SRB Corp acquired a new stake in Fortive Corp (NYSE:FTV) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,965 shares of the technology company’s stock, valued at approximately $752,000. Fortive accounts for 0.1% of SRB Corp’s investment portfolio, making the stock its 28th largest holding.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. FNY Investment Advisers LLC purchased a new stake in shares of Fortive during the first quarter worth about $25,000. Glassman Wealth Services grew its holdings in shares of Fortive by 158.8% during the first quarter. Glassman Wealth Services now owns 308 shares of the technology company’s stock worth $26,000 after buying an additional 189 shares in the last quarter. Pinnacle Bank purchased a new stake in shares of Fortive during the fourth quarter worth about $27,000. Baldwin Brothers Inc. MA purchased a new stake in shares of Fortive during the first quarter worth about $29,000. Finally, Paragon Capital Management LLC purchased a new stake in shares of Fortive during the first quarter worth about $34,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.
A number of equities research analysts recently issued reports on the stock. ValuEngine downgraded shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, May 13th. Morgan Stanley downgraded shares of Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 target price for the company. in a report on Wednesday, May 8th. They noted that the move was a valuation call. BMO Capital Markets boosted their target price on shares of Fortive from $96.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, April 26th. Argus restated a “buy” rating on shares of Fortive in a report on Tuesday, April 30th. Finally, Zacks Investment Research downgraded shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, May 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $85.87.
FTV stock traded up $0.25 during midday trading on Thursday, reaching $78.43. 15,798 shares of the company’s stock traded hands, compared to its average volume of 1,495,737. The stock has a market cap of $26.53 billion, a price-to-earnings ratio of 25.61, a price-to-earnings-growth ratio of 1.70 and a beta of 1.22. The company has a quick ratio of 1.97, a current ratio of 2.20 and a debt-to-equity ratio of 0.69. Fortive Corp has a fifty-two week low of $62.89 and a fifty-two week high of $89.48.
Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, April 25th. The technology company reported $0.69 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.69. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Fortive had a net margin of 39.98% and a return on equity of 19.44%. Fortive’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.78 earnings per share. On average, equities analysts forecast that Fortive Corp will post 3.59 EPS for the current fiscal year.
The business also recently declared 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 of this dividend is Thursday, May 30th. This represents a $0.28 annualized dividend and a yield of 0.36%. Fortive’s dividend payout ratio is presently 9.15%.
In related news, VP Emily A. Weaver sold 600 shares of the company’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $85.53, for a total value of $51,318.00. Following the sale, the vice president now directly owns 9,796 shares of the company’s stock, valued at $837,851.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Martin Gafinowitz sold 20,000 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $81.74, for a total transaction of $1,634,800.00. Following the completion of the sale, the insider now directly owns 91,688 shares in the company, valued at $7,494,577.12. The disclosure for this sale can be found here. Insiders sold 33,155 shares of company stock worth $2,761,762 over the last ninety days. 12.70% of the stock is currently owned by corporate insiders.
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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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