First Citizens Bank & Trust Co. purchased a new position in shares of Fortive Corp (NYSE:FTV) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,665 shares of the technology company’s stock, valued at approximately $224,000.
Several other hedge funds have also modified their holdings of FTV. Baystate Wealth Management LLC grew its stake in shares of Fortive by 837.8% during the fourth quarter. Baystate Wealth Management LLC now owns 347 shares of the technology company’s stock worth $25,000 after acquiring an additional 310 shares during the last quarter. Cornerstone Advisors Inc. grew its stake in shares of Fortive by 104.6% during the third quarter. Cornerstone Advisors Inc. now owns 309 shares of the technology company’s stock worth $26,000 after acquiring an additional 158 shares during the last quarter. Pinnacle Bank purchased a new stake in shares of Fortive during the fourth quarter worth about $27,000. Oregon Public Employees Retirement Fund grew its stake in shares of 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 acquiring an additional 2,461,167 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. purchased a new stake in shares of Fortive during the fourth quarter worth about $50,000. Institutional investors and hedge funds own 85.06% of the company’s stock.
Fortive stock opened at $87.64 on Wednesday. The company has a market capitalization of $29.39 billion, a PE ratio of 28.64, a price-to-earnings-growth ratio of 2.08 and a beta of 1.14. Fortive Corp has a 12 month low of $62.89 and a 12 month high of $88.36. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.45 and a quick ratio of 1.18.
Fortive (NYSE:FTV) last posted its quarterly earnings data on Thursday, February 7th. The technology company reported $0.91 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.06. The business had revenue of $1.76 billion during 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 business’s revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.82 earnings per share. As a group, equities analysts predict that Fortive Corp will post 3.54 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date is Thursday, May 30th. Fortive’s dividend payout ratio (DPR) is presently 9.15%.
In related news, VP Jonathan L. Schwarz sold 3,746 shares of the business’s 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 completion of the sale, the vice president now directly owns 17,740 shares in the company, valued at $1,448,116.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Stacey A. Walker sold 1,783 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $81.87, for a total value of $145,974.21. Following the sale, the senior vice president now owns 16,036 shares of the company’s stock, valued at $1,312,867.32. The disclosure for this sale can be found here. Insiders sold 5,964 shares of company stock valued at $486,847 over the last 90 days. Company insiders own 12.20% of the company’s stock.
FTV has been the topic of a number of research analyst reports. Morgan Stanley upgraded Fortive from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $84.00 to $82.00 in a research note on Tuesday, December 18th. TheStreet lowered Fortive from a “b-” rating to a “c” rating in a research note on Wednesday, December 19th. Zacks Investment Research downgraded Fortive from a “hold” rating to a “sell” rating in a report on Monday, December 31st. Credit Suisse Group reaffirmed a “neutral” rating and set a $78.00 target price (down previously from $86.00) on shares of Fortive in a report on Thursday, January 3rd. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortive in a report on Tuesday, February 12th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target 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.
Featured Article: Understanding Average Daily Trade Volume
Want to see what other hedge funds are holding FTV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortive Corp (NYSE:FTV).
Receive News & Ratings for Fortive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortive and related companies with MarketBeat.com's FREE daily email newsletter.