Fmr LLC Decreases Stock Position in Fortive Co. (NYSE:FTV)

Fmr LLC cut its stake in shares of Fortive Co. (NYSE:FTV) by 25.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,669,603 shares of the technology company’s stock after selling 2,267,540 shares during the quarter. Fmr LLC’s holdings in Fortive were worth $526,432,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Advisors Asset Management Inc. bought a new stake in Fortive in the 1st quarter worth $32,000. B. Riley Wealth Advisors Inc. increased its holdings in Fortive by 18.1% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,628 shares of the technology company’s stock valued at $312,000 after purchasing an additional 557 shares during the period. Swedbank AB bought a new position in Fortive during the 1st quarter valued at approximately $6,799,000. Cetera Investment Advisers lifted its holdings in Fortive by 599.3% in the 1st quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock worth $4,520,000 after buying an additional 45,032 shares during the period. Finally, Cetera Advisors LLC grew its position in shares of 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 last quarter. 94.94% of the stock is currently owned by institutional investors.

Fortive Stock Performance

Fortive stock opened at $79.33 on Friday. Fortive Co. has a twelve month low of $66.15 and a twelve month 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 company has a market capitalization of $27.52 billion, a P/E ratio of 31.61, a PEG ratio of 2.18 and a beta of 1.13. The stock’s 50 day moving average is $76.23 and its 200 day moving average is $74.26.

Fortive (NYSE:FTV) last released 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. The firm had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 earnings per share. On average, equities research analysts predict that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Friday, November 29th. Fortive’s payout ratio is 12.75%.

Insider Activity at Fortive

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the sale, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. This trade represents a 8.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Peter C. Underwood sold 5,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the transaction, the senior vice president now directly owns 48,346 shares of the company’s stock, valued at approximately $3,702,336.68. This trade represents a 9.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 197,895 shares of company stock valued at $14,261,051 over the last 90 days. Corporate insiders own 1.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Royal Bank of Canada decreased their target price on Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a report on Thursday, October 31st. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. UBS Group assumed coverage on shares of Fortive in a research note on Wednesday, November 13th. They set a “neutral” rating and a $84.00 target price on the stock. Argus reissued a “hold” rating on shares of Fortive in a research note on Monday, November 18th. Finally, JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $90.00 to $92.00 in a research report on Thursday, October 10th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $87.82.

Fortive 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.