Qube Research & Technologies Ltd Trims Stock Position in Fortive Corp (NYSE:FTV)
Qube Research & Technologies Ltd lessened its position in Fortive Corp (NYSE:FTV) by 17.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,902 shares of the technology company’s stock after selling 1,636 shares during the period. Qube Research & Technologies Ltd’s holdings in Fortive were worth $644,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of FTV. Resource Management LLC acquired a new stake in Fortive during the first quarter worth $201,000. Chesapeake Wealth Management raised its holdings in shares of Fortive by 35.2% in the second quarter. Chesapeake Wealth Management now owns 10,623 shares of the technology company’s stock valued at $866,000 after buying an additional 2,763 shares during the last quarter. Banyan Capital Management Inc. bought a new position in shares of Fortive in the first quarter valued at about $1,197,000. Dempze Nancy E raised its holdings in shares of Fortive by 1.8% in the first quarter. Dempze Nancy E now owns 11,885 shares of the technology company’s stock valued at $997,000 after buying an additional 205 shares during the last quarter. Finally, Synovus Financial Corp raised its holdings in shares of Fortive by 1.7% in the first quarter. Synovus Financial Corp now owns 36,522 shares of the technology company’s stock valued at $3,051,000 after buying an additional 606 shares during the last quarter. 84.30% of the stock is owned by hedge funds and other institutional investors.
Shares of FTV stock traded up $0.93 on Monday, reaching $69.86. The company had a trading volume of 8,780 shares, compared to its average volume of 2,034,026. The company has a current ratio of 1.23, a quick ratio of 0.98 and a debt-to-equity ratio of 0.76. The stock has a market cap of $22.59 billion, a PE ratio of 22.80, a PEG ratio of 1.98 and a beta of 1.19. The company has a 50-day moving average of $77.18 and a 200-day moving average of $80.53. Fortive Corp has a 12 month low of $62.89 and a 12 month high of $89.48.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.07 dividend. The ex-dividend date is Thursday, August 29th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.40%. Fortive’s dividend payout ratio (DPR) is presently 9.15%.
A number of research analysts recently issued reports on the company. Berenberg Bank assumed coverage on Fortive in a report on Wednesday, May 15th. They issued a “buy” rating and a $96.00 price target for the company. Raymond James set a $84.00 price target on Fortive and gave the company an “outperform” rating in a report on Friday, July 26th. Cowen cut Fortive from a “market perform” rating to an “underperform” rating and dropped their price objective for the stock from $75.00 to $65.00 in a report on Monday, June 3rd. Argus reissued a “buy” rating on shares of Fortive in a report on Tuesday, April 30th. Finally, ValuEngine cut Fortive from a “buy” rating to a “hold” rating in a report on Monday, May 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $85.87.
In other news, SVP Stacey A. Walker sold 34,446 shares of the company’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $70.70, for a total value of $2,435,332.20. Following the completion of the sale, the senior vice president now directly owns 20,015 shares of the company’s stock, valued at approximately $1,415,060.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.70% of the company’s stock.
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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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