California Public Employees Retirement System Buys 96,670 Shares of Fortive Corporation (FTV)
California Public Employees Retirement System boosted its holdings in Fortive Corporation (NYSE:FTV) by 18.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 633,069 shares of the technology company’s stock after purchasing an additional 96,670 shares during the period. California Public Employees Retirement System owned about 0.18% of Fortive worth $44,815,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Fortive by 3.1% during the 2nd quarter. Vanguard Group Inc. now owns 20,614,201 shares of the technology company’s stock worth $1,305,909,000 after buying an additional 620,784 shares during the last quarter. BlackRock Inc. lifted its holdings in Fortive by 11.7% during the 2nd quarter. BlackRock Inc. now owns 18,488,658 shares of the technology company’s stock worth $1,171,255,000 after buying an additional 1,934,309 shares during the last quarter. Capital World Investors lifted its holdings in Fortive by 37.9% during the 2nd quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after buying an additional 2,701,496 shares during the last quarter. TIAA CREF Investment Management LLC lifted its holdings in Fortive by 41.2% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,330,651 shares of the technology company’s stock worth $210,997,000 after buying an additional 971,997 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Fortive by 13.6% in the 2nd quarter. Franklin Resources Inc. now owns 2,370,300 shares of the technology company’s stock worth $150,158,000 after purchasing an additional 283,550 shares during the last quarter. 78.96% of the stock is owned by hedge funds and other institutional investors.
FTV has been the topic of several recent research reports. Zacks Investment Research downgraded Fortive from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Royal Bank of Canada reissued a “hold” rating and issued a $66.00 price target on shares of Fortive in a report on Friday, September 15th. Morgan Stanley reissued an “equal weight” rating and issued a $72.00 price target (up previously from $71.00) on shares of Fortive in a report on Monday, October 2nd. Citigroup reissued a “neutral” rating and issued a $72.00 price target (up previously from $65.00) on shares of Fortive in a report on Monday, October 9th. Finally, Stifel Nicolaus raised their price target on Fortive from $62.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, October 27th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $70.27.
Fortive Corporation (NYSE:FTV) opened at $71.40 on Friday. Fortive Corporation has a 1 year low of $52.99 and a 1 year high of $75.69. The stock has a market capitalization of $25,166.75, a price-to-earnings ratio of 26.24, a PEG ratio of 2.50 and a beta of 0.38. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.54 and a current ratio of 1.95.
Fortive (NYSE:FTV) last issued its quarterly earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.04. Fortive had a return on equity of 31.67% and a net margin of 14.39%. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm earned $0.65 EPS. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. sell-side analysts predict that Fortive Corporation will post 2.85 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, November 24th will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.39%. The ex-dividend date is Wednesday, November 22nd. Fortive’s dividend payout ratio (DPR) is presently 10.57%.
In other news, insider James A. Lico sold 50,000 shares of the firm’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the completion of the sale, the insider now directly owns 166,014 shares of the company’s stock, valued at approximately $12,142,263.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Stacey A. Walker sold 4,775 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $72.49, for a total value of $346,139.75. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by company insiders.
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Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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