Ontario Teachers Pension Plan Board trimmed its stake in shares of Fortive Corp (NYSE:FTV) by 27.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 23,288 shares of the technology company’s stock after selling 8,940 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Fortive were worth $1,796,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. increased its holdings in Fortive by 10.3% during the first quarter. Daiwa Securities Group Inc. now owns 10,225 shares of the technology company’s stock valued at $793,000 after buying an additional 952 shares during the last quarter. Commerzbank Aktiengesellschaft FI boosted its position in shares of Fortive by 7.1% during the first quarter. Commerzbank Aktiengesellschaft FI now owns 39,505 shares of the technology company’s stock worth $3,062,000 after acquiring an additional 2,626 shares during the last quarter. Alps Advisors Inc. bought a new position in shares of Fortive during the first quarter worth $560,000. Atria Investments LLC boosted its position in shares of Fortive by 16.5% during the first quarter. Atria Investments LLC now owns 6,186 shares of the technology company’s stock worth $480,000 after acquiring an additional 878 shares during the last quarter. Finally, Zeke Capital Advisors LLC raised its stake in Fortive by 59.4% during the first quarter. Zeke Capital Advisors LLC now owns 5,748 shares of the technology company’s stock valued at $446,000 after purchasing an additional 2,141 shares in the last quarter. 81.46% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on FTV. Zacks Investment Research downgraded shares of Fortive from a “buy” rating to a “hold” rating in a research note on Thursday, July 12th. Argus raised their price target on shares of Fortive from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Morgan Stanley increased their target price on shares of Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 31st. Wolfe Research cut shares of Fortive from an “outperform” rating to a “peer perform” rating in a report on Tuesday. Finally, TheStreet upgraded shares of Fortive from a “c” rating to a “b-” rating in a report on Monday, June 11th. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Fortive presently has a consensus rating of “Hold” and a consensus target price of $84.45.
In other news, insider Barbara B. Hulit sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $82.29, for a total value of $1,234,350.00. Following the completion of the sale, the insider now directly owns 51,113 shares of the company’s stock, valued at $4,206,088.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William W. Pringle sold 440 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $79.38, for a total value of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares of the company’s stock, valued at $1,637,291.88. The disclosure for this sale can be found here. Insiders sold 74,602 shares of company stock valued at $6,047,572 over the last ninety days. 12.20% of the stock is currently owned by corporate insiders.
FTV stock opened at $83.46 on Wednesday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.68 and a current ratio of 1.96. Fortive Corp has a fifty-two week low of $64.62 and a fifty-two week high of $85.12. The company has a market cap of $29.32 billion, a P/E ratio of 28.88, a PEG ratio of 2.04 and a beta of 0.55.
Fortive (NYSE:FTV) last released its earnings results on Thursday, July 26th. The technology company reported $0.91 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.02. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. analysts anticipate that Fortive Corp will post 3.49 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.34%. Fortive’s payout ratio is 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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