Northern Trust Corp boosted its stake in Fortive Corp (NYSE:FTV) by 1.1% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 4,355,498 shares of the technology company’s stock after buying an additional 47,476 shares during the period. Northern Trust Corp owned approximately 1.25% of Fortive worth $335,852,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Artisan Partners Limited Partnership acquired a new position in Fortive in the 2nd quarter valued at about $185,524,000. Standard Life Aberdeen plc grew its stake in Fortive by 30.3% in the 2nd quarter. Standard Life Aberdeen plc now owns 75,527 shares of the technology company’s stock valued at $5,824,000 after buying an additional 17,545 shares during the last quarter. Capital Fund Management S.A. acquired a new position in Fortive in the 2nd quarter valued at about $3,768,000. Richard Bernstein Advisors LLC grew its position in shares of Fortive by 18.8% during the 2nd quarter. Richard Bernstein Advisors LLC now owns 51,906 shares of the technology company’s stock worth $4,002,000 after purchasing an additional 8,207 shares in the last quarter. Finally, Wharton Business Group LLC acquired a new position in shares of Fortive during the 2nd quarter worth approximately $932,000. Institutional investors and hedge funds own 81.42% of the company’s stock.
In other news, VP Raj Ratnakar sold 30,912 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $80.71, for a total transaction of $2,494,907.52. Following the completion of the sale, the vice president now owns 13,244 shares of the company’s stock, valued at approximately $1,068,923.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Alan G. Spoon purchased 18,000 shares of the business’s stock in a transaction dated Thursday, August 2nd. The shares were purchased at an average cost of $80.80 per share, with a total value of $1,454,400.00. Following the acquisition, the director now owns 48,268 shares in the company, valued at approximately $3,900,054.40. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 74,602 shares of company stock valued at $6,047,572. 12.20% of the stock is currently owned by insiders.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, July 26th. The technology company reported $0.91 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.02. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up 13.9% compared to the same quarter last year. equities analysts expect that Fortive Corp will post 3.49 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend is Thursday, August 30th. Fortive’s dividend payout ratio (DPR) is presently 9.69%.
A number of brokerages have issued reports on FTV. Argus increased their target price on shares of Fortive to $94.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. UBS Group increased their target price on shares of Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. Wolfe Research lowered shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, September 4th. Morgan Stanley increased their target price on shares of Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. Finally, Citigroup increased their target price on shares of Fortive from $80.00 to $84.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $85.00.
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 maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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