Olstein Capital Management L.P. lifted its stake in Fortive Co. (NYSE:FTV - Free Report) by 58.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,500 shares of the technology company's stock after purchasing an additional 29,441 shares during the period. Olstein Capital Management L.P.'s holdings in Fortive were worth $6,275,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Advisors Asset Management Inc. purchased a new position in Fortive in the first quarter valued at $32,000. Ridgewood Investments LLC purchased a new position in shares of Fortive in the 2nd quarter valued at about $30,000. International Assets Investment Management LLC acquired a new stake in shares of Fortive during the 2nd quarter worth about $30,000. Goodman Advisory Group LLC purchased a new stake in Fortive during the second quarter worth approximately $31,000. Finally, Pinnacle Bancorp Inc. increased its stake in Fortive by 71.0% in the third quarter. Pinnacle Bancorp Inc. now owns 424 shares of the technology company's stock valued at $33,000 after purchasing an additional 176 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
FTV has been the subject of several research analyst reports. StockNews.com upgraded shares of Fortive from a "hold" rating to a "buy" rating in a report on Friday, September 13th. 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. Wolfe Research downgraded Fortive from an "outperform" rating to a "peer perform" rating in a report on Friday, September 6th. Wells Fargo & Company dropped their price target on Fortive from $82.00 to $77.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Finally, Raymond James raised Fortive from a "market perform" rating to an "outperform" rating and set a $85.00 price target on the stock in a research report on Thursday, September 5th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Fortive presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.20.
Read Our Latest Stock Analysis on FTV
Insiders Place Their Bets
In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the company's 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 transaction, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Jonathan L. Schwarz sold 14,223 shares of the business's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $73.80, for a total value of $1,049,657.40. Following the sale, the senior vice president now directly owns 68,161 shares in the company, valued at $5,030,281.80. 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. In the last ninety days, insiders have sold 192,895 shares of company stock worth $13,878,151. Corporate insiders own 1.01% of the company's stock.
Fortive Stock Performance
Shares of FTV stock traded down $0.28 during mid-day trading on Thursday, hitting $74.01. The stock had a trading volume of 3,697,649 shares, compared to its average volume of 1,942,329. The firm has a market cap of $25.68 billion, a PE ratio of 29.49, a PEG ratio of 1.95 and a beta of 1.13. The company's 50-day simple moving average is $75.20 and its 200-day simple moving average is $74.27. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. Fortive Co. has a fifty-two week low of $64.88 and a fifty-two 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. Sell-side analysts anticipate that Fortive Co. will post 3.85 earnings per share for the current year.
Fortive Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Friday, November 29th. Fortive's dividend payout ratio (DPR) is currently 12.75%.
Fortive Company Profile
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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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