Cullinan Associates Inc. Sells 11,305 Shares of Fortive Corp (FTV)

Cullinan Associates Inc. reduced its holdings in Fortive Corp (NYSE:FTV) by 14.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 69,487 shares of the technology company’s stock after selling 11,305 shares during the quarter. Cullinan Associates Inc.’s holdings in Fortive were worth $5,851,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Toth Financial Advisory Corp increased its stake in shares of Fortive by 105.2% during the 2nd quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock worth $106,000 after purchasing an additional 705 shares during the last quarter. Fort L.P. acquired a new position in shares of Fortive during the 2nd quarter worth about $122,000. Flagship Harbor Advisors LLC acquired a new position in shares of Fortive during the 2nd quarter worth about $132,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Fortive by 5,816.7% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock worth $137,000 after purchasing an additional 1,745 shares during the last quarter. Finally, AdvisorNet Financial Inc acquired a new position in shares of Fortive during the 2nd quarter worth about $143,000. Hedge funds and other institutional investors own 81.42% of the company’s stock.

In related news, insider Barbara B. Hulit sold 15,000 shares of the company’s stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $82.29, for a total value of $1,234,350.00. Following the transaction, the insider now owns 51,113 shares in the company, valued at approximately $4,206,088.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider William W. Pringle sold 6,316 shares of the company’s stock in a transaction dated Monday, August 6th. The shares were sold at an average price of $81.08, for a total transaction of $512,101.28. Following the completion of the transaction, the insider now owns 21,066 shares in the company, valued at approximately $1,708,031.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,602 shares of company stock worth $6,047,572. 12.10% of the stock is owned by company insiders.

Several research firms have recently weighed in on FTV. Argus boosted their price objective on shares of Fortive to $94.00 and gave the stock a “buy” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Morgan Stanley set a $90.00 price objective on shares of Fortive and gave the stock an “equal weight” rating in a research note on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Monday, October 1st. UBS Group boosted their price objective on shares of Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, August 30th. Finally, Wolfe Research lowered shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Tuesday, September 4th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Fortive presently has an average rating of “Buy” and an average price target of $86.33.

FTV traded down $0.15 on Friday, reaching $79.88. The company had a trading volume of 337,155 shares, compared to its average volume of 11,420,104. Fortive Corp has a fifty-two week low of $69.03 and a fifty-two week high of $88.34. The firm has a market cap of $28.01 billion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 1.93 and a beta of 0.56. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.68 and a current ratio of 1.96.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, July 26th. The technology company reported $0.91 EPS for the quarter, beating 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 business 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 earned $0.71 EPS. Fortive’s quarterly revenue was up 13.9% on a year-over-year basis. As a group, equities analysts forecast that Fortive Corp will post 3.46 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, August 31st were paid a $0.07 dividend. The ex-dividend date was Thursday, August 30th. This represents a $0.28 dividend on an annualized basis and a yield of 0.35%. Fortive’s dividend payout ratio (DPR) is currently 9.69%.

About Fortive

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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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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