New York State Common Retirement Fund Reduces Stock Position in Fortive Co. (NYSE:FTV)

New York State Common Retirement Fund lowered its stake in shares of Fortive Co. (NYSE:FTV - Free Report) by 16.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 225,691 shares of the technology company's stock after selling 43,400 shares during the quarter. New York State Common Retirement Fund owned 0.06% of Fortive worth $17,814,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of FTV. Central Pacific Bank Trust Division acquired a new position in Fortive during the 1st quarter worth approximately $404,000. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Fortive by 40.3% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 20,506 shares of the technology company's stock worth $1,764,000 after purchasing an additional 5,885 shares in the last quarter. Csenge Advisory Group increased its holdings in Fortive by 2.9% in the first quarter. Csenge Advisory Group now owns 6,801 shares of the technology company's stock valued at $585,000 after buying an additional 190 shares during the last quarter. Advisory Alpha LLC raised its stake in Fortive by 4.6% in the first quarter. Advisory Alpha LLC now owns 4,341 shares of the technology company's stock valued at $373,000 after buying an additional 191 shares in the last quarter. Finally, Duality Advisers LP purchased a new stake in Fortive during the 1st quarter worth about $268,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FTV has been the topic of a number of recent analyst reports. Royal Bank of Canada dropped their price objective on Fortive from $85.00 to $77.00 and set a "sector perform" rating on the stock in a report on Thursday, October 31st. JPMorgan Chase & Co. raised shares of Fortive from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $90.00 to $92.00 in a report on Thursday, October 10th. Raymond James upgraded shares of Fortive from a "market perform" rating to an "outperform" rating and set a $85.00 target price for the company in a report on Thursday, September 5th. Truist Financial cut their price target on shares of Fortive from $90.00 to $89.00 and set a "buy" rating on the stock in a research note on Friday, November 1st. Finally, Morgan Stanley assumed coverage on shares of Fortive in a research note on Friday, September 6th. They issued an "overweight" rating and a $89.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $88.20.

Fortive Stock Performance

Shares of FTV stock traded up $2.90 during midday trading on Wednesday, hitting $74.29. The company had a trading volume of 4,272,937 shares, compared to its average volume of 1,934,157. The stock has a market cap of $25.77 billion, a price-to-earnings ratio of 28.44, a PEG ratio of 1.96 and a beta of 1.13. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. The company's 50 day simple moving average is $75.17 and its 200 day simple moving average is $74.27. Fortive Co. has a 52-week low of $64.69 and a 52-week high of $87.10.

Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.93 by $0.04. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS. Research analysts anticipate that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. Fortive's dividend payout ratio (DPR) is 12.75%.

Insider Buying and Selling

In other news, SVP Stacey A. Walker sold 171,808 shares of Fortive stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $71.71, for a total transaction of $12,320,351.68. Following the completion of the sale, the senior vice president now directly owns 42,651 shares in the company, valued at approximately $3,058,503.21. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Stacey A. Walker sold 171,808 shares of the business's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $71.71, for a total value of $12,320,351.68. Following the sale, the senior vice president now directly owns 42,651 shares in the company, valued at $3,058,503.21. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 192,895 shares of company stock valued at $13,878,151. Corporate 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.