Barrett Asset Management LLC Trims Holdings in Fortive Corp (FTV)
Barrett Asset Management LLC trimmed its position in shares of Fortive Corp (NYSE:FTV) by 6.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 4,551 shares of the technology company’s stock after selling 333 shares during the quarter. Barrett Asset Management LLC’s holdings in Fortive were worth $382,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in FTV. Kentucky Retirement Systems purchased a new stake in shares of Fortive during the fourth quarter worth $865,000. Deutsche Bank AG lifted its position in shares of Fortive by 79.0% during the fourth quarter. Deutsche Bank AG now owns 827,194 shares of the technology company’s stock worth $55,963,000 after acquiring an additional 365,059 shares in the last quarter. Vanguard Group Inc lifted its position in shares of Fortive by 0.9% during the third quarter. Vanguard Group Inc now owns 22,405,241 shares of the technology company’s stock worth $1,890,330,000 after acquiring an additional 203,786 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Fortive by 2.4% during the fourth quarter. Brown Advisory Inc. now owns 6,321,632 shares of the technology company’s stock worth $427,722,000 after acquiring an additional 146,763 shares in the last quarter. Finally, Canton Hathaway LLC purchased a new stake in shares of Fortive during the fourth quarter worth $203,000. 83.73% of the stock is owned by institutional investors and hedge funds.
FTV has been the topic of several recent research reports. Argus restated a “buy” rating on shares of Fortive in a research report on Tuesday, April 30th. Zacks Investment Research downgraded Fortive from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Berenberg Bank started coverage on Fortive in a research report on Wednesday, May 15th. They issued a “buy” rating and a $96.00 price objective on the stock. Morgan Stanley downgraded Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 price objective on the stock. in a research report on Wednesday, May 8th. They noted that the move was a valuation call. Finally, William Blair reiterated a “market perform” rating on shares of Fortive in a research report on Tuesday, February 12th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $87.77.
Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, April 25th. The technology company reported $0.69 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.69. Fortive had a return on equity of 19.44% and a net margin of 39.98%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter last year, the business posted $0.78 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, analysts predict that Fortive Corp will post 3.6 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be given a $0.07 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.37%. Fortive’s dividend payout ratio (DPR) is presently 9.15%.
In related news, insider Martin Gafinowitz sold 20,000 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $81.74, for a total value of $1,634,800.00. Following the transaction, the insider now owns 91,688 shares of the company’s stock, valued at $7,494,577.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Emily A. Weaver sold 519 shares of the stock in a transaction on Friday, May 17th. The shares were sold at an average price of $80.98, for a total value of $42,028.62. Following the completion of the transaction, the vice president now directly owns 8,627 shares in the company, valued at approximately $698,614.46. The disclosure for this sale can be found here. Insiders sold 33,155 shares of company stock worth $2,761,762 in the last quarter. 12.70% of the stock is currently owned by company insiders.
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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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