Alliancebernstein L.P. cut its position in Fortive Corporation (NYSE:FTV) by 43.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 664,835 shares of the technology company’s stock after selling 512,878 shares during the period. Alliancebernstein L.P. owned approximately 0.19% of Fortive Corporation worth $42,117,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. FMR LLC raised its holdings in Fortive Corporation by 2.7% in the first quarter. FMR LLC now owns 21,506,167 shares of the technology company’s stock worth $1,295,101,000 after buying an additional 574,042 shares during the last quarter. Vanguard Group Inc. raised its holdings in Fortive Corporation by 3.3% in the first quarter. Vanguard Group Inc. now owns 19,993,417 shares of the technology company’s stock worth $1,204,004,000 after buying an additional 646,463 shares during the last quarter. BlackRock Inc. raised its holdings in Fortive Corporation by 2,497.9% in the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock worth $996,902,000 after buying an additional 15,917,140 shares during the last quarter. State Street Corp raised its holdings in Fortive Corporation by 1.4% in the first quarter. State Street Corp now owns 12,557,670 shares of the technology company’s stock worth $756,215,000 after buying an additional 174,619 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its holdings in Fortive Corporation by 25.5% in the first quarter. First Eagle Investment Management LLC now owns 4,718,316 shares of the technology company’s stock worth $284,137,000 after buying an additional 957,431 shares during the last quarter. 78.70% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently commented on the stock. Zacks Investment Research lowered shares of Fortive Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fortive Corporation in a research note on Monday, May 22nd. Stifel Nicolaus reiterated a “hold” rating and issued a $62.00 price target on shares of Fortive Corporation in a research note on Sunday, July 30th. Morgan Stanley reiterated an “equal weight” rating on shares of Fortive Corporation in a research note on Tuesday, July 11th. Finally, 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 note 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 company. The stock has a consensus rating of “Hold” and an average price target of $61.82.
Shares of Fortive Corporation (FTV) opened at 69.36 on Friday. The company has a market capitalization of $24.07 billion, a price-to-earnings ratio of 27.32 and a beta of 0.27. The stock has a 50 day moving average of $68.53 and a 200-day moving average of $64.06. Fortive Corporation has a 52 week low of $46.81 and a 52 week high of $70.21.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.02. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. Fortive Corporation’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the firm posted $0.64 EPS. On average, analysts anticipate that Fortive Corporation will post $2.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, August 25th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend is Wednesday, August 23rd. Fortive Corporation’s payout ratio is currently 11.02%.
In related news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.10% of the company’s stock.
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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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