State of Wyoming bought a new stake in Fortive Corporation (NYSE:FTV – Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 8,323 shares of the technology company’s stock, valued at approximately $460,000.
Several other institutional investors and hedge funds have also modified their holdings of the business. DV Equities LLC bought a new position in Fortive during the fourth quarter worth about $25,000. Root Financial Partners LLC boosted its holdings in 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 purchasing an additional 168 shares during the period. Main Street Group LTD acquired a new position in shares of Fortive during the 1st quarter worth approximately $31,000. Geneos Wealth Management Inc. grew its position in shares of Fortive by 246.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock worth $37,000 after purchasing an additional 357 shares in the last quarter. Finally, Dorato Capital Management bought a new position in shares of Fortive during the fourth quarter worth approximately $45,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.
Fortive Stock Performance
NYSE FTV opened at $62.39 on Friday. The firm’s fifty day moving average price is $60.82 and its two-hundred day moving average price is $58.50. The stock has a market cap of $18.87 billion, a PE ratio of 37.36 and a beta of 1.06. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.57 and a current ratio of 0.71. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $64.33.
Fortive declared that its Board of Directors has initiated a share buyback program on Monday, May 4th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Fortive Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 22nd were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.4%. The ex-dividend date was Monday, June 22nd. Fortive’s payout ratio is 14.37%.
Insider Buying and Selling at Fortive
In related news, SVP Peter C. Underwood sold 47,557 shares of the firm’s 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 completion of the transaction, the senior vice president owned 87,780 shares in the company, valued at $5,337,901.80. This trade represents a 35.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.65% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on FTV. Weiss Ratings reiterated a “hold (c)” rating on shares of Fortive in a research report on Friday, May 22nd. Citigroup raised their price objective on Fortive from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Argus raised Fortive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Monday, May 11th. Wells Fargo & Company increased their target price on Fortive from $58.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. boosted their price target on Fortive from $63.00 to $64.00 and gave the company an “underweight” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $63.00.
Read Our Latest Research Report on FTV
Fortive Company 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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