for the current fiscal year.

Fortis Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.64 per share. The ex-dividend date is Wednesday, August 19th. This represents a $2.56 dividend on an annualized basis and a yield of 4.7%. Fortis's payout ratio is 73.68%.

Fortis Company Profile

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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