Ethic Inc. Lowers Stock Position in Fortive Corporation $FTV

Ethic Inc. cut its stake in shares of Fortive Corporation (NYSE:FTV) by 58.9% in the third quarter, HoldingsChannel reports. The fund owned 27,074 shares of the technology company’s stock after selling 38,731 shares during the period. Ethic Inc.’s holdings in Fortive were worth $1,326,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTV. True Wealth Design LLC raised its stake in Fortive by 815.4% during the 2nd quarter. True Wealth Design LLC now owns 476 shares of the technology company’s stock worth $25,000 after acquiring an additional 424 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Fortive by 246.2% in the first quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock worth $37,000 after purchasing an additional 357 shares in the last quarter. Banque Transatlantique SA increased its stake in shares of Fortive by 92.8% in the first quarter. Banque Transatlantique SA now owns 561 shares of the technology company’s stock worth $38,000 after purchasing an additional 270 shares in the last quarter. Exchange Traded Concepts LLC raised its position in shares of Fortive by 46.7% during the 3rd quarter. Exchange Traded Concepts LLC now owns 741 shares of the technology company’s stock valued at $36,000 after purchasing an additional 236 shares during the period. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of Fortive during the 2nd quarter valued at $48,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on FTV. Citigroup increased their price target on Fortive from $57.00 to $59.00 and gave the stock a “neutral” rating in a research note on Monday, December 8th. Mizuho dropped their price objective on Fortive from $65.00 to $54.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Wall Street Zen upgraded Fortive to a “hold” rating in a research report on Friday, September 5th. Truist Financial reissued a “hold” rating and issued a $58.00 price target (up from $55.00) on shares of Fortive in a report on Thursday, October 30th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Fortive in a research note on Monday. Three investment analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $57.85.

Insider Buying and Selling

In other Fortive news, SVP Stacey A. Walker sold 2,192 shares of Fortive stock in a transaction on Friday, October 31st. The shares were sold at an average price of $50.35, for a total value of $110,367.20. Following the completion of the transaction, the senior vice president directly owned 59,488 shares of the company’s stock, valued at $2,995,220.80. This trade represents a 3.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.92% of the stock is owned by company insiders.

Fortive Price Performance

Shares of Fortive stock opened at $55.38 on Friday. The firm has a market cap of $17.59 billion, a PE ratio of 31.64, a PEG ratio of 3.10 and a beta of 1.13. The stock has a 50 day moving average of $53.05 and a 200 day moving average of $51.94. The company has a current ratio of 0.70, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32.

Fortive (NYSE:FTV) last released its quarterly earnings data on Monday, June 9th. The technology company reported $0.80 earnings per share (EPS) for the quarter. The business had revenue of $1.07 billion for the quarter. Fortive had a return on equity of 12.04% and a net margin of 11.72%. On average, research analysts expect that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 26th. Investors of record on Friday, November 28th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, November 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. Fortive’s dividend payout ratio is presently 13.71%.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.