Perpetual Ltd Buys New Shares in Fortive Co. (NYSE:FTV)

Perpetual Ltd acquired a new stake in Fortive Co. (NYSE:FTV - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 149,844 shares of the technology company's stock, valued at approximately $11,238,000.

Other hedge funds have also modified their holdings of the company. Raymond James & Associates grew its holdings in Fortive by 15.0% during the 3rd quarter. Raymond James & Associates now owns 395,488 shares of the technology company's stock worth $31,216,000 after acquiring an additional 51,690 shares during the last quarter. Atomi Financial Group Inc. lifted its position in shares of Fortive by 4.8% during the third quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company's stock worth $389,000 after purchasing an additional 226 shares in the last quarter. First Hawaiian Bank grew its stake in shares of Fortive by 197.0% during the fourth quarter. First Hawaiian Bank now owns 15,264 shares of the technology company's stock valued at $1,145,000 after purchasing an additional 10,125 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Fortive by 2.7% in the third quarter. Principal Financial Group Inc. now owns 406,085 shares of the technology company's stock valued at $32,052,000 after purchasing an additional 10,795 shares in the last quarter. Finally, XTX Topco Ltd bought a new position in Fortive in the 3rd quarter worth approximately $1,346,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Trading Up 2.4 %

Fortive stock traded up $1.88 during mid-day trading on Tuesday, hitting $80.79. 2,452,688 shares of the company's stock were exchanged, compared to its average volume of 2,278,241. Fortive Co. has a fifty-two week low of $66.15 and a fifty-two week high of $87.10. The company has a quick ratio of 0.99, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $28.03 billion, a P/E ratio of 32.19, a PEG ratio of 2.12 and a beta of 1.14. The company's 50 day simple moving average is $76.74 and its 200-day simple moving average is $74.89.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping 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%. Fortive's revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.85 earnings per share. On average, equities analysts anticipate that Fortive Co. will post 3.84 earnings per share for the current year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 27th. Stockholders of record on Friday, November 29th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Friday, November 29th. Fortive's dividend payout ratio is 12.75%.

Analyst Ratings Changes

A number of brokerages have commented on FTV. Truist Financial increased their price objective on Fortive from $89.00 to $90.00 and gave the company a "buy" rating in a research report on Thursday, December 19th. StockNews.com lowered Fortive from a "buy" rating to a "hold" rating in a research report on Friday. Royal Bank of Canada cut their target price on shares of Fortive from $85.00 to $77.00 and set a "sector perform" rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company lifted their price target on shares of Fortive from $77.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Fortive from $92.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, January 15th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $86.45.

Insider Buying and Selling

In related news, SVP Stacey A. Walker sold 171,808 shares of the firm's stock in a transaction on 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 completion of the transaction, the senior vice president now owns 42,651 shares of the company's stock, valued at approximately $3,058,503.21. This trade represents a 80.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Peter C. Underwood sold 5,000 shares of Fortive stock in a transaction on Monday, November 11th. The shares were sold at an average price of $76.58, for a total transaction of $382,900.00. Following the completion of the sale, the senior vice president now owns 48,346 shares in the company, valued at $3,702,336.68. The trade was a 9.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by company insiders.

About Fortive

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.