BBVA USA Bancshares Inc. raised its position in Fortive Corp (NYSE:FTV) by 59.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,639 shares of the technology company’s stock after purchasing an additional 3,236 shares during the quarter. BBVA USA Bancshares Inc.’s holdings in Fortive were worth $593,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FTV. Nuveen Asset Management LLC grew its stake in Fortive by 23,241.1% in the second quarter. Nuveen Asset Management LLC now owns 3,906,599 shares of the technology company’s stock valued at $318,466,000 after purchasing an additional 3,889,862 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in Fortive by 47.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,759,436 shares of the technology company’s stock valued at $531,987,000 after purchasing an additional 2,490,746 shares in the last quarter. Parnassus Investments CA boosted its stake in shares of Fortive by 33.7% during the 3rd quarter. Parnassus Investments CA now owns 1,302,298 shares of the technology company’s stock worth $89,286,000 after acquiring an additional 328,567 shares in the last quarter. Baillie Gifford & Co. boosted its stake in shares of Fortive by 19.5% during the 2nd quarter. Baillie Gifford & Co. now owns 1,873,187 shares of the technology company’s stock worth $152,702,000 after acquiring an additional 305,037 shares in the last quarter. Finally, Schroder Investment Management Group boosted its stake in shares of Fortive by 14.8% during the 2nd quarter. Schroder Investment Management Group now owns 2,232,096 shares of the technology company’s stock worth $181,961,000 after acquiring an additional 287,449 shares in the last quarter. Hedge funds and other institutional investors own 83.41% of the company’s stock.
Shares of NYSE:FTV opened at $71.63 on Friday. The business has a 50 day moving average price of $69.46 and a 200 day moving average price of $74.62. Fortive Corp has a twelve month low of $62.89 and a twelve month high of $89.48. The company has a market cap of $23.84 billion, a price-to-earnings ratio of 21.06, a PEG ratio of 2.58 and a beta of 1.21. The company has a quick ratio of 0.96, a current ratio of 1.19 and a debt-to-equity ratio of 0.72.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, October 24th. The technology company reported $0.87 earnings per share for the quarter, meeting the consensus estimate of $0.87. Fortive had a return on equity of 17.41% and a net margin of 37.57%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the company earned $0.86 EPS. The firm’s revenue for the quarter was up 16.2% compared to the same quarter last year. Analysts anticipate that Fortive Corp will post 3.45 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be paid a dividend of $0.07 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.28 annualized dividend and a yield of 0.39%. Fortive’s payout ratio is 9.15%.
Several analysts have recently issued reports on FTV shares. Berenberg Bank set a $86.00 price target on Fortive and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Rosenblatt Securities started coverage on Fortive in a research note on Thursday, November 7th. They set a “neutral” rating and a $77.00 price target for the company. Bank of America decreased their price target on Fortive from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. JPMorgan Chase & Co. started coverage on Fortive in a research note on Friday. They set a “neutral” rating and a $72.00 price target for the company. Finally, Royal Bank of Canada set a $73.00 price target on Fortive and gave the stock a “hold” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $77.77.
In related news, SVP Martin Gafinowitz sold 18,543 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $72.41, for a total transaction of $1,342,698.63. Following the completion of the sale, the senior vice president now owns 101,169 shares in the company, valued at approximately $7,325,647.29. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 12.70% of the stock is owned by corporate insiders.
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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