Fmr LLC Sells 2,267,540 Shares of Fortive Co. (NYSE:FTV)

Fmr LLC lowered its holdings in Fortive Co. (NYSE:FTV) by 25.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,669,603 shares of the technology company’s stock after selling 2,267,540 shares during the period. Fmr LLC owned about 1.92% of Fortive worth $526,432,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Mizuho Securities USA LLC boosted its stake in Fortive by 14,635.7% in the third quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company’s stock valued at $315,720,000 after acquiring an additional 3,972,855 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Fortive by 59.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,359,069 shares of the technology company’s stock worth $107,271,000 after purchasing an additional 505,882 shares during the period. D. E. Shaw & Co. Inc. lifted its stake in Fortive by 1,053.5% in the second quarter. D. E. Shaw & Co. Inc. now owns 382,707 shares of the technology company’s stock valued at $28,359,000 after purchasing an additional 349,530 shares during the last quarter. Clarkston Capital Partners LLC bought a new position in Fortive during the third quarter valued at $25,930,000. Finally, Panagora Asset Management Inc. raised its stake in shares of Fortive by 27.4% in the second quarter. Panagora Asset Management Inc. now owns 1,269,103 shares of the technology company’s stock valued at $94,041,000 after buying an additional 273,168 shares during the period. Institutional investors own 94.94% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares in the company, valued at $5,433,135.73. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Peter C. Underwood sold 5,000 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $76.58, for a total transaction of $382,900.00. Following the transaction, the senior vice president now owns 48,346 shares in the company, valued at $3,702,336.68. The trade was a 9.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 197,895 shares of company stock valued at $14,261,051 in the last quarter. Corporate insiders own 1.01% of the company’s stock.

Wall Street Analyst Weigh In

FTV has been the subject of several research reports. Mizuho upgraded Fortive from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $80.00 to $90.00 in a research note on Friday, September 6th. UBS Group initiated coverage on shares of Fortive in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 target price for the company. Barclays dropped their price target on shares of Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Fortive in a report on Friday, September 6th. They issued an “overweight” rating and a $89.00 price objective for the company. Finally, Truist Financial lowered their target price on shares of Fortive from $90.00 to $89.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fortive currently has a consensus rating of “Moderate Buy” and an average price target of $87.82.

Fortive Stock Up 0.0 %

FTV opened at $79.33 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. Fortive Co. has a one year low of $66.15 and a one year high of $87.10. The firm has a market capitalization of $27.52 billion, a P/E ratio of 31.61, a price-to-earnings-growth ratio of 2.18 and a beta of 1.13. The company has a fifty day moving average price of $76.23 and a 200-day moving average price of $74.26.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 EPS. Equities research analysts expect that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 29th. This represents a $0.32 annualized dividend and a yield of 0.40%. Fortive’s payout ratio is presently 12.75%.

About Fortive

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.