UniSuper Management Pty Ltd Raises Position in Fortive Corporation $FTV

UniSuper Management Pty Ltd increased its stake in Fortive Corporation (NYSE:FTV) by 38.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 52,766 shares of the technology company’s stock after purchasing an additional 14,639 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Fortive were worth $2,585,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dodge & Cox raised its stake in shares of Fortive by 51.5% in the second quarter. Dodge & Cox now owns 33,173,605 shares of the technology company’s stock valued at $1,729,340,000 after buying an additional 11,273,242 shares during the period. Norges Bank bought a new position in shares of Fortive in the second quarter worth $357,602,000. Viking Global Investors LP grew its position in shares of Fortive by 22.9% in the second quarter. Viking Global Investors LP now owns 15,912,624 shares of the technology company’s stock valued at $829,525,000 after purchasing an additional 2,962,502 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Fortive by 132.8% during the 3rd quarter. Pacer Advisors Inc. now owns 3,222,299 shares of the technology company’s stock valued at $157,860,000 after purchasing an additional 1,838,120 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Fortive by 24.6% during the 2nd quarter. Invesco Ltd. now owns 7,010,216 shares of the technology company’s stock valued at $365,443,000 after purchasing an additional 1,383,254 shares during the period. 94.94% of the stock is owned by institutional investors.

Fortive Stock Down 2.9%

Shares of NYSE FTV opened at $53.14 on Wednesday. The stock has a market capitalization of $16.88 billion, a P/E ratio of 30.37, a PEG ratio of 3.07 and a beta of 1.13. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32. The firm’s 50 day simple moving average is $54.37 and its two-hundred day simple moving average is $51.03. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.70 and a quick ratio of 0.58.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, October 29th. The technology company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. Fortive had a net margin of 11.72% and a return on equity of 12.04%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the company earned $0.97 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. As a group, analysts expect that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 26th. Stockholders of record on Friday, November 28th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Friday, November 28th. Fortive’s dividend payout ratio (DPR) is 13.71%.

Insider Activity at Fortive

In other news, SVP Stacey A. Walker sold 2,192 shares of the business’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $50.35, for a total value of $110,367.20. Following the completion of the sale, the senior vice president owned 59,488 shares of the company’s stock, valued at approximately $2,995,220.80. The trade was a 3.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FTV shares. Citigroup increased their price target on shares of Fortive from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, December 8th. Truist Financial reiterated a “hold” rating and set a $58.00 price target (up previously from $55.00) on shares of Fortive in a research report on Thursday, October 30th. Mizuho reissued an “underperform” rating and set a $51.00 price objective (down previously from $54.00) on shares of Fortive in a report on Monday, January 5th. Wells Fargo & Company upped their price objective on shares of Fortive from $55.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Monday, December 22nd. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $57.00 target price (up from $55.00) on shares of Fortive in a research report on Friday, January 16th. Two analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Fortive has an average rating of “Hold” and an average target price of $57.77.

Fortive Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.