1832 Asset Management L.P. Sells 2,243 Shares of Fortive Corp (NYSE:FTV)
1832 Asset Management L.P. cut its position in Fortive Corp (NYSE:FTV) by 0.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 298,356 shares of the technology company’s stock after selling 2,243 shares during the period. 1832 Asset Management L.P.’s holdings in Fortive were worth $15,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTV. TFG Advisers LLC bought a new stake in shares of Fortive during the 4th quarter valued at $28,000. Ropes Wealth Advisors LLC lifted its position in shares of Fortive by 78.6% during the 1st quarter. Ropes Wealth Advisors LLC now owns 525 shares of the technology company’s stock valued at $29,000 after acquiring an additional 231 shares during the period. Acadian Asset Management LLC bought a new stake in shares of Fortive during the 4th quarter valued at $37,000. Meeder Asset Management Inc. lifted its position in shares of Fortive by 41.3% during the 4th quarter. Meeder Asset Management Inc. now owns 486 shares of the technology company’s stock valued at $37,000 after acquiring an additional 142 shares during the period. Finally, grace capital bought a new stake in shares of Fortive during the 4th quarter valued at $38,000. Institutional investors and hedge funds own 82.59% of the company’s stock.
A number of analysts have recently weighed in on the company. Morgan Stanley upped their target price on Fortive from $72.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, June 19th. They noted that the move was a valuation call. Barclays reiterated a “buy” rating and set a $73.00 target price on shares of Fortive in a research report on Friday, April 17th. Robert W. Baird upgraded Fortive from a “neutral” rating to an “outperform” rating and set a $80.00 price objective for the company in a research report on Thursday. Credit Suisse Group dropped their price objective on Fortive from $85.00 to $71.00 and set an “outperform” rating for the company in a research report on Wednesday, May 6th. Finally, Cowen upgraded Fortive from an “underperform” rating to a “market perform” rating and set a $70.00 price objective for the company in a research report on Monday, March 9th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $75.86.
Fortive (NYSE:FTV) last issued its earnings results on Thursday, April 30th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. Fortive had a return on equity of 17.55% and a net margin of 8.28%. The business had revenue of $1.71 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm earned $0.69 EPS. The business’s revenue for the quarter was up 7.6% compared to the same quarter last year. Sell-side analysts anticipate that Fortive Corp will post 2.82 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, May 29th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, May 28th. This represents a $0.28 dividend on an annualized basis and a yield of 0.42%. Fortive’s payout ratio is presently 8.05%.
In other news, SVP William W. Pringle sold 5,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $62.86, for a total value of $314,300.00. Following the completion of the sale, the senior vice president now owns 69,183 shares of the company’s stock, valued at $4,348,843.38. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alan G. Spoon purchased 20,000 shares of the firm’s stock in a transaction dated Wednesday, May 13th. The stock was bought at an average cost of $54.46 per share, with a total value of $1,089,200.00. In the last three months, insiders sold 80,081 shares of company stock valued at $5,004,454. Insiders own 12.60% 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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