Point72 Asset Management L.P. bought a new position in shares of Fortive Corp (NYSE:FTV) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 213,100 shares of the technology company’s stock, valued at approximately $16,279,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in FTV. CFM Wealth Partners LLC acquired a new position in Fortive during the fourth quarter worth approximately $33,000. Atlantic Trust LLC purchased a new stake in Fortive in the 4th quarter valued at $37,000. Acadian Asset Management LLC purchased a new stake in Fortive in the 4th quarter valued at $37,000. Meeder Asset Management Inc. boosted its stake in Fortive by 41.3% during the 4th quarter. Meeder Asset Management Inc. now owns 486 shares of the technology company’s stock worth $37,000 after purchasing an additional 142 shares during the period. Finally, S.A. Mason LLC purchased a new position in Fortive during the 4th quarter worth $38,000. 82.79% of the stock is owned by hedge funds and other institutional investors.
Shares of Fortive stock traded up $1.78 on Thursday, reaching $51.67. 3,996,150 shares of the stock were exchanged, compared to its average volume of 2,488,828. The firm has a market capitalization of $16.79 billion, a PE ratio of 26.23 and a beta of 1.18. Fortive Corp has a 1-year low of $37.31 and a 1-year high of $89.48. The business has a fifty day moving average price of $67.38 and a two-hundred day moving average price of $71.18. The company has a current ratio of 1.06, a quick ratio of 0.88 and a debt-to-equity ratio of 0.67.
Fortive (NYSE:FTV) last announced its quarterly earnings data on Thursday, February 6th. The technology company reported $1.03 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.06. Fortive had a net margin of 10.09% and a return on equity of 17.53%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter last year, the firm earned $0.91 earnings per share. The firm’s revenue was up 13.9% compared to the same quarter last year. Research analysts expect that Fortive Corp will post 3.75 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Thursday, February 27th. Fortive’s dividend payout ratio (DPR) is 8.05%.
In other news, CAO Christopher M. Mulhall sold 2,702 shares of the stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $78.46, for a total value of $211,998.92. Following the completion of the transaction, the chief accounting officer now owns 7,088 shares in the company, valued at approximately $556,124.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stacey A. Walker sold 1,754 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $73.77, for a total transaction of $129,392.58. Following the completion of the sale, the senior vice president now owns 28,705 shares of the company’s stock, valued at approximately $2,117,567.85. The disclosure for this sale can be found here. Insiders sold a total of 144,089 shares of company stock valued at $11,074,434 over the last three months. Insiders own 12.70% of the company’s stock.
A number of research analysts have commented on the stock. Wolfe Research upgraded shares of Fortive from a “peer perform” rating to an “outperform” rating in a research note on Thursday, January 9th. Citigroup raised Fortive from a “neutral” rating to a “buy” rating and raised their price target for the stock from $76.00 to $84.00 in a report on Monday, December 9th. Royal Bank of Canada reissued a “hold” rating and set a $79.00 price target on shares of Fortive in a report on Wednesday, December 18th. Rosenblatt Securities restated a “hold” rating and issued a $78.00 price target on shares of Fortive in a research report on Tuesday, February 25th. Finally, Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Friday, January 3rd. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $82.31.
Fortive Company Profile
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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