Fort L.P. boosted its stake in Fortive Co. (NYSE:FTV – Get Rating) by 41.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,657 shares of the technology company’s stock after buying an additional 3,983 shares during the period. Fort L.P.’s holdings in Fortive were worth $1,042,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of FTV. Northwest Bancshares Inc. purchased a new stake in Fortive during the fourth quarter worth about $25,000. Crewe Advisors LLC acquired a new stake in shares of Fortive during the fourth quarter worth $31,000. Retirement Planning Co of New England Inc. purchased a new position in Fortive in the fourth quarter worth $32,000. AGF Investments LLC purchased a new position in Fortive in the third quarter worth $36,000. Finally, CVA Family Office LLC raised its position in Fortive by 295.6% in the fourth quarter. CVA Family Office LLC now owns 542 shares of the technology company’s stock worth $41,000 after acquiring an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.
A number of research analysts have recently weighed in on FTV shares. Morgan Stanley dropped their price target on Fortive from $76.00 to $70.00 and set an “equal weight” rating for the company in a research report on Thursday, April 7th. Barclays raised Fortive from an “equal weight” rating to an “overweight” rating and set a $75.00 price objective on the stock in a research note on Monday, March 14th. Credit Suisse Group reduced their price objective on Fortive from $90.00 to $88.00 and set an “outperform” rating on the stock in a research note on Friday, February 4th. Robert W. Baird reduced their price objective on Fortive from $86.00 to $81.00 in a research note on Friday, February 4th. Finally, JPMorgan Chase & Co. dropped their target price on Fortive from $98.00 to $95.00 in a report on Friday, February 4th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Fortive currently has an average rating of “Buy” and a consensus target price of $80.71.
FTV stock traded down $0.35 during trading on Wednesday, reaching $59.25. 23,003 shares of the company’s stock were exchanged, compared to its average volume of 3,227,031. The company has a quick ratio of 0.74, a current ratio of 0.96 and a debt-to-equity ratio of 0.29. Fortive Co. has a 1-year low of $56.06 and a 1-year high of $79.87. The company’s fifty day moving average price is $59.46 and its 200-day moving average price is $67.42. The firm has a market cap of $21.24 billion, a PE ratio of 33.11, a P/E/G ratio of 1.82 and a beta of 1.10.
Fortive (NYSE:FTV – Get Rating) last posted its quarterly earnings results on Thursday, April 28th. The technology company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.02. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.35 billion. Fortive had a return on equity of 10.87% and a net margin of 12.32%. Fortive’s quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. As a group, sell-side analysts expect that Fortive Co. will post 3.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Investors of record on Friday, May 27th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend is Thursday, May 26th. Fortive’s payout ratio is 15.56%.
Fortive declared that its Board of Directors has initiated a share buyback program on Thursday, February 17th that authorizes the company to repurchase 20,000,000 shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Fortive Profile (Get Rating)
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; environment, health, safety, and quality enterprise software products; facility and asset lifecycle software; pre-construction planning and construction procurement solutions; ruggedized professional test tools; electric, pressure, and temperature calibration tools; and portable gas detection tools for a range of vertical end markets including manufacturing, process industries, healthcare, utilities and power, communications and electronics, and others.
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