Marshall & Sullivan Inc. WA boosted its position in Fortive Corp (NYSE:FTV) by 0.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 38,605 shares of the technology company’s stock after acquiring an additional 257 shares during the quarter. Fortive accounts for 1.9% of Marshall & Sullivan Inc. WA’s holdings, making the stock its 25th largest holding. Marshall & Sullivan Inc. WA’s holdings in Fortive were worth $2,612,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Alyeska Investment Group L.P. increased its stake in Fortive by 92.3% in the first quarter. Alyeska Investment Group L.P. now owns 572,447 shares of the technology company’s stock valued at $31,593,000 after acquiring an additional 274,734 shares during the last quarter. Principal Financial Group Inc. increased its stake in Fortive by 1.1% in the first quarter. Principal Financial Group Inc. now owns 426,959 shares of the technology company’s stock valued at $23,562,000 after acquiring an additional 4,467 shares during the last quarter. Diversified Trust Co increased its stake in Fortive by 36.8% in the second quarter. Diversified Trust Co now owns 15,255 shares of the technology company’s stock valued at $1,032,000 after acquiring an additional 4,104 shares during the last quarter. IBM Retirement Fund increased its stake in Fortive by 60.9% in the first quarter. IBM Retirement Fund now owns 6,931 shares of the technology company’s stock valued at $383,000 after acquiring an additional 2,623 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Fortive by 11.2% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 93,004 shares of the technology company’s stock valued at $5,133,000 after buying an additional 9,338 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Mitchell P. Rales sold 40,134 shares of the business’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $63.72, for a total value of $2,557,338.48. Following the transaction, the director now owns 3,399,396 shares in the company, valued at $216,609,513.12. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Alan G. Spoon bought 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was purchased at an average price of $54.46 per share, for a total transaction of $1,089,200.00. In the last 90 days, insiders sold 80,081 shares of company stock worth $5,004,454. 12.60% of the stock is owned by company insiders.
Fortive (NYSE:FTV) last released its earnings results on Thursday, April 30th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.76 billion. Fortive had a net margin of 8.28% and a return on equity of 17.55%. Fortive’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 earnings per share. Sell-side analysts forecast that Fortive Corp will post 2.84 EPS for the current year.
A number of analysts have weighed in on FTV shares. Credit Suisse Group cut their target price on shares of Fortive from $85.00 to $71.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Vertical Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Friday, June 5th. Zacks Investment Research upgraded shares of Fortive from a “sell” rating to a “hold” rating and set a $71.00 target price on the stock in a research report on Tuesday, June 30th. Morgan Stanley raised their target price on shares of Fortive from $72.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, June 19th. They noted that the move was a valuation call. Finally, Barclays restated a “buy” rating and issued a $73.00 target price on shares of Fortive in a research report on Friday, April 17th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $76.57.
Fortive Company Profile
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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