Fortive Corporation $FTV Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD cut its position in shares of Fortive Corporation (NYSE:FTV) by 7.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 5,613 shares of the technology company’s stock after selling 426 shares during the period. Guinness Asset Management LTD’s holdings in Fortive were worth $293,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of FTV. Accent Capital Management LLC purchased a new position in Fortive in the first quarter valued at approximately $26,000. Geneos Wealth Management Inc. increased its position in shares of Fortive by 246.2% in the first quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock worth $37,000 after acquiring an additional 357 shares in the last quarter. Capital Analysts LLC raised its stake in shares of Fortive by 41.0% in the 1st quarter. Capital Analysts LLC now owns 523 shares of the technology company’s stock valued at $38,000 after acquiring an additional 152 shares during the period. Banque Transatlantique SA lifted its holdings in shares of Fortive by 92.8% during the 1st quarter. Banque Transatlantique SA now owns 561 shares of the technology company’s stock valued at $38,000 after acquiring an additional 270 shares in the last quarter. Finally, Larson Financial Group LLC boosted its position in Fortive by 459.7% during the 1st quarter. Larson Financial Group LLC now owns 806 shares of the technology company’s stock worth $59,000 after purchasing an additional 662 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Stock Performance

Fortive stock opened at $49.46 on Monday. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. The stock has a market cap of $16.74 billion, a P/E ratio of 22.28, a price-to-earnings-growth ratio of 3.14 and a beta of 1.15. The stock has a 50 day moving average of $48.63 and a 200-day moving average of $57.57.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Monday, June 9th. The technology company reported $0.80 earnings per share (EPS) for the quarter. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The business had revenue of $1.07 billion during the quarter. On average, analysts expect that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. Fortive’s dividend payout ratio (DPR) is presently 10.81%.

Wall Street Analyst Weigh In

A number of brokerages have commented on FTV. JPMorgan Chase & Co. restated a “neutral” rating and set a $53.00 price objective (down previously from $58.00) on shares of Fortive in a research note on Wednesday, October 15th. TD Cowen lowered Fortive from a “buy” rating to a “hold” rating and reduced their price target for the stock from $85.00 to $50.00 in a research report on Tuesday, July 15th. Cowen downgraded shares of Fortive from a “buy” rating to a “hold” rating in a research report on Tuesday, July 15th. Raymond James Financial dropped their price objective on shares of Fortive from $90.00 to $65.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 1st. Finally, Melius Research upgraded shares of Fortive to a “hold” rating in a research note on Tuesday, July 22nd. Three equities research analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Fortive has an average rating of “Hold” and an average price target of $61.14.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.