Fortive Corporation (NYSE:FTV) Shares Sold by NBT Bank N A NY

NBT Bank N A NY reduced its stake in shares of Fortive Corporation (NYSE:FTV) by 26.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,214 shares of the technology company’s stock after selling 4,790 shares during the quarter. NBT Bank N A NY’s holdings in Fortive were worth $967,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parvin Asset Management LLC acquired a new stake in Fortive in the fourth quarter valued at approximately $26,000. American National Bank & Trust purchased a new position in shares of Fortive in the first quarter valued at $26,000. Park Square Financial Group LLC acquired a new stake in Fortive during the 4th quarter valued at $30,000. Whipplewood Advisors LLC purchased a new stake in Fortive during the 4th quarter worth $31,000. Finally, Quarry LP lifted its holdings in Fortive by 229.6% in the 4th quarter. Quarry LP now owns 501 shares of the technology company’s stock worth $38,000 after buying an additional 349 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Peter C. Underwood sold 14,327 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the completion of the transaction, the senior vice president now owns 51,750 shares in the company, valued at approximately $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO James A. Lico sold 175,000 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the completion of the sale, the chief executive officer now directly owns 428,585 shares in the company, valued at approximately $31,029,554. This trade represents a 28.99% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on FTV shares. Royal Bank Of Canada raised their target price on Fortive from $78.00 to $79.00 and gave the company a “sector perform” rating in a research note on Monday, June 9th. JPMorgan Chase & Co. raised their price objective on Fortive from $73.00 to $87.00 and gave the company an “overweight” rating in a research note on Friday, May 16th. Barclays restated an “overweight” rating and set a $86.00 price objective (up from $84.00) on shares of Fortive in a report on Tuesday, June 3rd. Truist Financial cut their target price on Fortive from $90.00 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Finally, Robert W. Baird decreased their price target on shares of Fortive from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $82.62.

Fortive Price Performance

Shares of FTV opened at $69.57 on Wednesday. Fortive Corporation has a 52 week low of $60.39 and a 52 week high of $83.32. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The firm has a market cap of $23.65 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 2.93 and a beta of 1.11. The stock has a 50 day moving average of $69.49 and a 200-day moving average of $74.18.

Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, hitting analysts’ consensus estimates of $0.85. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the company posted $0.83 earnings per share. The firm’s revenue was down 3.3% on a year-over-year basis. As a group, analysts forecast that Fortive Corporation will post 4.05 EPS for the current year.

Fortive declared that its board has approved a stock repurchase program on Tuesday, May 27th that permits the company to repurchase 15,630,000 shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Fortive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.32 annualized dividend and a yield of 0.46%. Fortive’s dividend payout ratio (DPR) is 14.04%.

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.