Wellington Management Group LLP raised its stake in shares of Fortive Corporation (NYSE:FTV) by 2.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,851,985 shares of the technology company’s stock after buying an additional 76,017 shares during the period. Wellington Management Group LLP owned approximately 0.82% of Fortive Corporation worth $171,747,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in FTV. First Eagle Investment Management LLC increased its stake in shares of Fortive Corporation by 25.5% in the first quarter. First Eagle Investment Management LLC now owns 4,718,316 shares of the technology company’s stock valued at $284,137,000 after buying an additional 957,431 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of Fortive Corporation by 6.8% in the first quarter. Bank of New York Mellon Corp now owns 4,000,487 shares of the technology company’s stock valued at $240,910,000 after buying an additional 254,403 shares in the last quarter. Norges Bank bought a new stake in shares of Fortive Corporation during the fourth quarter valued at about $138,599,000. Prudential Financial Inc. increased its stake in shares of Fortive Corporation by 109.8% in the first quarter. Prudential Financial Inc. now owns 2,160,610 shares of the technology company’s stock valued at $130,112,000 after buying an additional 1,130,600 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Fortive Corporation by 2.9% in the first quarter. Wells Fargo & Company MN now owns 1,948,111 shares of the technology company’s stock valued at $117,315,000 after buying an additional 54,860 shares in the last quarter. Institutional investors and hedge funds own 79.95% of the company’s stock.
Fortive Corporation (NYSE FTV) traded up 0.17% on Tuesday, reaching $64.90. 391,124 shares of the company were exchanged. The company’s 50-day moving average price is $62.84 and its 200-day moving average price is $58.58. Fortive Corporation has a 12-month low of $46.00 and a 12-month high of $65.21. The stock has a market capitalization of $22.49 billion and a P/E ratio of 25.46.
Fortive Corporation (NYSE:FTV) last posted its earnings results on Thursday, April 27th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. Fortive Corporation had a net margin of 14.16% and a return on equity of 34.24%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business posted $0.60 EPS. The business’s revenue was up 4.1% compared to the same quarter last year. Equities research analysts anticipate that Fortive Corporation will post $2.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, May 26th will be paid a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, May 24th. This represents a $0.28 annualized dividend and a dividend yield of 0.43%. Fortive Corporation’s payout ratio is 10.98%.
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FTV has been the subject of several research reports. Zacks Investment Research raised shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research report on Wednesday, April 12th. SunTrust Banks, Inc. raised shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research report on Wednesday, March 29th. Barclays PLC set a $66.00 price objective on shares of Fortive Corporation and gave the stock a “buy” rating in a research report on Sunday, April 30th. Morgan Stanley downgraded shares of Fortive Corporation from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $61.00 to $65.00 in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Fortive Corporation has a consensus rating of “Hold” and a consensus price target of $59.14.
In other news, insider James A. Lico sold 131,994 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $62.34, for a total value of $8,228,505.96. Following the completion of the sale, the insider now owns 191,101 shares in the company, valued at approximately $11,913,236.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Emily A. Weaver sold 3,749 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total transaction of $233,450.23. The disclosure for this sale can be found here. In the last quarter, insiders sold 147,385 shares of company stock valued at $9,187,369.
Fortive Corporation Company Profile
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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