BlackRock Inc. Acquires 1,934,309 Shares of Fortive Corporation (FTV)
BlackRock Inc. increased its holdings in shares of Fortive Corporation (NYSE:FTV) by 11.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,488,658 shares of the technology company’s stock after acquiring an additional 1,934,309 shares during the quarter. BlackRock Inc. owned about 5.33% of Fortive Corporation worth $1,171,255,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Hutchens Investment Management Inc increased its position in Fortive Corporation by 132.6% during the first quarter. Hutchens Investment Management Inc now owns 30,397 shares of the technology company’s stock worth $1,830,000 after acquiring an additional 17,331 shares during the period. Hikari Power Ltd increased its position in Fortive Corporation by 34.7% during the second quarter. Hikari Power Ltd now owns 141,700 shares of the technology company’s stock worth $8,977,000 after acquiring an additional 36,500 shares during the period. Swiss National Bank increased its position in Fortive Corporation by 3.2% during the second quarter. Swiss National Bank now owns 1,137,872 shares of the technology company’s stock worth $72,084,000 after acquiring an additional 35,300 shares during the period. Synovus Financial Corp increased its position in Fortive Corporation by 23.9% during the second quarter. Synovus Financial Corp now owns 29,587 shares of the technology company’s stock worth $1,872,000 after acquiring an additional 5,715 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC increased its position in Fortive Corporation by 76.2% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 60,850 shares of the technology company’s stock worth $3,664,000 after acquiring an additional 26,311 shares during the period. 78.59% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on FTV shares. Zacks Investment Research lowered shares of Fortive Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Stifel Nicolaus reaffirmed a “hold” rating and set a $62.00 price target on shares of Fortive Corporation in a research report on Sunday, July 30th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Fortive Corporation in a research report on Tuesday, July 11th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $66.00 target price (up from $65.00) on shares of Fortive Corporation in a report on Sunday, July 30th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $61.82.
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In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $66.09, for a total value of $433,880.85. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 12.10% of the company’s stock.
Fortive Corporation (NYSE:FTV) opened at 69.36 on Monday. The firm has a 50-day moving average of $68.53 and a 200 day moving average of $64.06. The company has a market capitalization of $24.07 billion, a price-to-earnings ratio of 27.32 and a beta of 0.27. Fortive Corporation has a 12-month low of $46.81 and a 12-month high of $70.21.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same period in the prior year, the firm posted $0.64 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Analysts expect that Fortive Corporation will post $2.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date of this dividend is Wednesday, August 23rd. Fortive Corporation’s payout ratio is 11.02%.
Fortive Corporation 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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