Davis Rea Ltd. Boosts Position in Fortive Corporation (NYSE:FTV)
Davis Rea Ltd. increased its stake in shares of Fortive Corporation (NYSE:FTV) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,325 shares of the technology company’s stock after buying an additional 75 shares during the period. Fortive Corporation accounts for 1.5% of Davis Rea Ltd.’s holdings, making the stock its 22nd largest position. Davis Rea Ltd.’s holdings in Fortive Corporation were worth $2,301,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC raised its position in Fortive Corporation by 2.7% in the first quarter. FMR LLC now owns 21,506,167 shares of the technology company’s stock valued at $1,295,101,000 after buying an additional 574,042 shares during the period. Vanguard Group Inc. raised its position in Fortive Corporation by 3.3% in the first quarter. Vanguard Group Inc. now owns 19,993,417 shares of the technology company’s stock valued at $1,204,004,000 after buying an additional 646,463 shares during the period. BlackRock Inc. raised its position in Fortive Corporation by 2,497.9% in the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock valued at $996,902,000 after buying an additional 15,917,140 shares during the period. State Street Corp raised its stake in shares of Fortive Corporation by 1.4% in the first quarter. State Street Corp now owns 12,557,670 shares of the technology company’s stock worth $756,215,000 after buying an additional 174,619 shares during the last quarter. Finally, First Eagle Investment Management LLC raised its stake in shares of Fortive Corporation by 25.5% in the first quarter. First Eagle Investment Management LLC now owns 4,718,316 shares of the technology company’s stock worth $284,137,000 after buying an additional 957,431 shares during the last quarter. 79.85% of the stock is currently owned by institutional investors.
Fortive Corporation (NYSE:FTV) opened at 66.82 on Thursday. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $67.48. The company has a 50-day moving average price of $64.35 and a 200-day moving average price of $61.13. The firm has a market capitalization of $23.19 billion, a P/E ratio of 26.32 and a beta of 0.23.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. On average, equities research analysts predict that Fortive Corporation will post $2.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, August 25th will be paid a $0.07 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.28 dividend on an annualized basis and a yield of 0.42%. Fortive Corporation’s payout ratio is currently 11.02%.
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FTV has been the topic of a number of analyst reports. Zacks Investment Research raised Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research report on Monday, July 24th. Morgan Stanley lowered Fortive Corporation from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $61.00 to $65.00 in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $66.00 target price (up from $65.00) on shares of Fortive Corporation in a research report on Sunday, July 30th. Barclays PLC set a $66.00 target price on Fortive Corporation and gave the stock a “buy” rating in a research report on Sunday, April 30th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Fortive Corporation presently has an average rating of “Hold” and an average target price of $61.82.
In other Fortive Corporation news, VP Raj Ratnakar sold 11,642 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $62.31, for a total transaction of $725,413.02. Following the sale, the vice president now directly owns 5,020 shares of the company’s stock, valued at $312,796.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Emily A. Weaver sold 3,749 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total transaction of $233,450.23. The disclosure for this sale can be found here. Insiders own 12.10% of the company’s stock.
Fortive Corporation Company Profile
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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