Drake & Associates LLC Purchases 1,031 Shares of Fortive Co. (NYSE:FTV)

by · The Markets Daily

Drake & Associates LLC increased its position in Fortive Co. (NYSE:FTV – Free Report) by 16.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,242 shares of the technology company’s stock after acquiring an additional 1,031 shares during the quarter. Drake & Associates LLC’s holdings in Fortive were worth $572,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Nordea Investment Management AB grew its stake in shares of Fortive by 70.1% in the first quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock worth $77,058,000 after acquiring an additional 369,351 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Fortive by 104.3% during the 1st quarter. BNP Paribas Financial Markets now owns 369,076 shares of the technology company’s stock worth $31,748,000 after purchasing an additional 188,415 shares during the period. Atomi Financial Group Inc. raised its position in shares of Fortive by 4.8% during the third quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock valued at $389,000 after buying an additional 226 shares during the last quarter. Cetera Investment Advisers raised its position in shares of Fortive by 599.3% during the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock valued at $4,520,000 after buying an additional 45,032 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in shares of Fortive by 6.7% in the first quarter. CANADA LIFE ASSURANCE Co now owns 275,489 shares of the technology company’s stock valued at $23,719,000 after buying an additional 17,225 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Fortive Stock Up 0.1 %

Shares of FTV opened at $77.28 on Friday. The business’s 50 day simple moving average is $74.33 and its 200-day simple moving average is $75.18. Fortive Co. has a one year low of $63.05 and a one year high of $87.10. The company has a market capitalization of $27.20 billion, a P/E ratio of 30.55, a PEG ratio of 2.24 and a beta of 1.12. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95.

Fortive (NYSE:FTV – Get Free Report) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.92 by $0.01. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the prior year, the business earned $0.85 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Fortive Co. will post 3.82 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th were given a dividend of $0.08 per share. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.41%. Fortive’s payout ratio is 12.65%.

Analyst Upgrades and Downgrades

Several research firms have commented on FTV. Morgan Stanley assumed coverage on Fortive in a report on Friday, September 6th. They issued an “overweight” rating and a $89.00 price target for the company. Truist Financial raised their target price on Fortive from $82.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Raymond James upgraded shares of Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a research note on Thursday, September 5th. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, JPMorgan Chase & Co. raised shares of Fortive from a “neutral” rating to an “overweight” rating and upped their target price for the company from $90.00 to $92.00 in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $87.36.

Get Our Latest Report on FTV

Insider Activity

In related news, SVP Jonathan L. Schwarz sold 14,223 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $73.80, for a total value of $1,049,657.40. Following the completion of the transaction, the senior vice president now owns 68,161 shares in the company, valued at $5,030,281.80. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive stock in a transaction on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the completion of the sale, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at approximately $5,030,281.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the transaction, the chief financial officer now directly owns 73,391 shares in the company, valued at $5,433,135.73. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is owned by insiders.

Fortive Company Profile

(Free Report)

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.

Further Reading

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