Storen Legacy Partners LLC acquired a new stake in shares of Fortive Corporation (NYSE:FTV – Free Report) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 18,479 shares of the technology company’s stock, valued at approximately $1,020,000. Fortive makes up 0.3% of Storen Legacy Partners LLC’s portfolio, making the stock its 28th biggest holding.
Other hedge funds also recently bought and sold shares of the company. Root Financial Partners LLC increased its holdings in shares of Fortive by 43.6% in the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company’s stock valued at $31,000 after acquiring an additional 168 shares during the period. Rothschild Investment LLC lifted its stake in shares of Fortive by 20.5% during the 4th quarter. Rothschild Investment LLC now owns 1,113 shares of the technology company’s stock worth $61,000 after purchasing an additional 189 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Fortive by 2.3% during the 4th quarter. Empowered Funds LLC now owns 8,733 shares of the technology company’s stock worth $482,000 after purchasing an additional 197 shares during the last quarter. Park Avenue Securities LLC boosted its position in Fortive by 2.5% during the fourth quarter. Park Avenue Securities LLC now owns 8,401 shares of the technology company’s stock valued at $464,000 after purchasing an additional 208 shares in the last quarter. Finally, Clearstead Trust LLC boosted its position in Fortive by 29.8% during the fourth quarter. Clearstead Trust LLC now owns 953 shares of the technology company’s stock valued at $53,000 after purchasing an additional 219 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.
Fortive Price Performance
NYSE FTV opened at $61.05 on Friday. The company has a market cap of $18.61 billion, a price-to-earnings ratio of 36.56 and a beta of 1.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.71 and a quick ratio of 0.57. The stock’s fifty day moving average price is $60.21 and its 200 day moving average price is $57.32. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $71.85.
Fortive announced that its board has authorized a share buyback program on Monday, May 4th that allows the company to repurchase 20,000,000 outstanding shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Fortive Announces Dividend
The company 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. The ex-dividend date is Monday, June 22nd. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. Fortive’s dividend payout ratio is currently 14.37%.
Insiders Place Their Bets
In related news, SVP Peter C. Underwood sold 47,557 shares of the stock in a transaction that occurred 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 owned 87,780 shares in the company, valued at approximately $5,337,901.80. This represents a 35.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.65% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have commented on FTV. Wells Fargo & Company boosted their target price on shares of Fortive from $58.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a report on Monday, May 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Fortive in a research report on Friday, May 22nd. Zacks Research downgraded shares of Fortive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Finally, Royal Bank Of Canada boosted their price objective on shares of Fortive from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $61.62.
Check Out Our Latest Stock Analysis on FTV
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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