JPMorgan Chase & Co. Buys 374,837 Shares of Fortive Co. (NYSE:FTV)

JPMorgan Chase & Co. boosted its stake in Fortive Co. (NYSE:FTV - Free Report) by 28.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,695,319 shares of the technology company's stock after acquiring an additional 374,837 shares during the period. JPMorgan Chase & Co. owned 0.49% of Fortive worth $127,149,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Elo Mutual Pension Insurance Co lifted its stake in shares of Fortive by 6.0% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 33,161 shares of the technology company's stock valued at $2,487,000 after purchasing an additional 1,891 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Fortive by 10.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 557,693 shares of the technology company's stock worth $42,329,000 after acquiring an additional 50,581 shares during the last quarter. Financial Counselors Inc. lifted its holdings in shares of Fortive by 2.6% in the fourth quarter. Financial Counselors Inc. now owns 172,903 shares of the technology company's stock valued at $12,968,000 after purchasing an additional 4,447 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Fortive by 3.7% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 19,603 shares of the technology company's stock valued at $1,470,000 after purchasing an additional 695 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in Fortive during the 4th quarter valued at $347,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

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Fortive Stock Performance

Shares of NYSE FTV traded down $3.62 during midday 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 market cap of $21.78 billion, a price-to-earnings ratio of 27.12, a PEG 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. The stock has a 50-day moving average price of $77.39 and a 200 day moving average price of $76.87. Fortive Co. has a 52 week low of $63.26 and a 52 week high of $84.96.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.05. Fortive had a return on equity of 13.15% and a net margin of 13.36%. During the same quarter in the previous year, the firm posted $0.98 EPS. Sell-side analysts anticipate that Fortive Co. will post 4.05 earnings per share for the current fiscal 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 given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend is Friday, May 30th. Fortive's dividend payout ratio (DPR) is presently 13.56%.

Analyst Upgrades and Downgrades

Several analysts have commented on FTV shares. Royal Bank of Canada lifted their target price on shares of Fortive from $77.00 to $85.00 and gave the stock a "sector perform" rating in a research note on Monday, February 10th. Barclays dropped their target price on Fortive from $90.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, March 26th. Citigroup cut Fortive from a "buy" rating to a "neutral" rating and lowered their price target for the company from $92.00 to $86.00 in a report on Monday, December 9th. Wells Fargo & Company increased their price objective 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, Truist Financial upped their price target on Fortive from $89.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, December 19th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Fortive currently has an average rating of "Moderate Buy" and an average target price of $87.18.

Insider Activity

In other Fortive news, CEO James A. Lico sold 196,117 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $80.38, for a total transaction of $15,763,884.46. Following the sale, the chief executive officer now directly owns 528,851 shares of the company's stock, valued at $42,509,043.38. The trade was a 27.05 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Christopher M. Mulhall sold 6,493 shares of the firm's 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 owns 24,283 shares of the company's stock, valued at $1,941,425.85. The trade was a 21.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 243,385 shares of company stock valued at $19,508,529 over the last three months. Insiders own 1.01% of the company's stock.

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.