Fortis $FTS Shares Sold by Mufg Securities Canada LTD.

Key Points

• MUFG Securities Canada reduced its Fortis stake by 4.3% in the second quarter, selling 32,341 shares and retaining 720,199 shares worth approximately $41.2 million. Institutional investors collectively own 57.77% of Fortis.
• Fortis reported quarterly EPS of $0.56, slightly above analyst expectations, but revenue of $1.67 billion came in below the $1.83 billion estimate. Shares opened at $55.24, up 1.1%.
• Fortis declared a quarterly dividend of $0.64 per share, equivalent to an annualized $2.56 payout and a 4.6% yield. Analysts maintain a consensus “Hold” rating with a target price of $66.33.

Mufg Securities Canada LTD. trimmed its position in Fortis (NYSE:FTS - Free Report) by 4.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 720,199 shares of the utilities provider's stock after selling 32,341 shares during the period. Fortis makes up about 1.1% of Mufg Securities Canada LTD.'s holdings, making the stock its 26th biggest position. Mufg Securities Canada LTD. owned approximately 0.14% of Fortis worth $41,193,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Addison Capital Co increased its holdings in shares of Fortis by 0.9% in the 1st quarter. Addison Capital Co now owns 32,797 shares of the utilities provider's stock valued at $1,830,000 after purchasing an additional 289 shares in the last quarter. Public Sector Pension Investment Board grew its position in Fortis by 0.6% during the second quarter. Public Sector Pension Investment Board now owns 48,548 shares of the utilities provider's stock worth $2,313,000 after buying an additional 300 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of Fortis by 10.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,121 shares of the utilities provider's stock valued at $174,000 after acquiring an additional 308 shares during the period. Wellington Management Group LLP lifted its position in shares of Fortis by 0.8% during the 4th quarter. Wellington Management Group LLP now owns 37,822 shares of the utilities provider's stock valued at $1,969,000 after acquiring an additional 316 shares during the period. Finally, Royal London Asset Management Ltd. boosted its stake in shares of Fortis by 0.9% during the 2nd quarter. Royal London Asset Management Ltd. now owns 34,938 shares of the utilities provider's stock worth $1,668,000 after acquiring an additional 325 shares in the last quarter. Hedge funds and other institutional investors own 57.77% of the company's stock.

Fortis Stock Up 1.1%

Shares of NYSE FTS opened at $55.24 on Tuesday. The firm has a market cap of $28.22 billion, a P/E ratio of 22.36 and a beta of 0.43. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.47 and a current ratio of 0.56. Fortis has a 1 year low of $48.64 and a 1 year high of $59.40. The firm's 50 day moving average price is $56.96 and its 200 day moving average price is $56.64.

Fortis (NYSE:FTS - Get Free Report) last issued its quarterly earnings results on Friday, July 31st. The utilities provider reported $0.56 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.01. Fortis had a return on equity of 7.16% and a net margin of 14.17%.The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the company posted $0.76 EPS. As a group, sell-side analysts anticipate that Fortis will post 2.56 earnings per share for the current year.

Fortis Announces Dividend

The firm 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 $0.64 dividend. This represents a $2.56 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date of this dividend is Wednesday, August 19th. Fortis's dividend payout ratio (DPR) is presently 73.68%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FTS. BMO Capital Markets reissued a "market perform" rating on shares of Fortis in a research note on Monday, August 3rd. Barclays dropped their price objective 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. Canadian Imperial Bank of Commerce downgraded Fortis from an "outperform" rating to a "hold" rating in a research report on Friday, July 17th. Royal Bank Of Canada raised their price target on Fortis from $80.00 to $89.00 and gave the stock a "sector perform" rating in a research report on Monday, August 3rd. Finally, Wall Street Zen cut Fortis from a "hold" rating to a "sell" rating in a report on Saturday, May 23rd. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $66.33.

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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