Fortive Corp (FTV) VP Sells $725,413.02 in Stock
Fortive Corp (NYSE:FTV) VP Raj Ratnakar sold 11,642 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $62.31, for a total value of $725,413.02. Following the completion of the transaction, the vice president now directly owns 5,020 shares of the company’s stock, valued at $312,796.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Shares of Fortive Corp (NYSE:FTV) traded up 0.86% on Wednesday, hitting $63.08. The company’s stock had a trading volume of 1,357,925 shares. The firm has a market cap of $21.86 billion and a price-to-earnings ratio of 24.75. Fortive Corp has a 52 week low of $46.29 and a 52 week high of $64.27. The stock’s 50-day moving average price is $61.71 and its 200-day moving average price is $57.44.
Fortive Corp (NYSE:FTV) last posted its earnings results on Thursday, April 27th. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Fortive Corp’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.60 earnings per share. Equities analysts expect that Fortive Corp will post $2.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, May 26th will be given a $0.07 dividend. The ex-dividend date is Wednesday, May 24th. This represents a $0.28 annualized dividend and a yield of 0.44%.
FTV has been the subject of several research reports. Zacks Investment Research raised Fortive Corp from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research report on Wednesday, April 12th. JPMorgan Chase & Co. raised Fortive Corp from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $56.00 to $66.00 in a research report on Friday, March 24th. Morgan Stanley cut Fortive Corp from an “overweight” rating to an “equal weight” rating and raised their target price for the stock from $61.00 to $65.00 in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Royal Bank of Canada initiated coverage on Fortive Corp in a research report on Thursday, March 23rd. They issued a “sector perform” rating and a $63.00 target price for the company. Finally, Cowen and Company raised their target price on Fortive Corp from $46.00 to $52.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 19th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Fortive Corp currently has an average rating of “Hold” and a consensus price target of $59.14.
A number of institutional investors have recently bought and sold shares of FTV. Capital International Investors purchased a new position in Fortive Corp during the third quarter valued at approximately $2,726,000. Russell Investments Group Ltd. purchased a new position in Fortive Corp during the fourth quarter valued at approximately $40,055,000. Headinvest LLC purchased a new position in Fortive Corp during the fourth quarter valued at approximately $1,982,000. Busey Trust CO increased its position in Fortive Corp by 0.3% in the fourth quarter. Busey Trust CO now owns 89,739 shares of the technology company’s stock valued at $4,812,000 after buying an additional 262 shares in the last quarter. Finally, Cadence Capital Management LLC increased its position in Fortive Corp by 5.4% in the fourth quarter. Cadence Capital Management LLC now owns 8,596 shares of the technology company’s stock valued at $461,000 after buying an additional 440 shares in the last quarter. Hedge funds and other institutional investors own 77.18% of the company’s stock.
About Fortive Corp
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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