Cadence Capital Management LLC acquired a new stake in shares of Fortive Corporation (NYSE:FTV) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,304 shares of the technology company’s stock, valued at approximately $588,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in FTV. Capital World Investors increased its position in shares of Fortive by 37.9% during the second quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after acquiring an additional 2,701,496 shares in the last quarter. BlackRock Inc. grew its position in Fortive by 11.7% in the 2nd quarter. BlackRock Inc. now owns 18,488,658 shares of the technology company’s stock worth $1,171,255,000 after purchasing an additional 1,934,309 shares in the last quarter. JPMorgan Chase & Co. grew its position in Fortive by 261.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,948,537 shares of the technology company’s stock worth $123,442,000 after purchasing an additional 1,410,000 shares in the last quarter. TIAA CREF Investment Management LLC grew its position in Fortive by 41.2% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,330,651 shares of the technology company’s stock worth $210,997,000 after purchasing an additional 971,997 shares in the last quarter. Finally, APG Asset Management N.V. grew its position in Fortive by 49.7% in the 3rd quarter. APG Asset Management N.V. now owns 2,182,268 shares of the technology company’s stock worth $154,483,000 after purchasing an additional 724,400 shares in the last quarter. Hedge funds and other institutional investors own 78.96% of the company’s stock.
FTV has been the subject of a number of recent analyst reports. SunTrust Banks reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Fortive in a research report on Friday, October 27th. Zacks Investment Research raised shares of Fortive from a “hold” rating to a “buy” rating and set a $78.00 price objective for the company in a research report on Tuesday, September 26th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $70.00 price objective on shares of Fortive in a research report on Wednesday, October 11th. Citigroup upped their price objective on shares of Fortive from $72.00 to $74.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Finally, Argus raised shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $70.27.
Fortive (NYSE:FTV) last released its earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.04. Fortive had a net margin of 14.39% and a return on equity of 31.67%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the firm earned $0.65 EPS. The company’s revenue was up 7.4% compared to the same quarter last year. research analysts expect that Fortive Corporation will post 2.85 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, November 24th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date is Wednesday, November 22nd. Fortive’s dividend payout ratio is currently 10.57%.
In other news, SVP Stacey A. Walker sold 4,775 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $72.49, for a total transaction of $346,139.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James A. Lico sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the sale, the insider now owns 166,014 shares in the company, valued at $12,142,263.96. The disclosure for this sale can be found here. 12.10% of the stock is owned by corporate insiders.
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Fortive Company 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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