State Treasurer State of Michigan boosted its holdings in Fortive Corp (NYSE:FTV) by 0.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 84,819 shares of the technology company’s stock after buying an additional 700 shares during the quarter. State Treasurer State of Michigan’s holdings in Fortive were worth $7,115,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Kentucky Retirement Systems acquired a new position in Fortive in the fourth quarter valued at $865,000. Deutsche Bank AG boosted 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 acquiring an additional 365,059 shares in the last quarter. Vanguard Group Inc boosted its stake in Fortive by 0.9% in the third quarter. Vanguard Group Inc now owns 22,405,241 shares of the technology company’s stock valued at $1,890,330,000 after acquiring an additional 203,786 shares in the last quarter. Brown Advisory Inc. boosted its stake in Fortive by 2.4% in the fourth quarter. Brown Advisory Inc. now owns 6,321,632 shares of the technology company’s stock valued at $427,722,000 after acquiring an additional 146,763 shares in the last quarter. Finally, Canton Hathaway LLC acquired a new position in Fortive in the fourth quarter valued at $203,000. 84.70% of the stock is currently owned by hedge funds and other institutional investors.
FTV has been the subject of several research analyst reports. Argus restated a “buy” rating on shares of Fortive in a research note on Tuesday, April 30th. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Monday, April 22nd. Berenberg Bank initiated coverage on shares of Fortive in a research note on Wednesday. They issued a “buy” rating and a $96.00 price objective for the company. Morgan Stanley downgraded shares of Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 price objective for the company. in a research note on Wednesday, May 8th. They noted that the move was a valuation call. Finally, William Blair restated a “market perform” rating on shares of Fortive in a research note on Tuesday, February 12th. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $88.13.
In other news, insider William W. Pringle sold 435 shares of the stock in a transaction dated Wednesday, February 20th. The shares were sold at an average price of $80.66, for a total transaction of $35,087.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Emily A. Weaver sold 600 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $85.53, for a total transaction of $51,318.00. Following the sale, the vice president now owns 9,796 shares of the company’s stock, valued at approximately $837,851.88. The disclosure for this sale can be found here. Insiders have sold 18,600 shares of company stock valued at $1,571,781 in the last quarter. Insiders own 12.70% of the company’s stock.
Shares of FTV opened at $80.51 on Thursday. Fortive Corp has a fifty-two week low of $62.89 and a fifty-two week high of $89.48. The stock has a market cap of $26.98 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 1.72 and a beta of 1.13. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.20 and a quick ratio of 1.97.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, April 25th. The technology company reported $0.69 earnings per share for the quarter, hitting the consensus estimate of $0.69. Fortive had a net margin of 39.98% and a return on equity of 19.44%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Fortive Corp will post 3.6 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.28 annualized dividend and a dividend yield of 0.35%. Fortive’s dividend payout ratio (DPR) is 9.15%.
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Fortive Company Profile
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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