Steinberg Global Asset Management decreased its position in shares of Fortive Corp (NYSE:FTV) by 11.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,512 shares of the technology company’s stock after selling 3,086 shares during the period. Steinberg Global Asset Management’s holdings in Fortive were worth $1,900,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in FTV. Norges Bank bought a new stake in Fortive during the fourth quarter worth approximately $246,463,000. Oregon Public Employees Retirement Fund raised its holdings in Fortive by 3,401.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,533,529 shares of the technology company’s stock worth $37,000 after purchasing an additional 2,461,167 shares in the last quarter. Gates Capital Management Inc. bought a new stake in Fortive during the fourth quarter worth approximately $53,836,000. Alpine Global Management LLC bought a new stake in Fortive during the third quarter worth approximately $53,088,000. Finally, Deutsche Bank AG raised its holdings in Fortive by 79.0% during the fourth quarter. Deutsche Bank AG now owns 827,194 shares of the technology company’s stock worth $55,963,000 after purchasing an additional 365,059 shares in the last quarter. 85.08% of the stock is currently owned by hedge funds and other institutional investors.
In other Fortive news, SVP Stacey A. Walker sold 1,783 shares of Fortive stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $81.87, for a total transaction of $145,974.21. Following the transaction, the senior vice president now directly owns 16,036 shares in the company, valued at approximately $1,312,867.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jonathan L. Schwarz sold 3,746 shares of Fortive stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $81.63, for a total transaction of $305,785.98. Following the transaction, the vice president now owns 17,740 shares in the company, valued at $1,448,116.20. The disclosure for this sale can be found here. Insiders sold 5,964 shares of company stock worth $486,847 in the last ninety days. 12.20% of the stock is owned by corporate insiders.
Shares of NYSE FTV traded up $0.16 during trading on Monday, hitting $87.82. The company had a trading volume of 658,109 shares, compared to its average volume of 1,461,943. The stock has a market capitalization of $29.33 billion, a P/E ratio of 28.70, a P/E/G ratio of 2.05 and a beta of 1.14. Fortive Corp has a 52 week low of $62.89 and a 52 week high of $88.36. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.18 and a current ratio of 1.45.
Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, February 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.06. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Fortive had a return on equity of 22.42% and a net margin of 40.50%. The firm’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 earnings per share. On average, research analysts forecast that Fortive Corp will post 3.54 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be issued a $0.07 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.28 annualized dividend and a dividend yield of 0.32%. Fortive’s dividend payout ratio is currently 9.15%.
Several brokerages recently commented on FTV. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a report on Thursday, February 14th. Barclays boosted their target price on Fortive from $81.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. TheStreet cut Fortive from a “b-” rating to a “c” rating in a report on Wednesday, December 19th. ValuEngine raised Fortive from a “hold” rating to a “buy” rating in a report on Saturday. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortive in a report on Tuesday, February 12th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Fortive currently has an average rating of “Buy” and a consensus target price of $85.90.
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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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