Flossbach Von Storch AG lifted its stake in shares of Fortive Corp (NYSE:FTV) by 53.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,335,290 shares of the technology company’s stock after acquiring an additional 1,162,230 shares during the quarter. Fortive comprises approximately 1.2% of Flossbach Von Storch AG’s holdings, making the stock its 19th largest position. Flossbach Von Storch AG owned about 0.99% of Fortive worth $184,075,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. TFG Advisers LLC bought a new stake in Fortive during the 4th quarter valued at approximately $28,000. CFM Wealth Partners LLC bought a new stake in Fortive during the 4th quarter valued at approximately $33,000. Acadian Asset Management LLC bought a new stake in Fortive during the 4th quarter valued at approximately $37,000. Meeder Asset Management Inc. boosted its stake in Fortive by 41.3% during the 4th quarter. Meeder Asset Management Inc. now owns 486 shares of the technology company’s stock valued at $37,000 after purchasing an additional 142 shares during the period. Finally, Atlantic Trust LLC bought a new stake in Fortive during the 4th quarter valued at approximately $37,000. Institutional investors own 81.39% of the company’s stock.
Several brokerages recently weighed in on FTV. Cowen upgraded Fortive from an “underperform” rating to a “market perform” rating and set a $70.00 target price for the company in a research note on Monday, March 9th. Citigroup began coverage on Fortive in a report on Monday, April 27th. They issued a “buy” rating and a $70.00 price target for the company. Raymond James cut Fortive from an “outperform” rating to a “market perform” rating in a report on Tuesday, February 11th. Barclays reaffirmed a “buy” rating and issued a $73.00 price target on shares of Fortive in a report on Friday, April 17th. Finally, Zacks Investment Research cut Fortive from a “hold” rating to a “sell” rating and set a $61.00 price target for the company. in a report on Thursday, May 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $74.31.
FTV stock traded up $0.25 during midday trading on Friday, reaching $58.53. 1,556,134 shares of the company’s stock traded hands, compared to its average volume of 2,371,100. The company has a 50-day simple moving average of $58.95 and a two-hundred day simple moving average of $68.28. Fortive Corp has a 1-year low of $37.31 and a 1-year high of $83.18. The company has a market cap of $19.63 billion, a price-to-earnings ratio of 36.35 and a beta of 1.28. The company has a quick ratio of 1.32, a current ratio of 1.62 and a debt-to-equity ratio of 0.82.
Fortive (NYSE:FTV) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.03. Fortive had a return on equity of 17.55% and a net margin of 8.28%. The firm had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm posted $0.69 EPS. The business’s revenue was up 7.6% on a year-over-year basis. Equities research analysts forecast that Fortive Corp will post 2.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, May 29th will be given a $0.07 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.28 dividend on an annualized basis and a yield of 0.48%. Fortive’s payout ratio is 8.05%.
In other news, Director Alan G. Spoon acquired 20,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $54.46 per share, for a total transaction of $1,089,200.00. Also, SVP Stacey A. Walker sold 1,754 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $73.77, for a total value of $129,392.58. Following the completion of the transaction, the senior vice president now owns 28,705 shares in the company, valued at $2,117,567.85. The disclosure for this sale can be found here. Insiders sold a total of 2,163 shares of company stock worth $159,165 over the last quarter. Corporate insiders own 12.70% of the company’s stock.
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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