OppenheimerFunds Inc. lessened its stake in Fortive Corp (NYSE:FTV) by 43.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,846 shares of the technology company’s stock after selling 6,061 shares during the quarter. OppenheimerFunds Inc.’s holdings in Fortive were worth $609,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of FTV. Massachusetts Financial Services Co. MA lifted its holdings in shares of Fortive by 32.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,165,650 shares of the technology company’s stock valued at $322,921,000 after purchasing an additional 1,022,977 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in 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 period. BNP Paribas Arbitrage SA lifted its holdings in Fortive by 301.7% during the first quarter. BNP Paribas Arbitrage SA now owns 623,031 shares of the technology company’s stock worth $48,297,000 after acquiring an additional 467,929 shares during the period. Bain Capital Public Equity Management LLC bought a new stake in Fortive during the fourth quarter worth $29,910,000. Finally, Franklin Resources Inc. lifted its holdings in Fortive by 14.8% during the first quarter. Franklin Resources Inc. now owns 2,736,872 shares of the technology company’s stock worth $212,162,000 after acquiring an additional 352,307 shares during the period. Institutional investors own 79.65% of the company’s stock.
FTV has been the topic of a number of recent analyst reports. TheStreet upgraded Fortive from a “c” rating to a “b-” rating in a report on Monday, June 11th. ValuEngine upgraded Fortive from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Tuesday, June 12th. Finally, JPMorgan Chase & Co. lowered Fortive from an “overweight” rating to a “neutral” rating and set a $84.00 price target on the stock. in a report on Friday, March 9th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $80.78.
In other Fortive news, VP Emily A. Weaver sold 18,354 shares of the firm’s stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $73.80, for a total value of $1,354,525.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James A. Lico sold 75,000 shares of the firm’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $71.93, for a total value of $5,394,750.00. Following the completion of the sale, the insider now directly owns 307,442 shares of the company’s stock, valued at $22,114,303.06. The disclosure for this sale can be found here. Company insiders own 12.20% of the company’s stock.
NYSE:FTV opened at $75.20 on Wednesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.11 and a quick ratio of 1.69. Fortive Corp has a 1 year low of $62.05 and a 1 year high of $81.51. The firm has a market capitalization of $27.06 billion, a price-to-earnings ratio of 25.20, a PEG ratio of 2.11 and a beta of 0.52.
Fortive (NYSE:FTV) last released its earnings results on Thursday, April 26th. The technology company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.03. Fortive had a return on equity of 29.86% and a net margin of 16.12%. The business had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. equities research analysts predict that Fortive Corp will post 3.5 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, May 25th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend is Thursday, May 24th. Fortive’s dividend payout ratio is currently 9.69%.
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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