California Public Employees Retirement System reduced its stake in shares of Fortive Co. (NYSE:FTV - Free Report) by 9.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 570,822 shares of the technology company's stock after selling 58,030 shares during the period. California Public Employees Retirement System owned about 0.16% of Fortive worth $42,812,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Brown Brothers Harriman & Co. grew its position in Fortive by 5.2% in the 4th quarter. Brown Brothers Harriman & Co. now owns 2,554 shares of the technology company's stock worth $192,000 after purchasing an additional 127 shares in the last quarter. Wedmont Private Capital grew its holdings in shares of Fortive by 4.3% in the fourth quarter. Wedmont Private Capital now owns 3,346 shares of the technology company's stock valued at $252,000 after acquiring an additional 137 shares in the last quarter. Dynasty Wealth Management LLC increased its position in shares of Fortive by 1.0% during the fourth quarter. Dynasty Wealth Management LLC now owns 14,436 shares of the technology company's stock valued at $1,083,000 after acquiring an additional 142 shares during the last quarter. Manchester Capital Management LLC lifted its holdings in Fortive by 13.4% during the fourth quarter. Manchester Capital Management LLC now owns 1,400 shares of the technology company's stock worth $105,000 after acquiring an additional 165 shares during the period. Finally, Webster Bank N. A. boosted its position in Fortive by 6.6% in the fourth 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 last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on FTV shares. Citigroup lowered Fortive from a "buy" rating to a "neutral" rating and decreased their target price for the company from $92.00 to $86.00 in a research report on Monday, December 9th. StockNews.com cut shares of Fortive from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Barclays reduced their target price on shares of Fortive from $90.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, March 26th. Wells Fargo & Company lifted their price target on shares of Fortive from $80.00 to $85.00 and gave the stock an "equal weight" rating in a report on Monday, February 10th. Finally, Royal Bank of Canada increased their price objective on Fortive from $77.00 to $85.00 and gave the company a "sector perform" rating in a report on Monday, February 10th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Fortive has a consensus rating of "Moderate Buy" and an average target price of $87.18.
Check Out Our Latest Stock Analysis on Fortive
Fortive Price Performance
NYSE:FTV traded up $0.47 during mid-day trading on Monday, hitting $64.60. 5,188,053 shares of the stock traded hands, compared to its average volume of 2,288,985. The business's 50-day moving average price is $77.09 and its 200 day moving average price is $76.78. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.33. The company has a market cap of $21.98 billion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 2.68 and a beta of 1.12. Fortive Co. has a 12-month low of $61.75 and a 12-month high of $84.96.
Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, beating analysts' consensus estimates 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 last year, the company posted $0.98 earnings per share. On average, analysts expect that Fortive Co. will post 4.05 EPS for the current fiscal year.
Fortive Dividend Announcement
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 of this dividend is Friday, May 30th. Fortive's payout ratio is 13.56%.
Insider Buying and Selling
In other Fortive news, SVP Stacey A. Walker sold 5,688 shares of the firm's stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $80.52, for a total transaction of $457,997.76. Following the sale, the senior vice president now owns 47,141 shares in the company, valued at $3,795,793.32. This trade represents a 10.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Christopher M. Mulhall sold 6,493 shares of Fortive stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $79.95, for a total value of $519,115.35. Following the sale, the chief accounting officer now directly owns 24,283 shares of the company's stock, 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.
About Fortive
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Free Report)
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.
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