Allstate Corp Makes New $795,000 Investment in Fortive Co. (NYSE:FTV)

Allstate Corp acquired a new position in Fortive Co. (NYSE:FTV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,601 shares of the technology company's stock, valued at approximately $795,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. grew its holdings in shares of Fortive by 5.2% in the fourth quarter. Brown Brothers Harriman & Co. now owns 2,554 shares of the technology company's stock valued at $192,000 after acquiring an additional 127 shares in the last quarter. Wedmont Private Capital boosted its position in Fortive by 4.3% in the fourth quarter. Wedmont Private Capital now owns 3,346 shares of the technology company's stock worth $252,000 after purchasing an additional 137 shares during the last quarter. Dynasty Wealth Management LLC grew its stake in Fortive by 1.0% in the 4th quarter. Dynasty Wealth Management LLC now owns 14,436 shares of the technology company's stock valued at $1,083,000 after purchasing an additional 142 shares during the period. Manchester Capital Management LLC increased its position in shares of Fortive by 13.4% during the 4th quarter. Manchester Capital Management LLC now owns 1,400 shares of the technology company's stock valued at $105,000 after purchasing an additional 165 shares during the last quarter. Finally, Webster Bank N. A. raised its stake in shares of Fortive by 6.6% during the 4th quarter. Webster Bank N. A. now owns 2,696 shares of the technology company's stock worth $202,000 after purchasing an additional 168 shares during the period. Hedge funds and other institutional investors own 94.94% of the company's stock.

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Insider Buying and Selling

In other Fortive news, SVP Stacey A. Walker sold 5,688 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $80.52, for a total value of $457,997.76. Following the completion of the transaction, the senior vice president now owns 47,141 shares of the company's stock, valued at $3,795,793.32. The trade was a 10.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Christopher M. Mulhall sold 6,493 shares of the firm's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $79.95, for a total transaction of $519,115.35. Following the sale, the chief accounting officer now owns 24,283 shares in the company, valued at approximately $1,941,425.85. This trade represents a 21.10 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 243,385 shares of company stock worth $19,508,529. Insiders own 1.01% of the company's stock.

Fortive Price Performance

FTV stock traded down $3.62 during mid-day trading on Friday, reaching $64.00. 4,863,448 shares of the company traded hands, compared to its average volume of 2,277,389. The company has a fifty day moving average price of $77.39 and a 200-day moving average price of $76.86. Fortive Co. has a 52-week low of $63.26 and a 52-week high of $84.96. The company has a market capitalization of $21.78 billion, a P/E ratio of 27.12, a P/E/G ratio of 2.68 and a beta of 1.16. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.16 and a quick ratio of 0.91.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, beating the consensus estimate of $1.12 by $0.05. Fortive had a net margin of 13.36% and a return on equity of 13.15%. During the same quarter in the previous year, the company earned $0.98 earnings per share. As a group, analysts anticipate that Fortive Co. will post 4.05 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.50%. The ex-dividend date is Friday, May 30th. Fortive's payout ratio is 13.56%.

Analyst Upgrades and Downgrades

FTV has been the subject of several research reports. Barclays decreased their price objective on shares of Fortive from $90.00 to $85.00 and set an "overweight" rating for the company in a report on Wednesday, March 26th. StockNews.com lowered shares of Fortive from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. JPMorgan Chase & Co. lowered their price target on shares of Fortive from $92.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Truist Financial increased their price objective on Fortive from $89.00 to $90.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Finally, Citigroup lowered Fortive from a "buy" rating to a "neutral" rating and lowered their target price for the company from $92.00 to $86.00 in a research note on Monday, December 9th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $87.18.

Fortive Company Profile

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.