FineMark National Bank & Trust Has $1.65 Million Stake in Fortive Corp (FTV)
FineMark National Bank & Trust reduced its position in Fortive Corp (NYSE:FTV) by 65.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,370 shares of the technology company’s stock after selling 45,659 shares during the quarter. FineMark National Bank & Trust’s holdings in Fortive were worth $1,649,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of FTV. Capital Research Global Investors boosted its stake in Fortive by 1,090.6% during the third quarter. Capital Research Global Investors now owns 5,072,880 shares of the technology company’s stock worth $427,136,000 after acquiring an additional 4,646,796 shares in the last quarter. FMR LLC grew its position in Fortive by 20.0% during the second quarter. FMR LLC now owns 23,755,263 shares of the technology company’s stock valued at $1,831,768,000 after buying an additional 3,960,523 shares during the period. Oregon Public Employees Retirement Fund grew its position in Fortive by 3,401.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,533,529 shares of the technology company’s stock valued at $37,000 after buying an additional 2,461,167 shares during the period. Pentwater Capital Management LP bought a new position in Fortive during the third quarter worth about $125,037,000. Finally, Alpine Global Management LLC bought a new position in Fortive during the third quarter worth about $53,088,000. 81.42% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on FTV. Zacks Investment Research upgraded shares of Fortive from a “sell” rating to a “hold” rating in a research report on Tuesday, January 29th. Credit Suisse Group reiterated a “neutral” rating and set a $78.00 target price (down previously from $86.00) on shares of Fortive in a research report on Thursday, January 3rd. Morgan Stanley cut their target price on shares of Fortive from $90.00 to $84.00 and set a “hold” rating for the company in a research report on Tuesday, October 30th. TheStreet upgraded shares of Fortive from a “c” rating to a “b-” rating in a research report on Wednesday, January 30th. Finally, SunTrust Banks cut their target price on shares of Fortive from $92.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, October 29th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Fortive currently has a consensus rating of “Hold” and an average target price of $85.40.
Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, February 7th. The technology company reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.06. Fortive had a net margin of 40.50% and a return on equity of 22.42%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period last year, the business earned $0.82 earnings per share. Fortive’s revenue was up 11.4% compared to the same quarter last year. Equities research analysts predict that Fortive Corp will post 3.48 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, February 22nd will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Thursday, February 21st. Fortive’s dividend payout ratio is currently 9.15%.
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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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