Pacer Advisors Inc. cut its stake in Fortive Corporation (NYSE:FTV – Free Report) by 10.9% in the first quarter, HoldingsChannel reports. The institutional investor owned 1,068,065 shares of the technology company’s stock after selling 130,630 shares during the quarter. Pacer Advisors Inc.’s holdings in Fortive were worth $59,043,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Aberdeen Group plc boosted its stake in shares of Fortive by 12.0% in the 4th quarter. Aberdeen Group plc now owns 353,520 shares of the technology company’s stock valued at $19,518,000 after purchasing an additional 37,828 shares in the last quarter. Eurizon Capital SGR S.p.A. bought a new stake in shares of Fortive in the 4th quarter worth about $20,387,000. WINTON GROUP Ltd acquired a new stake in shares of Fortive during the 4th quarter worth about $6,729,000. ABN Amro Investment Solutions acquired a new stake in shares of Fortive during the 4th quarter worth about $1,229,000. Finally, Robeco Institutional Asset Management B.V. increased its position in shares of Fortive by 15.5% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 866,277 shares of the technology company’s stock worth $47,827,000 after purchasing an additional 116,257 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.
Fortive Stock Performance
Fortive stock opened at $59.60 on Tuesday. The stock has a 50-day simple moving average of $61.01 and a 200 day simple moving average of $58.78. The stock has a market capitalization of $18.00 billion, a price-to-earnings ratio of 35.27 and a beta of 1.06. The company has a quick ratio of 1.00, a current ratio of 1.24 and a debt-to-equity ratio of 0.58. Fortive Corporation has a 12-month low of $46.34 and a 12-month high of $64.56.
Fortive declared that its board has authorized a stock repurchase program on Monday, May 4th that authorizes the company to repurchase 20,000,000 shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Fortive Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, July 6th. Stockholders of record on Monday, June 22nd were paid 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 of this dividend was Monday, June 22nd. Fortive’s dividend payout ratio is 14.20%.
Wall Street Analysts Forecast Growth
A number of research firms have commented on FTV. Citigroup boosted their price target 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. Morgan Stanley raised their price objective on shares of Fortive from $58.00 to $59.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 3rd. Weiss Ratings cut shares of Fortive from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada boosted their target price on Fortive from $59.00 to $63.00 and gave the stock a “sector perform” rating in a report on Friday, May 1st. Finally, Argus upgraded Fortive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Monday, May 11th. 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. Based on data from MarketBeat, Fortive has a consensus rating of “Hold” and a consensus target price of $63.10.
Get Our Latest Stock Report on FTV
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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