Parnassus Investments CA increased its position in shares of Fortive Corp (NYSE:FTV) by 6.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 952,268 shares of the technology company’s stock after buying an additional 59,018 shares during the period. Parnassus Investments CA owned 0.29% of Fortive worth $64,430,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cornerstone Advisors Inc. lifted its holdings in Fortive by 104.6% during the third quarter. Cornerstone Advisors Inc. now owns 309 shares of the technology company’s stock valued at $26,000 after purchasing an additional 158 shares in the last quarter. Cambridge Advisors Inc. lifted its stake in shares of Fortive by 2.3% in the fourth quarter. Cambridge Advisors Inc. now owns 7,899 shares of the technology company’s stock worth $534,000 after buying an additional 175 shares in the last quarter. Tradewinds Capital Management LLC lifted its stake in shares of Fortive by 7.9% in the fourth quarter. Tradewinds Capital Management LLC now owns 2,454 shares of the technology company’s stock worth $166,000 after buying an additional 180 shares in the last quarter. First American Bank lifted its stake in shares of Fortive by 0.3% in the fourth quarter. First American Bank now owns 55,832 shares of the technology company’s stock worth $3,778,000 after buying an additional 193 shares in the last quarter. Finally, DAVENPORT & Co LLC lifted its stake in shares of Fortive by 1.6% in the fourth quarter. DAVENPORT & Co LLC now owns 11,998 shares of the technology company’s stock worth $812,000 after buying an additional 194 shares in the last quarter. 81.42% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Jonathan L. Schwarz sold 8,869 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The shares were sold at an average price of $74.70, for a total transaction of $662,514.30. Following the completion of the sale, the vice president now directly owns 7,270 shares in the company, valued at $543,069. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William W. Pringle sold 476 shares of the firm’s stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $73.18, for a total transaction of $34,833.68. Following the sale, the insider now owns 28,639 shares of the company’s stock, valued at $2,095,802.02. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,813 shares of company stock valued at $732,570. 12.20% of the stock is owned by company insiders.
Several equities analysts have recently weighed in on FTV shares. Credit Suisse Group decreased their price target on shares of Fortive from $89.00 to $86.00 and set a “neutral” rating on the stock in a research note on Friday, October 26th. SunTrust Banks decreased their price target on shares of Fortive from $92.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, October 29th. Morgan Stanley decreased their price target on shares of Fortive from $90.00 to $84.00 and set a “hold” rating on the stock in a research note on Tuesday, October 30th. Royal Bank of Canada reissued a “hold” rating and issued a $74.00 price target on shares of Fortive in a research note on Wednesday, November 21st. Finally, TheStreet downgraded shares of Fortive from a “b-” rating to a “c” rating in a research note on Wednesday, December 19th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Fortive presently has a consensus rating of “Buy” and an average target price of $85.82.
NYSE:FTV opened at $77.79 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.18 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $25.66 billion, a PE ratio of 25.42, a price-to-earnings-growth ratio of 1.95 and a beta of 1.11. Fortive Corp has a twelve month low of $62.89 and a twelve month high of $88.34.
Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, February 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.06. Fortive had a net margin of 40.50% and a return on equity of 22.42%. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the business earned $0.82 earnings per share. Fortive’s revenue was up 11.4% compared to the same quarter last year. On average, research analysts anticipate that Fortive Corp will post 3.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, February 22nd will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.36%. The ex-dividend date is Thursday, February 21st. Fortive’s payout ratio is currently 9.15%.
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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