Two Sigma Investments LP decreased its stake in Fortive (NYSE:FTV) by 9.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,018 shares of the technology company’s stock after selling 23,002 shares during the quarter. Two Sigma Investments LP owned approximately 0.06% of Fortive worth $16,208,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC raised its position in shares of Fortive by 202.2% during the fourth quarter. Renaissance Technologies LLC now owns 869,000 shares of the technology company’s stock worth $62,872,000 after acquiring an additional 581,400 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Fortive by 106.3% in the third quarter. Janus Henderson Group PLC now owns 821,560 shares of the technology company’s stock valued at $58,157,000 after purchasing an additional 423,247 shares during the last quarter. Schroder Investment Management Group increased its holdings in Fortive by 39.4% in the fourth quarter. Schroder Investment Management Group now owns 1,364,280 shares of the technology company’s stock valued at $98,706,000 after purchasing an additional 385,630 shares during the last quarter. BlackRock Inc. grew its stake in Fortive by 1.7% in the fourth quarter. BlackRock Inc. now owns 20,013,760 shares of the technology company’s stock valued at $1,447,996,000 after acquiring an additional 336,327 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Fortive by 14.0% in the third quarter. JPMorgan Chase & Co. now owns 2,221,540 shares of the technology company’s stock valued at $155,332,000 after acquiring an additional 273,003 shares during the period. 81.29% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have issued reports on the company. ValuEngine raised Fortive from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. JPMorgan Chase cut Fortive from an “overweight” rating to a “neutral” rating and set a $84.00 price objective for the company. in a research report on Friday, March 9th. Barclays began coverage on Fortive in a research report on Thursday, February 15th. They set an “overweight” rating and a $86.00 price objective for the company. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a research report on Wednesday, February 14th. Finally, BMO Capital Markets reduced their price target on Fortive from $88.00 to $87.00 and set an “outperform” rating for the company in a research report on Friday, February 9th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Fortive currently has an average rating of “Buy” and a consensus price target of $77.50.
NYSE:FTV traded down $2.70 during trading hours on Friday, reaching $74.72. 1,619,052 shares of the company were exchanged, compared to its average volume of 1,439,015. The company has a market capitalization of $26,004.95, a P/E ratio of 25.85, a P/E/G ratio of 2.27 and a beta of 0.41. Fortive has a 1-year low of $59.88 and a 1-year high of $80.31. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.83 and a quick ratio of 1.47.
Fortive (NYSE:FTV) last issued its quarterly earnings results on Thursday, February 8th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.04. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.77 billion. Fortive had a return on equity of 30.54% and a net margin of 15.69%. The firm’s quarterly revenue was up 11.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. sell-side analysts anticipate that Fortive will post 3.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, March 29th. Shareholders of record on Friday, February 23rd were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Thursday, February 22nd. Fortive’s dividend payout ratio is presently 9.69%.
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Fortive Company Profile
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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