Fortive Corporation (FTV) Stake Lowered by Principal Financial Group Inc.
Principal Financial Group Inc. reduced its position in shares of Fortive Corporation (NYSE:FTV) by 0.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 422,908 shares of the technology company’s stock after selling 1,716 shares during the period. Principal Financial Group Inc.’s holdings in Fortive Corporation were worth $25,465,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in FTV. Bessemer Group Inc. increased its stake in shares of Fortive Corporation by 110.3% in the fourth quarter. Bessemer Group Inc. now owns 6,447 shares of the technology company’s stock worth $346,000 after buying an additional 3,382 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Fortive Corporation by 804.9% in the fourth quarter. Van ECK Associates Corp now owns 6,696 shares of the technology company’s stock worth $359,000 after buying an additional 5,956 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Fortive Corporation by 0.4% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,243 shares of the technology company’s stock worth $925,000 after buying an additional 72 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Fortive Corporation by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 903,575 shares of the technology company’s stock worth $48,461,000 after buying an additional 7,906 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Fortive Corporation during the fourth quarter worth $397,000. Hedge funds and other institutional investors own 79.95% of the company’s stock.
Fortive Corporation (NYSE FTV) traded up 0.14% during mid-day trading on Tuesday, reaching $64.88. 370,177 shares of the company’s stock were exchanged. Fortive Corporation has a 52 week low of $46.00 and a 52 week high of $65.21. The stock has a 50-day moving average price of $62.84 and a 200-day moving average price of $58.58. The stock has a market cap of $22.49 billion and a P/E ratio of 25.45.
Fortive Corporation (NYSE:FTV) last posted its earnings results on Thursday, April 27th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Fortive Corporation had a return on equity of 34.24% and a net margin of 14.16%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS. On average, analysts forecast that Fortive Corporation will post $2.75 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Friday, May 26th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, May 24th. This represents a $0.28 annualized dividend and a dividend yield of 0.43%. Fortive Corporation’s payout ratio is currently 10.98%.
A number of equities research analysts have weighed in on FTV shares. Morgan Stanley downgraded shares of Fortive Corporation from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $61.00 to $65.00 in a report on Tuesday, May 2nd. They noted that the move was a valuation call. Zacks Investment Research raised shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Wednesday, April 12th. J P Morgan Chase & Co raised shares of Fortive Corporation from a “neutral” rating to an “overweight” rating and upped their price target for the company from $56.00 to $66.00 in a report on Friday, March 24th. Royal Bank Of Canada started coverage on shares of Fortive Corporation in a report on Thursday, March 23rd. They issued a “sector perform” rating and a $63.00 price target for the company. Finally, Cowen and Company upped their price target on shares of Fortive Corporation from $46.00 to $52.00 and gave the company a “market perform” rating in a report on Wednesday, April 19th. Eleven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $59.14.
In other news, VP Emily A. Weaver sold 3,749 shares of the business’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total transaction of $233,450.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James A. Lico sold 131,994 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $62.34, for a total value of $8,228,505.96. Following the transaction, the insider now owns 191,101 shares of the company’s stock, valued at $11,913,236.34. The disclosure for this sale can be found here. Insiders have sold a total of 147,385 shares of company stock valued at $9,187,369 over the last 90 days.
Fortive Corporation Company Profile
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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