Bp Plc raised its stake in shares of Fortive Corp (NYSE:FTV) by 8.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 39,000 shares of the technology company’s stock after purchasing an additional 3,000 shares during the period. Bp Plc’s holdings in Fortive were worth $3,284,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Toth Financial Advisory Corp boosted its stake in Fortive by 105.2% during the 2nd quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock valued at $106,000 after purchasing an additional 705 shares during the last quarter. Stratos Wealth Partners LTD. acquired a new position in Fortive during the 3rd quarter valued at about $127,000. Wharton Business Group LLC acquired a new position in Fortive during the 2nd quarter valued at about $932,000. Fort L.P. acquired a new position in Fortive during the 2nd quarter valued at about $122,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Fortive during the 2nd quarter valued at about $132,000. Institutional investors and hedge funds own 85.24% of the company’s stock.
Shares of NYSE FTV opened at $75.88 on Wednesday. Fortive Corp has a twelve month low of $69.03 and a twelve month high of $88.34. The company has a market capitalization of $25.00 billion, a PE ratio of 22.21, a price-to-earnings-growth ratio of 2.07 and a beta of 0.98. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, October 25th. The technology company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Fortive had a return on equity of 24.91% and a net margin of 15.72%. On average, analysts forecast that Fortive Corp will post 3 EPS for the current fiscal year.
A number of brokerages have recently weighed in on FTV. BMO Capital Markets boosted their target price on Fortive from $88.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, July 27th. Citigroup boosted their target price on Fortive from $80.00 to $84.00 and gave the stock a “neutral” rating in a research note on Monday, July 30th. Credit Suisse Group cut their target price on Fortive from $89.00 to $86.00 and set a “neutral” rating on the stock in a research note on Friday, October 26th. Morgan Stanley cut their target price on Fortive from $90.00 to $84.00 and set a “hold” rating on the stock in a research note on Tuesday, October 30th. Finally, Zacks Investment Research downgraded Fortive from a “buy” rating to a “hold” rating in a research note on Thursday, July 12th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $87.18.
In related news, VP Emily A. Weaver sold 9,271 shares of Fortive stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $75.41, for a total value of $699,126.11. Following the sale, the vice president now owns 9,279 shares of the company’s stock, valued at approximately $699,729.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William W. Pringle sold 440 shares of Fortive stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $79.38, for a total transaction of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares in the company, valued at approximately $1,637,291.88. The disclosure for this sale can be found here. Insiders sold a total of 133,009 shares of company stock worth $10,031,955 in the last ninety days. 12.20% of the stock is currently owned by insiders.
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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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