Intact Investment Management Inc. Sells 23,261 Shares of Fortis $FTS

Key Points

• Intact Investment Management trimmed its stake in Fortis by 2.5% in Q4, selling 23,261 shares and leaving it with 921,744 shares (about 1.4% of Intact's portfolio), representing 0.18% of Fortis worth $47.92 million.
• Fortis declared a quarterly dividend of $0.64 per share (annualized $2.56) payable June 1 with an ex-dividend date of May 15, implying a 4.5% yield and a payout ratio of 77.05%.
• Recent results and outlook: Fortis reported Q EPS of $0.65 (beating the $0.62 estimate) but revenue missed at $2.13 billion versus $2.54 billion expected; analysts’ consensus is a "Moderate Buy" with an average price target of $67.00.

Intact Investment Management Inc. reduced its position in shares of Fortis (NYSE:FTS - Free Report) by 2.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 921,744 shares of the utilities provider's stock after selling 23,261 shares during the period. Fortis comprises about 1.4% of Intact Investment Management Inc.'s investment portfolio, making the stock its 17th biggest position. Intact Investment Management Inc. owned 0.18% of Fortis worth $47,920,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in FTS. AQR Capital Management LLC bought a new position in Fortis during the 1st quarter valued at about $311,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Fortis by 19.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 565,150 shares of the utilities provider's stock valued at $25,760,000 after purchasing an additional 90,776 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Fortis by 148.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,902 shares of the utilities provider's stock valued at $139,000 after purchasing an additional 1,732 shares during the last quarter. Baird Financial Group Inc. increased its position in Fortis by 3.4% in the 2nd quarter. Baird Financial Group Inc. now owns 33,996 shares of the utilities provider's stock valued at $1,623,000 after acquiring an additional 1,109 shares in the last quarter. Finally, Cerity Partners LLC increased its position in Fortis by 4.4% in the 2nd quarter. Cerity Partners LLC now owns 10,343 shares of the utilities provider's stock valued at $494,000 after acquiring an additional 439 shares in the last quarter. 57.77% of the stock is owned by institutional investors.

Fortis Trading Up 0.1%

FTS opened at $57.24 on Monday. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.28. The stock has a market capitalization of $29.14 billion, a PE ratio of 23.46 and a beta of 0.45. Fortis has a 1-year low of $45.87 and a 1-year high of $58.78. The firm has a 50-day moving average price of $56.78 and a two-hundred day moving average price of $53.82.

Fortis (NYSE:FTS - Get Free Report) last issued 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 net margin of 14.24% and a return on equity of 7.24%. The company had revenue of $2.13 billion during the quarter, compared to analysts' expectations of $2.54 billion. During the same quarter in the previous year, the company earned $0.83 EPS. As a group, equities analysts anticipate that Fortis will post 2.63 earnings per share for the current fiscal year.

Fortis Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Fortis in a research report on Monday, April 20th. TD Securities restated a "buy" rating on shares of Fortis in a research report on Tuesday, February 17th. Weiss Ratings restated a "buy (b)" rating on shares of Fortis in a research report on Tuesday, April 21st. BMO Capital Markets restated a "market perform" rating on shares of Fortis in a research report on Friday, February 13th. Finally, Royal Bank Of Canada restated a "sector perform" rating on shares of Fortis in a research report on Friday, February 13th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Fortis has a consensus rating of "Moderate Buy" and an average price target of $67.00.

Fortis 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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