Bank of America Corp DE lifted its holdings in Fortive Corp (NYSE:FTV) by 2.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,913,140 shares of the technology company’s stock after acquiring an additional 83,258 shares during the period. Bank of America Corp DE owned 0.83% of Fortive worth $224,633,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Fortive by 20.0% in the second quarter. FMR LLC now owns 23,755,263 shares of the technology company’s stock worth $1,831,768,000 after acquiring an additional 3,960,523 shares during the period. BlackRock Inc. boosted its stake in Fortive by 0.8% during the first quarter. BlackRock Inc. now owns 20,174,819 shares of the technology company’s stock valued at $1,563,954,000 after buying an additional 161,059 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Fortive by 23.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 5,150,214 shares of the technology company’s stock valued at $397,134,000 after buying an additional 984,564 shares during the last quarter. Bessemer Group Inc. boosted its stake in Fortive by 0.3% during the second quarter. Bessemer Group Inc. now owns 3,909,686 shares of the technology company’s stock valued at $301,477,000 after buying an additional 13,072 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in Fortive by 3.9% during the first quarter. Royal Bank of Canada now owns 3,607,774 shares of the technology company’s stock valued at $279,677,000 after buying an additional 136,640 shares during the last quarter. 81.46% of the stock is owned by hedge funds and other institutional investors.
FTV has been the subject of a number of research reports. UBS Group increased their price target on Fortive from $86.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, August 30th. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $88.00 price target for the company in a research note on Tuesday, June 12th. TheStreet raised Fortive from a “c” rating to a “b-” rating in a research note on Monday, June 11th. Wolfe Research lowered Fortive from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, September 4th. Finally, BMO Capital Markets increased their price target on Fortive from $88.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, July 27th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $85.00.
In related news, Director Alan G. Spoon acquired 18,000 shares of the stock in a transaction dated Thursday, August 2nd. The stock was acquired at an average cost of $80.80 per share, with a total value of $1,454,400.00. Following the purchase, the director now directly owns 48,268 shares of the company’s stock, valued at $3,900,054.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Raj Ratnakar sold 30,912 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The disclosure for this sale can be found here. Insiders sold a total of 74,602 shares of company stock valued at $6,047,572 over the last ninety days. Corporate insiders own 12.10% of the company’s stock.
Shares of Fortive stock opened at $86.50 on Friday. The company has a market cap of $29.68 billion, a P/E ratio of 29.93, a PEG ratio of 2.06 and a beta of 0.55. Fortive Corp has a 12 month low of $67.95 and a 12 month high of $86.74. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.96 and a quick ratio of 1.68.
Fortive (NYSE:FTV) last posted its quarterly earnings data on Thursday, July 26th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.02. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.83 billion. Fortive had a return on equity of 27.22% and a net margin of 16.38%. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period last year, the company earned $0.71 EPS. research analysts predict that Fortive Corp will post 3.49 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Thursday, August 30th. Fortive’s payout ratio is 9.69%.
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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