Synovus Financial Corp Reduces Holdings in Fortive Co. (NYSE:FTV)

Synovus Financial Corp lessened its holdings in shares of Fortive Co. (NYSE:FTV - Free Report) by 57.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,344 shares of the technology company's stock after selling 12,836 shares during the period. Synovus Financial Corp's holdings in Fortive were worth $738,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Mizuho Securities USA LLC grew its stake in shares of Fortive by 14,635.7% during the third quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company's stock worth $315,720,000 after buying an additional 3,972,855 shares during the last quarter. Point72 Asset Management L.P. boosted its position in Fortive by 1,005.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,937,153 shares of the technology company's stock worth $152,899,000 after buying an additional 1,761,983 shares during the period. Janus Henderson Group PLC increased its position in Fortive by 13.8% in the 3rd quarter. Janus Henderson Group PLC now owns 8,041,324 shares of the technology company's stock valued at $634,701,000 after acquiring an additional 977,428 shares during the period. Holocene Advisors LP raised its stake in shares of Fortive by 1,014.1% during the third quarter. Holocene Advisors LP now owns 924,671 shares of the technology company's stock valued at $72,984,000 after acquiring an additional 841,671 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Fortive by 59.3% in the third quarter. The Manufacturers Life Insurance Company now owns 1,359,069 shares of the technology company's stock worth $107,271,000 after purchasing an additional 505,882 shares during the last quarter. 94.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FTV. Morgan Stanley began coverage on Fortive in a research note on Friday, September 6th. They issued an "overweight" rating and a $89.00 price target for the company. Truist Financial dropped their target price on shares of Fortive from $90.00 to $89.00 and set a "buy" rating on the stock in a report on Friday, November 1st. JPMorgan Chase & Co. upgraded Fortive from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $90.00 to $92.00 in a report on Thursday, October 10th. Mizuho raised Fortive from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $80.00 to $90.00 in a research note on Friday, September 6th. Finally, Citigroup downgraded Fortive from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $86.73.

Insider Buying and Selling at Fortive

In related news, SVP Peter C. Underwood sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $76.58, for a total transaction of $382,900.00. Following the sale, the senior vice president now owns 48,346 shares of the company's stock, valued at approximately $3,702,336.68. This represents a 9.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Stacey A. Walker sold 171,808 shares of the stock in a transaction dated Friday, November 1st. The stock was 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. The trade was a 80.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company's stock.

Fortive Stock Down 2.7 %

FTV traded down $2.07 during midday trading on Wednesday, reaching $73.66. 3,766,643 shares of the company were exchanged, compared to its average volume of 2,012,453. Fortive Co. has a one year low of $66.15 and a one year high of $87.10. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 1.25. The company's fifty day moving average price is $76.32 and its 200 day moving average price is $74.40. The company has a market cap of $25.56 billion, a price-to-earnings ratio of 29.35, a price-to-earnings-growth ratio of 2.15 and a beta of 1.14.

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

Fortive Announces Dividend

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

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.