Whittier Trust Co. Boosts Holdings in Fortive Corp (FTV)
Whittier Trust Co. grew its stake in shares of Fortive Corp (NYSE:FTV) by 2.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 194,848 shares of the technology company’s stock after buying an additional 4,375 shares during the quarter. Whittier Trust Co.’s holdings in Fortive were worth $16,344,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of FTV. Norges Bank bought a new stake in shares of Fortive during the fourth quarter worth $246,463,000. Oregon Public Employees Retirement Fund lifted its holdings in shares of Fortive by 3,401.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,533,529 shares of the technology company’s stock worth $37,000 after purchasing an additional 2,461,167 shares during the period. Gates Capital Management Inc. acquired a new position in shares of Fortive during the fourth quarter worth $53,836,000. Deutsche Bank AG lifted its holdings in shares of Fortive by 79.0% during the fourth quarter. Deutsche Bank AG now owns 827,194 shares of the technology company’s stock worth $55,963,000 after purchasing an additional 365,059 shares during the period. Finally, Royal London Asset Management Ltd. acquired a new position in shares of Fortive during the fourth quarter worth $17,093,000. 85.09% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on FTV. BMO Capital Markets lifted their price target on shares of Fortive from $96.00 to $99.00 and gave the stock an “outperform” rating in a report on Friday. Barclays lifted their price target on shares of Fortive from $81.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Monday, April 22nd. ValuEngine upgraded shares of Fortive from a “hold” rating to a “buy” rating in a report on Saturday, April 13th. Finally, Credit Suisse Group reiterated a “neutral” rating and set a $78.00 price target (down previously from $86.00) on shares of Fortive in a report on Thursday, January 3rd. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Fortive has a consensus rating of “Buy” and an average price target of $87.60.
Fortive (NYSE:FTV) last released its earnings results on Thursday, April 25th. The technology company reported $0.69 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.69. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.63 billion. Fortive had a net margin of 39.98% and a return on equity of 20.11%. Fortive’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.78 earnings per share. Equities analysts anticipate that Fortive Corp will post 3.63 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be issued a $0.07 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.28 annualized dividend and a yield of 0.33%. Fortive’s payout ratio is 9.15%.
In related news, SVP Stacey A. Walker sold 1,783 shares of the business’s stock in a transaction on Monday, February 25th. The shares were sold at an average price of $81.87, for a total value of $145,974.21. Following the transaction, the senior vice president now owns 16,036 shares in the company, valued at $1,312,867.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider William W. Pringle sold 435 shares of the business’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $80.66, for a total transaction of $35,087.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,964 shares of company stock worth $486,847. 12.20% of the stock is owned by company insiders.
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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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