Cullinan Associates Inc. trimmed its position in shares of Fortive Corp (NYSE:FTV) by 14.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,487 shares of the technology company’s stock after selling 11,305 shares during the quarter. Cullinan Associates Inc.’s holdings in Fortive were worth $5,851,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FTV. Toth Financial Advisory Corp boosted its position in shares of Fortive by 105.2% during the second quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock worth $106,000 after purchasing an additional 705 shares in the last quarter. Fort L.P. bought a new position in shares of Fortive during the second quarter worth $122,000. Flagship Harbor Advisors LLC bought a new position in shares of Fortive during the second quarter worth $132,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Fortive by 5,816.7% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock worth $137,000 after purchasing an additional 1,745 shares in the last quarter. Finally, AdvisorNet Financial Inc bought a new position in shares of Fortive during the second quarter worth $143,000. 81.42% of the stock is currently owned by institutional investors.
FTV traded down $0.15 during trading on Friday, hitting $79.88. The company had a trading volume of 337,155 shares, compared to its average volume of 11,420,104. The stock has a market capitalization of $28.01 billion, a P/E ratio of 27.78, a P/E/G ratio of 1.93 and a beta of 0.56. Fortive Corp has a one year low of $69.03 and a one year high of $88.34. 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 (NYSE:FTV) last posted its quarterly earnings data on Thursday, July 26th. The technology company reported $0.91 EPS for the quarter, beating the consensus estimate of $0.89 by $0.02. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The firm’s revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.71 EPS. On average, equities research analysts predict that Fortive Corp will post 3.46 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, August 31st were given a $0.07 dividend. The ex-dividend date was Thursday, August 30th. This represents a $0.28 annualized dividend and a yield of 0.35%. Fortive’s dividend payout ratio is currently 9.69%.
In related news, VP Raj Ratnakar sold 30,912 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $80.71, for a total value of $2,494,907.52. Following the sale, the vice president now directly owns 13,244 shares of the company’s stock, valued at approximately $1,068,923.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William W. Pringle sold 440 shares of the business’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $79.38, for a total transaction of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares in the company, valued at $1,637,291.88. 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. 12.10% of the stock is currently owned by insiders.
A number of equities analysts have recently weighed in on the stock. Credit Suisse Group assumed coverage on shares of Fortive in a research report on Friday, October 12th. They set a “neutral” rating and a $89.00 price target on the stock. Gordon Haskett assumed coverage on shares of Fortive in a research report on Friday, October 12th. They set a “buy” rating on the stock. Morgan Stanley set a $90.00 price target on shares of Fortive and gave the stock an “equal weight” rating in a research report on Tuesday, October 2nd. Zacks Investment Research raised shares of Fortive from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research report on Monday, October 1st. Finally, Argus lifted their price target on shares of Fortive to $94.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $86.33.
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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