Vinva Investment Management Ltd reduced its position in Fortive Co. (NYSE:FTV - Free Report) by 80.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,655 shares of the technology company's stock after selling 46,793 shares during the period. Vinva Investment Management Ltd's holdings in Fortive were worth $923,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the company. Advisors Asset Management Inc. purchased a new stake in Fortive during the 1st quarter valued at $32,000. B. Riley Wealth Advisors Inc. lifted its position in shares of Fortive by 18.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 3,628 shares of the technology company's stock worth $312,000 after purchasing an additional 557 shares during the last quarter. Swedbank AB purchased a new stake in shares of Fortive during the first quarter valued at $6,799,000. Cetera Investment Advisers grew its holdings in shares of Fortive by 599.3% in the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company's stock worth $4,520,000 after purchasing an additional 45,032 shares during the last quarter. Finally, Cetera Advisors LLC increased its stake in Fortive by 24.1% in the 1st quarter. Cetera Advisors LLC now owns 9,519 shares of the technology company's stock worth $819,000 after buying an additional 1,848 shares during the period. 94.94% of the stock is owned by hedge funds and other institutional investors.
Fortive Stock Performance
Shares of Fortive stock traded up $0.01 during trading on Friday, hitting $79.33. 1,234,827 shares of the company's stock were exchanged, compared to its average volume of 2,003,695. Fortive Co. has a 52-week low of $66.15 and a 52-week 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 stock has a market capitalization of $27.52 billion, a price-to-earnings ratio of 31.61, a PEG ratio of 2.18 and a beta of 1.13. The business has a 50-day simple moving average of $76.23 and a 200-day simple moving average of $74.26.
Fortive (NYSE:FTV - Get Free Report) last issued its 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. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the business earned $0.85 earnings per share. The company's revenue was up 2.7% compared to the same quarter last year. On average, research analysts forecast that Fortive Co. will post 3.85 EPS for the current year.
Fortive Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 29th. This represents a $0.32 annualized dividend and a yield of 0.40%. Fortive's dividend payout ratio is presently 12.75%.
Insider Buying and Selling at Fortive
In other news, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive 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 owns 68,161 shares in the company, valued at $5,030,281.80. This trade represents a 17.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Stacey A. Walker sold 171,808 shares of the company's 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 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 197,895 shares of company stock valued at $14,261,051. Corporate insiders own 1.01% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on the company. 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. Barclays cut their target price on shares of Fortive from $98.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, October 31st. Truist Financial dropped their price objective 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. Wolfe Research lowered Fortive from an "outperform" rating to a "peer perform" rating in a report on Friday, September 6th. Finally, Royal Bank of Canada dropped their target price on Fortive from $85.00 to $77.00 and set a "sector perform" rating on the stock in a research note on Thursday, October 31st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $87.82.
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Fortive Profile
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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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