Addenda Capital Inc. Buys 1,267 Shares of Fortive Corp (FTV)
Addenda Capital Inc. lifted its stake in shares of Fortive Corp (NYSE:FTV) by 6.1% during the first quarter, Holdings Channel reports. The fund owned 22,002 shares of the technology company’s stock after purchasing an additional 1,267 shares during the quarter. Addenda Capital Inc.’s holdings in Fortive were worth $1,846,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital Research Global Investors raised its stake in Fortive by 1,090.6% in the 3rd quarter. Capital Research Global Investors now owns 5,072,880 shares of the technology company’s stock valued at $427,136,000 after purchasing an additional 4,646,796 shares during the last quarter. Norges Bank purchased a new stake in shares of Fortive during the fourth quarter worth about $246,463,000. Oregon Public Employees Retirement Fund grew its holdings in shares of Fortive by 3,401.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,533,529 shares of the technology company’s stock worth $37,000 after buying an additional 2,461,167 shares in the last quarter. Gates Capital Management Inc. purchased a new stake in shares of Fortive during the fourth quarter worth about $53,836,000. Finally, Alpine Global Management LLC acquired a new position in shares of Fortive in the third quarter valued at approximately $53,088,000. 85.08% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on FTV shares. Morgan Stanley raised shares of Fortive from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $84.00 to $82.00 in a research note on Tuesday, December 18th. TheStreet cut shares of Fortive from a “b-” rating to a “c” rating in a research note on Wednesday, December 19th. Zacks Investment Research downgraded Fortive from a “hold” rating to a “sell” rating in a report on Monday, December 31st. Credit Suisse Group reissued a “neutral” rating and set a $78.00 price target (down previously from $86.00) on shares of Fortive in a research note on Thursday, January 3rd. Finally, William Blair restated a “market perform” rating on shares of Fortive in a report on Tuesday, February 12th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $85.90.
Fortive (NYSE:FTV) last issued its quarterly earnings results on Thursday, February 7th. The technology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.85 by $0.06. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.77 billion. Fortive had a net margin of 40.50% and a return on equity of 22.42%. Fortive’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.82 earnings per share. As a group, equities research analysts anticipate that Fortive Corp will post 3.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, February 22nd were paid a dividend of $0.07 per share. The ex-dividend date was Thursday, February 21st. This represents a $0.28 annualized dividend and a dividend yield of 0.33%. Fortive’s dividend payout ratio is presently 9.15%.
In other Fortive news, SVP Stacey A. Walker sold 1,783 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $81.87, for a total transaction of $145,974.21. Following the completion of the sale, the senior vice president now owns 16,036 shares of the company’s stock, valued at $1,312,867.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Jonathan L. Schwarz sold 3,746 shares of the business’s 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 sale, the vice president now directly owns 17,740 shares of the company’s stock, valued at approximately $1,448,116.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,964 shares of company stock valued at $486,847. Insiders own 12.20% of the company’s stock.
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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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