State Treasurer State of Michigan raised its stake in Fortive Corp (NYSE:FTV) by 0.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,819 shares of the technology company’s stock after acquiring an additional 700 shares during the period. State Treasurer State of Michigan’s holdings in Fortive were worth $7,003,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Toth Financial Advisory Corp boosted its stake in Fortive by 105.2% in the second quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock valued at $106,000 after acquiring an additional 705 shares during the period. Signaturefd LLC acquired a new position in Fortive in the first quarter valued at approximately $114,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Fortive by 5,816.7% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock valued at $137,000 after acquiring an additional 1,745 shares during the period. AdvisorNet Financial Inc acquired a new position in Fortive in the second quarter valued at approximately $143,000. Finally, Stratos Wealth Partners LTD. boosted its stake in Fortive by 56.3% in the first quarter. Stratos Wealth Partners LTD. now owns 2,125 shares of the technology company’s stock valued at $165,000 after acquiring an additional 765 shares during the period. Institutional investors own 80.86% of the company’s stock.
In other news, VP Raj Ratnakar sold 30,912 shares of Fortive stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $80.71, for a total transaction of $2,494,907.52. Following the sale, the vice president now owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider William W. Pringle sold 6,316 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $81.08, for a total value of $512,101.28. Following the sale, the insider now directly owns 21,066 shares in the company, valued at approximately $1,708,031.28. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,602 shares of company stock worth $6,047,572. Corporate insiders own 12.20% of the company’s stock.
A number of equities analysts have commented on FTV shares. TheStreet upgraded Fortive from a “c” rating to a “b-” rating in a research note on Monday, June 11th. Zacks Investment Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a research note on Tuesday, June 12th. Argus lifted their target price on Fortive from $84.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, August 14th. Morgan Stanley lifted their target price on Fortive from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. Finally, ValuEngine cut Fortive from a “buy” rating to a “hold” rating in a report on Thursday, April 26th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Fortive presently has a consensus rating of “Hold” and an average price target of $83.60.
FTV opened at $80.25 on Friday. The company has a market cap of $27.83 billion, a PE ratio of 27.77, a price-to-earnings-growth ratio of 2.15 and a beta of 0.56. The company has a current ratio of 1.96, a quick ratio of 1.68 and a debt-to-equity ratio of 0.52. Fortive Corp has a twelve month low of $63.97 and a twelve month high of $82.63.
Fortive (NYSE:FTV) last released its quarterly earnings results on Thursday, July 26th. The technology company reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.02. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Fortive had a return on equity of 27.22% and a net margin of 16.38%. The business’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.71 earnings per share. analysts anticipate that Fortive Corp will post 3.49 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, August 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.35%. Fortive’s dividend payout ratio (DPR) is presently 9.69%.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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