Fortive Corporation (FTV) Position Decreased by Penobscot Investment Management Company Inc.
Penobscot Investment Management Company Inc. decreased its stake in shares of Fortive Corporation (NYSE:FTV) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,761 shares of the technology company’s stock after selling 10 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Fortive Corporation were worth $618,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Creative Planning increased its position in shares of Fortive Corporation by 15.2% in the first quarter. Creative Planning now owns 7,316 shares of the technology company’s stock valued at $441,000 after buying an additional 967 shares during the last quarter. Atria Investments LLC increased its position in shares of Fortive Corporation by 1.6% in the first quarter. Atria Investments LLC now owns 4,509 shares of the technology company’s stock valued at $272,000 after buying an additional 73 shares during the last quarter. Regent Investment Management LLC purchased a new position in shares of Fortive Corporation during the first quarter valued at about $213,000. DnB Asset Management AS increased its position in shares of Fortive Corporation by 8.6% in the first quarter. DnB Asset Management AS now owns 55,627 shares of the technology company’s stock valued at $3,350,000 after buying an additional 4,400 shares during the last quarter. Finally, Barometer Capital Management Inc. purchased a new position in shares of Fortive Corporation during the first quarter valued at about $1,304,000. 78.55% of the stock is currently owned by institutional investors and hedge funds.
Fortive Corporation (NYSE:FTV) opened at 65.16 on Friday. The stock has a market cap of $22.62 billion, a P/E ratio of 25.66 and a beta of 0.23. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $67.48. The firm’s 50-day moving average is $64.64 and its 200-day moving average is $61.54.
Fortive Corporation (NYSE:FTV) last released its earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. On average, analysts forecast that Fortive Corporation will post $2.79 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, August 25th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Wednesday, August 23rd. Fortive Corporation’s payout ratio is presently 11.02%.
Several equities analysts recently issued reports on FTV shares. Barclays PLC set a $66.00 price objective on shares of Fortive Corporation and gave the company a “buy” rating in a research note on Sunday, April 30th. Morgan Stanley downgraded shares of Fortive Corporation from an “overweight” rating to an “equal weight” rating and upped their price objective for the company from $61.00 to $65.00 in a research note on Tuesday, May 2nd. They noted that the move was a valuation call. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fortive Corporation in a research note on Monday, May 22nd. Zacks Investment Research downgraded shares of Fortive Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $62.00 price objective on shares of Fortive Corporation in a research note on Sunday, July 30th. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Fortive Corporation presently has an average rating of “Hold” and a consensus target price of $61.82.
In related news, VP Raj Ratnakar sold 11,642 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $62.31, for a total transaction of $725,413.02. Following the transaction, 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 accessible through the SEC website. Also, CFO Charles E. Mclaughlin sold 6,565 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $66.09, for a total transaction of $433,880.85. The disclosure for this sale can be found here. Insiders have sold 21,956 shares of company stock worth $1,392,744 over the last ninety days. 12.10% of the stock is currently owned by insiders.
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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