VeraBank N.A. boosted its holdings in Fortive Corp (NYSE:FTV) by 4.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,737 shares of the technology company’s stock after buying an additional 300 shares during the quarter. VeraBank N.A.’s holdings in Fortive were worth $462,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. First Trust Advisors LP increased its stake in Fortive by 9.9% during the 1st quarter. First Trust Advisors LP now owns 834,464 shares of the technology company’s stock worth $70,003,000 after buying an additional 75,261 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Fortive in the 1st quarter worth $503,000. Lazard Asset Management LLC increased its stake in shares of Fortive by 19.0% in the 1st quarter. Lazard Asset Management LLC now owns 90,725 shares of the technology company’s stock worth $7,610,000 after purchasing an additional 14,500 shares in the last quarter. Wealthfront Advisers LLC increased its stake in shares of Fortive by 10.0% in the 1st quarter. Wealthfront Advisers LLC now owns 5,736 shares of the technology company’s stock worth $481,000 after purchasing an additional 523 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its stake in shares of Fortive by 18.2% in the 1st quarter. Riverhead Capital Management LLC now owns 23,207 shares of the technology company’s stock worth $1,947,000 after purchasing an additional 3,580 shares in the last quarter. 82.60% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Stacey A. Walker sold 34,446 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $70.70, for a total transaction of $2,435,332.20. Following the completion of the transaction, the senior vice president now owns 20,015 shares in the company, valued at approximately $1,415,060.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.70% of the stock is owned by corporate insiders.
Shares of FTV stock traded up $2.58 on Friday, reaching $68.01. The company had a trading volume of 71,156 shares, compared to its average volume of 2,312,262. The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 0.76. The stock has a market cap of $21.55 billion, a PE ratio of 22.24, a PEG ratio of 2.45 and a beta of 1.21. The company has a 50-day moving average of $68.34 and a 200-day moving average of $77.33. Fortive Corp has a 12 month low of $62.89 and a 12 month high of $89.48.
Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, July 25th. The technology company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Fortive had a return on equity of 18.43% and a net margin of 38.22%. Fortive’s revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. Sell-side analysts anticipate that Fortive Corp will post 3.5 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.28 annualized dividend and a dividend yield of 0.41%. Fortive’s dividend payout ratio (DPR) is presently 9.15%.
A number of brokerages have issued reports on FTV. Gordon Haskett lowered Fortive from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Morgan Stanley reiterated a “hold” rating and issued a $70.00 price target (down previously from $85.00) on shares of Fortive in a research note on Friday. Zacks Investment Research upgraded Fortive from a “sell” rating to a “hold” rating and set a $72.00 price target for the company in a research note on Tuesday, October 1st. Bank of America cut their price target on Fortive from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, September 5th. Finally, Berenberg Bank set a $86.00 price target on Fortive and gave the stock a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. Fortive has a consensus rating of “Hold” and a consensus price target of $79.55.
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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