Sumitomo Life Insurance Co. cut its position in shares of Fortive Corp (NYSE:FTV) by 9.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,110 shares of the technology company’s stock after selling 2,394 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Fortive were worth $1,855,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in FTV. Norges Bank bought a new position in Fortive during the fourth quarter worth $246,463,000. Oregon Public Employees Retirement Fund lifted its stake in Fortive by 3,401.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,533,529 shares of the technology company’s stock valued at $37,000 after buying an additional 2,461,167 shares during the last quarter. Gates Capital Management Inc. bought a new stake in Fortive in the fourth quarter valued at $53,836,000. Deutsche Bank AG lifted its stake in Fortive by 79.0% in the fourth quarter. Deutsche Bank AG now owns 827,194 shares of the technology company’s stock valued at $55,963,000 after buying an additional 365,059 shares during the last quarter. Finally, Royal London Asset Management Ltd. bought a new stake in Fortive in the fourth quarter valued at $17,093,000. Hedge funds and other institutional investors own 85.06% of the company’s stock.
A number of equities research analysts have issued reports on FTV shares. Morgan Stanley upgraded Fortive from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $84.00 to $82.00 in a research note on Tuesday, December 18th. Zacks Investment Research lowered Fortive from a “hold” rating to a “sell” rating in a report on Monday, December 31st. William Blair reissued a “market perform” rating on shares of Fortive in a report on Tuesday, February 12th. TheStreet lowered Fortive from a “b-” rating to a “c” rating in a report on Wednesday, December 19th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $78.00 price target (down from $86.00) on shares of Fortive in a report on Thursday, January 3rd. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Fortive presently has an average rating of “Buy” and an average price target of $85.90.
In related news, SVP Stacey A. Walker sold 1,783 shares of Fortive stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $81.87, for a total transaction of $145,974.21. Following the transaction, the senior vice president now directly owns 16,036 shares of the company’s stock, valued at $1,312,867.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Jonathan L. Schwarz sold 3,746 shares of Fortive stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $81.63, for a total value of $305,785.98. Following the transaction, the vice president now directly owns 17,740 shares in the company, valued at $1,448,116.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,964 shares of company stock worth $486,847. 12.20% of the stock is owned by corporate insiders.
NYSE:FTV opened at $87.64 on Wednesday. The stock has a market cap of $29.33 billion, a P/E ratio of 28.64, a PEG ratio of 2.08 and a beta of 1.14. Fortive Corp has a 52-week low of $62.89 and a 52-week high of $88.36. The company has a current ratio of 1.45, a quick ratio of 1.18 and a debt-to-equity ratio of 0.45.
Fortive (NYSE:FTV) last released its earnings results on Thursday, February 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.06. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.77 billion. Fortive had a return on equity of 22.42% and a net margin of 40.50%. Fortive’s revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.82 earnings per share. Sell-side analysts anticipate that Fortive Corp will post 3.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Thursday, May 30th. Fortive’s payout ratio is currently 9.15%.
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Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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