First Citizens Bank & Trust Co. purchased a new stake in Fortive Corp (NYSE:FTV) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,665 shares of the technology company’s stock, valued at approximately $224,000.
Several other institutional investors have also made changes to their positions in the company. Cornerstone Advisors Inc. lifted its stake in shares of Fortive by 104.6% in the 3rd quarter. Cornerstone Advisors Inc. now owns 309 shares of the technology company’s stock valued at $26,000 after purchasing an additional 158 shares during the last quarter. Banco Santander S.A. lifted its stake in Fortive by 0.7% during the 4th quarter. Banco Santander S.A. now owns 24,478 shares of the technology company’s stock worth $1,656,000 after acquiring an additional 173 shares in the last quarter. Cambridge Advisors Inc. lifted its stake in Fortive by 2.3% during the 4th quarter. Cambridge Advisors Inc. now owns 7,899 shares of the technology company’s stock worth $534,000 after acquiring an additional 175 shares in the last quarter. Redmond Asset Management LLC lifted its stake in Fortive by 2.1% during the 4th quarter. Redmond Asset Management LLC now owns 8,480 shares of the technology company’s stock worth $574,000 after acquiring an additional 175 shares in the last quarter. Finally, Canandaigua National Bank & Trust Co. lifted its stake in Fortive by 3.4% during the 4th quarter. Canandaigua National Bank & Trust Co. now owns 5,281 shares of the technology company’s stock worth $357,000 after acquiring an additional 176 shares in the last quarter. 85.06% of the stock is currently owned by institutional investors and hedge funds.
FTV opened at $87.64 on Wednesday. Fortive Corp has a 12-month low of $62.89 and a 12-month high of $88.36. The company has a current ratio of 1.45, a quick ratio of 1.18 and a debt-to-equity ratio of 0.45. The stock has a market cap of $29.39 billion, a P/E ratio of 28.64, a PEG ratio of 2.08 and a beta of 1.14.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Thursday, May 30th. Fortive’s dividend payout ratio is currently 9.15%.
Several equities analysts recently issued reports on FTV shares. Morgan Stanley raised Fortive from an “equal weight” rating to an “overweight” rating and decreased their target price for the stock from $84.00 to $82.00 in a research note on Tuesday, December 18th. TheStreet lowered Fortive from a “b-” rating to a “c” rating in a research note on Wednesday, December 19th. Zacks Investment Research lowered Fortive from a “hold” rating to a “sell” rating in a research note on Monday, December 31st. Credit Suisse Group reissued a “neutral” rating and set a $78.00 target price (down previously from $86.00) on shares of Fortive in a research note on Thursday, January 3rd. Finally, William Blair reissued a “market perform” rating on shares of Fortive in a research note on Tuesday, February 12th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Fortive currently has a consensus rating of “Buy” and an average target price of $85.90.
In other Fortive news, insider William W. Pringle sold 435 shares of the stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $80.66, for a total value of $35,087.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Jonathan L. Schwarz sold 3,746 shares of the stock in a transaction dated Thursday, February 28th. The shares were sold at an average price of $81.63, for a total value of $305,785.98. Following the completion of the sale, the vice president now directly owns 17,740 shares in the company, valued at approximately $1,448,116.20. The disclosure for this sale can be found here. Insiders sold a total of 5,964 shares of company stock worth $486,847 in the last ninety days. 12.20% of the stock is owned by corporate insiders.
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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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