First Mercantile Trust Co. reduced its stake in Fortive Corporation (NYSE:FTV) by 42.5% during the second quarter, Holdings Channel reports. The firm owned 12,996 shares of the technology company’s stock after selling 9,606 shares during the period. First Mercantile Trust Co.’s holdings in Fortive Corporation were worth $824,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Hutchens Investment Management Inc boosted its stake in shares of Fortive Corporation by 132.6% in the first quarter. Hutchens Investment Management Inc now owns 30,397 shares of the technology company’s stock valued at $1,830,000 after buying an additional 17,331 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Fortive Corporation by 93.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 50,600 shares of the technology company’s stock valued at $3,050,000 after buying an additional 24,500 shares during the period. Northwestern Mutual Investment Management Company LLC boosted its stake in shares of Fortive Corporation by 76.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 60,850 shares of the technology company’s stock valued at $3,664,000 after buying an additional 26,311 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Fortive Corporation by 2.3% in the first quarter. Nationwide Fund Advisors now owns 275,908 shares of the technology company’s stock valued at $16,615,000 after buying an additional 6,319 shares during the period. Finally, Whittier Trust Co. boosted its stake in shares of Fortive Corporation by 2.1% in the first quarter. Whittier Trust Co. now owns 119,011 shares of the technology company’s stock valued at $7,167,000 after buying an additional 2,456 shares during the period. Hedge funds and other institutional investors own 79.85% of the company’s stock.

Shares of Fortive Corporation (NYSE:FTV) opened at 65.60 on Friday. Fortive Corporation has a 12-month low of $46.81 and a 12-month high of $67.48. The firm’s 50-day moving average price is $64.42 and its 200 day moving average price is $61.24. The firm has a market cap of $22.77 billion, a P/E ratio of 25.84 and a beta of 0.23.

Fortive Corporation (NYSE:FTV) last released its earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. During the same quarter in the prior year, the firm posted $0.64 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. On average, equities analysts expect that Fortive Corporation will post $2.79 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, August 25th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.43%. The ex-dividend date is Wednesday, August 23rd. Fortive Corporation’s payout ratio is 11.02%.

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Several equities research analysts have commented on FTV shares. Morgan Stanley cut shares of Fortive Corporation from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $61.00 to $65.00 in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Cowen and Company boosted their price target on shares of Fortive Corporation from $46.00 to $52.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 19th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $66.00 price target (up from $65.00) on shares of Fortive Corporation in a research report on Sunday, July 30th. Stifel Nicolaus reiterated a “hold” rating and issued a $62.00 price target on shares of Fortive Corporation in a research report on Sunday, July 30th. Finally, Zacks Investment Research cut shares of Fortive Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Fortive Corporation presently has an average rating of “Hold” and a consensus price target of $61.82.

In other Fortive Corporation news, VP Raj Ratnakar sold 11,642 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $62.31, for a total value of $725,413.02. Following the transaction, the vice president now owns 5,020 shares of the company’s stock, valued at $312,796.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Emily A. Weaver sold 3,749 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $62.27, for a total value of $233,450.23. The disclosure for this sale can be found here. Corporate insiders own 12.10% of the company’s stock.

About Fortive Corporation

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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Institutional Ownership by Quarter for Fortive Corporation (NYSE:FTV)

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