Welch & Forbes LLC cut its stake in Fortive Co. (NYSE:FTV - Free Report) by 17.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 78,344 shares of the technology company's stock after selling 16,523 shares during the period. Welch & Forbes LLC's holdings in Fortive were worth $5,876,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Raymond James Financial Inc. acquired a new position in Fortive during the fourth quarter worth $22,412,000. Cullen Frost Bankers Inc. increased its position in shares of Fortive by 1.2% during the 4th quarter. Cullen Frost Bankers Inc. now owns 13,628 shares of the technology company's stock worth $1,022,000 after purchasing an additional 168 shares in the last quarter. Arizona State Retirement System lifted its holdings in Fortive by 0.9% during the 4th quarter. Arizona State Retirement System now owns 101,745 shares of the technology company's stock valued at $7,631,000 after purchasing an additional 890 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Fortive during the 4th quarter valued at about $5,847,000. Finally, J.Safra Asset Management Corp boosted its position in Fortive by 84.8% in the fourth quarter. J.Safra Asset Management Corp now owns 852 shares of the technology company's stock valued at $64,000 after buying an additional 391 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Fortive
In other Fortive news, CFO Charles E. Mclaughlin sold 32,085 shares of Fortive stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $78.86, for a total transaction of $2,530,223.10. Following the transaction, the chief financial officer now directly owns 76,126 shares in the company, valued at approximately $6,003,296.36. The trade was a 29.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Stacey A. Walker sold 5,688 shares of the business's stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $80.52, for a total value of $457,997.76. Following the completion of the transaction, the senior vice president now directly owns 47,141 shares of the company's stock, valued at approximately $3,795,793.32. The trade was a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 243,385 shares of company stock worth $19,508,529. 1.01% of the stock is currently owned by company insiders.
Fortive Trading Down 0.9 %
Shares of NYSE:FTV traded down $0.70 during trading on Tuesday, hitting $74.22. 2,944,073 shares of the company's stock were exchanged, compared to its average volume of 2,122,222. The firm has a 50-day moving average price of $78.94 and a two-hundred day moving average price of $76.85. Fortive Co. has a 1-year low of $66.15 and a 1-year high of $87.10. The firm has a market cap of $25.26 billion, a P/E ratio of 31.45, a PEG ratio of 2.68 and a beta of 1.16. The company has a current ratio of 1.16, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33.
Fortive (NYSE:FTV - Get Free Report) last released its earnings results on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, topping analysts' consensus estimates of $1.12 by $0.05. Fortive had a net margin of 13.36% and a return on equity of 13.15%. During the same quarter last year, the firm posted $0.98 earnings per share. Equities analysts predict that Fortive Co. will post 4.05 earnings per share for the current year.
Fortive Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a dividend of $0.08 per share. 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, February 28th. Fortive's dividend payout ratio (DPR) is currently 13.56%.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on FTV. Truist Financial raised their price objective on shares of Fortive from $89.00 to $90.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. UBS Group began coverage on Fortive in a report on Wednesday, November 13th. They set a "neutral" rating and a $84.00 price target for the company. Barclays reduced their price objective on Fortive from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Citigroup lowered Fortive from a "buy" rating to a "neutral" rating and lowered their target price for the company from $92.00 to $86.00 in a research note on Monday, December 9th. Finally, Royal Bank of Canada lifted their price target on Fortive from $77.00 to $85.00 and gave the company a "sector perform" rating in a report on Monday, February 10th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Fortive has an average rating of "Moderate Buy" and an average target price of $87.64.
View Our Latest Stock Report on FTV
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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