Fortive Co. (NYSE:FTV) Shares Sold by Millennium Management LLC

Millennium Management LLC lowered its stake in Fortive Co. (NYSE:FTV) by 1.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,632,381 shares of the technology company’s stock after selling 18,729 shares during the quarter. Millennium Management LLC’s holdings in Fortive were worth $122,429,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of FTV. Principal Financial Group Inc. lifted its holdings in Fortive by 2.7% in the third quarter. Principal Financial Group Inc. now owns 406,085 shares of the technology company’s stock worth $32,052,000 after purchasing an additional 10,795 shares during the period. Czech National Bank raised its position in Fortive by 5.3% in the fourth quarter. Czech National Bank now owns 75,186 shares of the technology company’s stock worth $5,639,000 after acquiring an additional 3,818 shares in the last quarter. Wedmont Private Capital raised its position in Fortive by 4.3% in the fourth quarter. Wedmont Private Capital now owns 3,346 shares of the technology company’s stock worth $252,000 after acquiring an additional 137 shares in the last quarter. Benson Investment Management Company Inc. bought a new stake in Fortive in the fourth quarter worth about $5,140,000. Finally, Shorepath Capital Management LLC raised its position in Fortive by 0.5% in the fourth quarter. Shorepath Capital Management LLC now owns 72,589 shares of the technology company’s stock worth $5,444,000 after acquiring an additional 364 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

Insider Activity at Fortive

In other Fortive news, CEO James A. Lico sold 196,117 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $80.38, for a total transaction of $15,763,884.46. Following the transaction, the chief executive officer now owns 528,851 shares in the company, valued at $42,509,043.38. This trade represents a 27.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Christopher M. Mulhall sold 6,493 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $79.95, for a total value of $519,115.35. Following the transaction, the chief accounting officer now owns 24,283 shares in the company, valued at approximately $1,941,425.85. This trade represents a 21.10% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 257,712 shares of company stock valued at $20,567,008. 1.01% of the stock is currently owned by corporate insiders.

Fortive Price Performance

Shares of FTV opened at $73.70 on Wednesday. The firm has a market cap of $25.05 billion, a PE ratio of 31.23, a PEG ratio of 2.68 and a beta of 1.10. The firm’s 50 day moving average price is $69.91 and its 200 day moving average price is $74.89. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.16. Fortive Co. has a twelve month low of $60.39 and a twelve month high of $83.32.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Fortive had a net margin of 13.36% and a return on equity of 13.15%. The company’s revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.83 earnings per share. As a group, research analysts expect that Fortive Co. will post 4.05 EPS for the current fiscal year.

Fortive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Wednesday, April 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date is Friday, May 30th. Fortive’s payout ratio is presently 14.04%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FTV shares. Barclays dropped their price target on shares of Fortive from $85.00 to $84.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 6th. Wells Fargo & Company boosted their price target on shares of Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. Truist Financial dropped their price target on shares of Fortive from $90.00 to $81.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Robert W. Baird dropped their price target on shares of Fortive from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. Finally, Royal Bank of Canada boosted their price objective on Fortive from $68.00 to $72.00 and gave the stock a “sector perform” rating in a report on Friday, May 2nd. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $80.85.

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.