Canada Pension Plan Investment Board Sells 242,000 Shares of Fortive Corp (FTV)

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Canada Pension Plan Investment Board reduced its holdings in shares of Fortive Corp (NYSE:FTV) by 91.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,210 shares of the technology company’s stock after selling 242,000 shares during the period. Canada Pension Plan Investment Board’s holdings in Fortive were worth $1,790,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Toth Financial Advisory Corp increased its position in shares of Fortive by 105.2% in the 2nd quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock valued at $106,000 after purchasing an additional 705 shares during the last quarter. Signaturefd LLC purchased a new stake in shares of Fortive in the 1st quarter valued at approximately $114,000. Migdal Insurance & Financial Holdings Ltd. increased its position in shares of Fortive by 5,816.7% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock valued at $137,000 after purchasing an additional 1,745 shares during the last quarter. AdvisorNet Financial Inc purchased a new stake in shares of Fortive in the 2nd quarter valued at approximately $143,000. Finally, Stratos Wealth Partners LTD. increased its position in shares of Fortive by 56.3% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,125 shares of the technology company’s stock valued at $165,000 after purchasing an additional 765 shares during the last quarter. 81.46% of the stock is currently owned by hedge funds and other institutional investors.

NYSE FTV opened at $84.16 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.68 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $29.32 billion, a P/E ratio of 29.07, a P/E/G ratio of 2.04 and a beta of 0.55. Fortive Corp has a 12 month low of $64.62 and a 12 month high of $85.12.

Fortive (NYSE:FTV) last posted its earnings results on Thursday, July 26th. The technology company reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.89 by $0.02. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.83 billion. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The company’s revenue was up 13.9% on a year-over-year basis. During the same period last year, the firm posted $0.71 EPS. research analysts forecast that Fortive Corp will post 3.49 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Thursday, August 30th. Fortive’s dividend payout ratio (DPR) is 9.69%.

A number of equities research analysts have commented on FTV shares. UBS Group increased their price objective on shares of Fortive from $86.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Zacks Investment Research raised shares of Fortive from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a research report on Tuesday, June 12th. TheStreet raised shares of Fortive from a “c” rating to a “b-” rating in a research report on Monday, June 11th. BMO Capital Markets increased their price objective on shares of Fortive from $88.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, July 27th. Finally, Wolfe Research downgraded shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Tuesday. Seven equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $84.45.

In related news, insider William W. Pringle sold 440 shares of the stock in a transaction 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 transaction, the insider now directly owns 20,626 shares of the company’s stock, valued at approximately $1,637,291.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Barbara B. Hulit sold 15,000 shares of the stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $82.29, for a total transaction of $1,234,350.00. Following the completion of the transaction, the insider now directly owns 51,113 shares in the company, valued at $4,206,088.77. The disclosure for this sale can be found here. Insiders sold a total of 74,602 shares of company stock worth $6,047,572 over the last ninety days. Insiders own 12.10% of the company’s stock.

Fortive Company Profile

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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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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