Texas Permanent School Fund Corp Sells 13,748 Shares of Fortive Corporation $FTV

Texas Permanent School Fund Corp lessened its position in Fortive Corporation (NYSE:FTV) by 36.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,925 shares of the technology company’s stock after selling 13,748 shares during the period. Texas Permanent School Fund Corp’s holdings in Fortive were worth $1,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. True Wealth Design LLC boosted its holdings in shares of Fortive by 815.4% during the second quarter. True Wealth Design LLC now owns 476 shares of the technology company’s stock worth $25,000 after purchasing an additional 424 shares during the period. Geneos Wealth Management Inc. increased its holdings in Fortive by 246.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock valued at $37,000 after purchasing an additional 357 shares during the period. Banque Transatlantique SA raised its position in Fortive by 92.8% during the 1st quarter. Banque Transatlantique SA now owns 561 shares of the technology company’s stock valued at $38,000 after purchasing an additional 270 shares during the last quarter. CYBER HORNET ETFs LLC purchased a new stake in Fortive in the 2nd quarter worth approximately $48,000. Finally, Andra AP fonden bought a new stake in shares of Fortive in the 2nd quarter worth approximately $57,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling at Fortive

In related news, SVP Stacey A. Walker sold 2,192 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $50.35, for a total transaction of $110,367.20. Following the completion of the transaction, the senior vice president owned 59,488 shares of the company’s stock, valued at $2,995,220.80. This trade represents a 3.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.92% of the stock is owned by insiders.

Wall Street Analyst Weigh In

FTV has been the subject of a number of recent analyst reports. Weiss Ratings upgraded Fortive from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Wells Fargo & Company boosted their price objective on shares of Fortive from $55.00 to $59.00 and gave the company an “equal weight” rating in a research report on Monday. Citigroup upped their price objective on shares of Fortive from $57.00 to $59.00 and gave the stock a “neutral” rating in a report on Monday, December 8th. Wall Street Zen raised shares of Fortive to a “hold” rating in a research note on Friday, September 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fortive from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat, Fortive has an average rating of “Hold” and a consensus price target of $57.85.

Fortive Stock Down 0.0%

NYSE:FTV opened at $55.67 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.70 and a quick ratio of 0.58. The firm’s 50-day moving average price is $52.04 and its 200-day moving average price is $52.56. The company has a market capitalization of $17.68 billion, a PE ratio of 31.81, a P/E/G ratio of 3.35 and a beta of 1.13. Fortive Corporation has a 1-year low of $46.34 and a 1-year high of $83.32.

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

Fortive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, November 28th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, November 28th. Fortive’s payout ratio is currently 13.71%.

Fortive Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.