Sumitomo Mitsui Trust Group Inc. reduced its holdings in shares of Fortive Corporation (NYSE:FTV – Free Report) by 6.9% in the first quarter, HoldingsChannel.com reports. The fund owned 771,336 shares of the technology company’s stock after selling 56,925 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortive were worth $42,639,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the business. DV Equities LLC bought a new stake in shares of Fortive during the 4th quarter valued at about $25,000. Root Financial Partners LLC grew its stake in Fortive by 43.6% during the fourth quarter. Root Financial Partners LLC now owns 553 shares of the technology company’s stock worth $31,000 after purchasing an additional 168 shares during the period. Geneos Wealth Management Inc. increased its holdings in 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 purchasing an additional 357 shares in the last quarter. Dorato Capital Management acquired a new position in Fortive in the fourth quarter valued at approximately $45,000. Finally, Hantz Financial Services Inc. lifted its stake in Fortive by 149.3% in the fourth quarter. Hantz Financial Services Inc. now owns 845 shares of the technology company’s stock valued at $47,000 after buying an additional 506 shares during the period. 94.94% of the stock is owned by institutional investors.
Fortive Price Performance
FTV stock opened at $62.26 on Monday. The company has a market capitalization of $18.98 billion, a P/E ratio of 37.28 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 52-week low of $46.34 and a 52-week high of $64.33. The business has a 50-day simple moving average of $60.56 and a two-hundred day simple moving average of $58.12.
Fortive declared that its board has authorized a share repurchase plan on Monday, May 4th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Fortive Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 22nd were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 22nd. Fortive’s dividend payout ratio is presently 14.37%.
Insiders Place Their Bets
In other Fortive news, SVP Peter C. Underwood sold 47,557 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $60.81, for a total transaction of $2,891,941.17. Following the transaction, the senior vice president directly owned 87,780 shares in the company, valued at approximately $5,337,901.80. This trade represents a 35.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.65% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on FTV shares. Argus upgraded 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. Citigroup boosted their target price on shares of Fortive from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Zacks Research lowered shares of Fortive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. raised their price target on shares of Fortive from $63.00 to $64.00 and gave the stock an “underweight” rating in a report on Tuesday, May 12th. Finally, Truist Financial lifted their price target on shares of Fortive from $61.00 to $67.00 and gave the company a “hold” rating in a research note on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $61.83.
Check Out Our Latest Stock Analysis on Fortive
About Fortive
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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