Congruence Capital LLC acquired a new position in shares of Fortive Corporation (NYSE:FTV – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 381,449 shares of the technology company’s stock, valued at approximately $21,060,000. Fortive accounts for approximately 7.7% of Congruence Capital LLC’s portfolio, making the stock its biggest position.
A number of other large investors have also modified their holdings of the stock. Dodge & Cox increased its position in shares of Fortive by 3.7% during the fourth quarter. Dodge & Cox now owns 44,157,822 shares of the technology company’s stock worth $2,437,953,000 after acquiring an additional 1,562,028 shares during the period. Viking Global Investors LP increased its position in shares of Fortive by 28.7% during the third quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock worth $1,003,495,000 after acquiring an additional 4,571,056 shares during the period. Norges Bank purchased a new stake in shares of Fortive during the fourth quarter worth $491,928,000. Geode Capital Management LLC increased its position in shares of Fortive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 8,787,747 shares of the technology company’s stock worth $483,327,000 after acquiring an additional 116,939 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its position in shares of Fortive by 55.2% during the third quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 8,709,913 shares of the technology company’s stock worth $426,699,000 after acquiring an additional 3,096,711 shares during the period. Hedge funds and other institutional investors own 94.94% of the company’s stock.
Fortive Trading Up 0.5%
NYSE FTV opened at $60.15 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.71 and a debt-to-equity ratio of 0.43. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $71.85. The stock has a market capitalization of $18.34 billion, a PE ratio of 36.02 and a beta of 1.06. The firm has a 50 day moving average of $59.82 and a two-hundred day moving average of $57.05.
Fortive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, July 6th. Investors of record on Monday, June 22nd will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, June 22nd. Fortive’s dividend payout ratio (DPR) is 14.37%.
Fortive declared that its board has approved a share buyback plan on Monday, May 4th that authorizes the company to repurchase 20,000,000 outstanding shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
Wall Street Analyst Weigh In
FTV has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Fortive in a research report on Friday, May 22nd. Morgan Stanley upped their price objective on Fortive from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 3rd. Royal Bank Of Canada boosted their price target on shares of Fortive from $59.00 to $63.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Truist Financial reiterated a “hold” rating and set a $61.00 price target (up from $56.00) on shares of Fortive in a report on Monday, May 4th. Finally, Citigroup boosted their price target on shares of Fortive from $64.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, May 1st. Three analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $61.62.
Get Our Latest Report on Fortive
Insider Activity at Fortive
In related news, SVP Peter C. Underwood sold 47,557 shares of the stock in a transaction on Monday, May 4th. The shares were sold at an average price of $60.81, for a total value of $2,891,941.17. Following the transaction, the senior vice president directly owned 87,780 shares of the company’s stock, valued at $5,337,901.80. This trade represents a 35.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.65% of the stock is owned by company insiders.
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.
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