MAI Capital Management decreased its position in shares of Fortive Co. (NYSE:FTV – Free Report) by 14.7% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,652 shares of the technology company’s stock after selling 2,518 shares during the quarter. MAI Capital Management’s holdings in Fortive were worth $999,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. OLD Mission Capital LLC bought a new stake in shares of Fortive during the fourth quarter valued at approximately $33,000. Belpointe Asset Management LLC bought a new position in shares of Fortive during the 4th quarter valued at about $36,000. Ridgewood Investments LLC bought a new position in shares of Fortive during the 1st quarter valued at about $37,000. Oakworth Capital Inc. purchased a new position in shares of Fortive during the first quarter valued at about $40,000. Finally, Covestor Ltd increased its holdings in shares of Fortive by 34.7% in the first quarter. Covestor Ltd now owns 773 shares of the technology company’s stock worth $47,000 after purchasing an additional 199 shares during the last quarter. Institutional investors own 95.46% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on FTV. Barclays raised their price target on Fortive from $77.00 to $83.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. JPMorgan Chase & Co. boosted their price target on shares of Fortive from $77.00 to $78.00 in a research report on Thursday, April 27th. Robert W. Baird increased their price objective on shares of Fortive from $82.00 to $85.00 in a research report on Thursday, July 27th. Seaport Res Ptn restated a “buy” rating on shares of Fortive in a report on Monday, August 7th. Finally, Wells Fargo & Company increased their price target on shares of Fortive from $67.00 to $71.00 in a report on Monday, July 10th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Fortive presently has an average rating of “Moderate Buy” and a consensus price target of $78.55.
Fortive Stock Down 1.7 %
Shares of NYSE FTV opened at $76.08 on Monday. Fortive Co. has a 1 year low of $57.43 and a 1 year high of $79.90. The firm has a 50-day simple moving average of $74.79 and a two-hundred day simple moving average of $69.30. The company has a market cap of $26.78 billion, a P/E ratio of 33.81, a PEG ratio of 2.82 and a beta of 1.16. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.96 and a quick ratio of 0.74.
Fortive (NYSE:FTV – Get Free Report) last posted its quarterly earnings data on Wednesday, July 26th. The technology company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.04. Fortive had a return on equity of 11.99% and a net margin of 13.39%. The company had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the business earned $0.78 EPS. Fortive’s revenue was up 4.3% compared to the same quarter last year. Research analysts anticipate that Fortive Co. will post 3.41 earnings per share for the current year.
Fortive Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $0.28 dividend on an annualized basis and a yield of 0.37%. Fortive’s payout ratio is 12.44%.
Insider Buying and Selling at Fortive
In other news, CEO Patrick K. Murphy sold 21,793 shares of Fortive stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $76.50, for a total transaction of $1,667,164.50. Following the completion of the sale, the chief executive officer now owns 60,716 shares of the company’s stock, valued at $4,644,774. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortive news, CFO Charles E. Mclaughlin sold 16,911 shares of the stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $76.66, for a total transaction of $1,296,397.26. Following the transaction, the chief financial officer now directly owns 101,319 shares in the company, valued at approximately $7,767,114.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Patrick K. Murphy sold 21,793 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $76.50, for a total transaction of $1,667,164.50. Following the completion of the sale, the chief executive officer now owns 60,716 shares of the company’s stock, valued at approximately $4,644,774. The disclosure for this sale can be found here. Insiders sold a total of 43,404 shares of company stock valued at $3,324,757 in the last three months. Company insiders own 0.95% of the company’s stock.
About Fortive
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Intelligent Operating Solutions segment provides advanced instrumentation, software and services, which includes electrical test and measurement, facility and asset lifecycle software applications, and worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.
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