Canada Pension Plan Investment Board Has $29.39 Million Stock Position in Fortive Co. (NYSE:FTV)

Canada Pension Plan Investment Board trimmed its stake in Fortive Co. (NYSE:FTV - Free Report) by 80.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 391,848 shares of the technology company's stock after selling 1,620,943 shares during the period. Canada Pension Plan Investment Board owned 0.11% of Fortive worth $29,389,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Dodge & Cox acquired a new position in shares of Fortive in the 4th quarter worth approximately $583,493,000. Norges Bank acquired a new position in Fortive during the 4th quarter worth about $412,445,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Fortive in the 4th quarter worth approximately $136,794,000. Clean Energy Transition LLP acquired a new stake in shares of Fortive in the 4th quarter valued at $58,829,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Fortive by 28.4% during the fourth quarter. JPMorgan Chase & Co. now owns 1,695,319 shares of the technology company's stock valued at $127,149,000 after acquiring an additional 374,837 shares during the period. Institutional investors and hedge funds own 94.94% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on FTV. Citigroup dropped their price objective on Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Truist Financial reduced their target price on Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company boosted their price target on shares of Fortive from $80.00 to $85.00 and gave the company an "equal weight" rating in a report on Monday, February 10th. Barclays decreased their price objective on Fortive from $90.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, March 26th. Finally, StockNews.com downgraded shares of Fortive from a "buy" rating to a "hold" rating in a research report on Monday, February 10th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $81.92.

Fortive Stock Performance

FTV traded up $1.17 during trading on Wednesday, hitting $67.16. The stock had a trading volume of 1,828,204 shares, compared to its average volume of 2,374,092. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.16 and a quick ratio of 0.91. The company has a 50 day moving average price of $73.13 and a 200-day moving average price of $75.68. Fortive Co. has a one year low of $60.39 and a one year high of $83.32. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of 28.46, a P/E/G ratio of 2.68 and a beta of 1.12.

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, topping 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 business earned $0.98 EPS. As a group, research analysts predict that Fortive Co. will post 4.05 EPS for the current year.

Fortive Dividend Announcement

The business also recently announced 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 0.48%. The ex-dividend date of this dividend is Friday, May 30th. Fortive's dividend payout ratio (DPR) is currently 13.56%.

Insider Buying and Selling

In other Fortive news, CFO Charles E. Mclaughlin sold 32,085 shares of Fortive stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $78.86, for a total value of $2,530,223.10. Following the transaction, the chief financial officer now owns 76,126 shares in the company, valued at $6,003,296.36. The trade was a 29.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO James A. Lico sold 196,117 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $80.38, for a total transaction of $15,763,884.46. Following the completion of the transaction, the chief executive officer now directly owns 528,851 shares of the company's stock, valued at $42,509,043.38. This trade represents a 27.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 243,385 shares of company stock worth $19,508,529. Company insiders own 1.01% of the company's stock.

Fortive 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.