SouthState Corp Acquires 8,819 Shares of Fortive Corporation $FTV

SouthState Corp grew its holdings in shares of Fortive Corporation (NYSE:FTV) by 42.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,809 shares of the technology company’s stock after buying an additional 8,819 shares during the period. SouthState Corp’s holdings in Fortive were worth $1,554,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Accent Capital Management LLC purchased a new position in Fortive during the 1st quarter valued at $26,000. Geneos Wealth Management Inc. increased its position in shares of Fortive by 246.2% during the first quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock valued at $37,000 after buying an additional 357 shares during the period. Capital Analysts LLC increased its position in shares of Fortive by 41.0% during the first quarter. Capital Analysts LLC now owns 523 shares of the technology company’s stock valued at $38,000 after buying an additional 152 shares during the period. Banque Transatlantique SA raised its stake in Fortive by 92.8% in the first quarter. Banque Transatlantique SA now owns 561 shares of the technology company’s stock worth $38,000 after buying an additional 270 shares in the last quarter. Finally, Andra AP fonden purchased a new stake in Fortive in the second quarter worth about $57,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

FTV opened at $51.09 on Friday. The firm has a market cap of $16.23 billion, a PE ratio of 29.19, a P/E/G ratio of 3.03 and a beta of 1.16. The stock has a 50-day moving average price of $48.99 and a 200-day moving average price of $56.67. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.70 and a quick ratio of 0.58.

Fortive (NYSE:FTV) last released its quarterly earnings data on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. The business had revenue of $1.07 billion during the quarter. Fortive had a net margin of 11.72% and a return on equity of 12.04%. Sell-side analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, November 28th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, November 28th. Fortive’s dividend payout ratio (DPR) is currently 13.71%.

Insider Activity at Fortive

In other Fortive news, SVP Stacey A. Walker sold 2,192 shares of Fortive stock in a transaction on Friday, October 31st. The stock was sold at an average price of $50.35, for a total value of $110,367.20. Following the completion of the sale, the senior vice president owned 59,488 shares of the company’s stock, valued at approximately $2,995,220.80. This trade represents a 3.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

FTV has been the topic of a number of research analyst reports. TD Cowen downgraded Fortive from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $50.00 in a report on Tuesday, July 15th. Zacks Research raised Fortive from a “strong sell” rating to a “hold” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. increased their price objective on Fortive from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Morgan Stanley raised their price objective on Fortive from $50.00 to $53.00 and gave the company an “equal weight” rating in a research report on Wednesday. Finally, Melius Research raised shares of Fortive to a “hold” rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to data from MarketBeat, Fortive has an average rating of “Hold” and an average price target of $59.29.

About Fortive

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.