Fortive Corporation (FTV) Shares Sold by MAI Capital Management
MAI Capital Management lowered its position in Fortive Corporation (NYSE:FTV) by 31.9% during the first quarter, Holdings Channel reports. The institutional investor owned 10,090 shares of the technology company’s stock after selling 4,735 shares during the period. MAI Capital Management’s holdings in Fortive Corporation were worth $608,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the company. Crestwood Advisors Group LLC bought a new stake in Fortive Corporation during the first quarter worth approximately $102,000. FUKOKU MUTUAL LIFE INSURANCE Co increased its stake in Fortive Corporation by 20.0% in the first quarter. FUKOKU MUTUAL LIFE INSURANCE Co now owns 1,800 shares of the technology company’s stock worth $108,000 after buying an additional 300 shares in the last quarter. Quadrant Capital Group LLC increased its stake in Fortive Corporation by 0.4% in the first quarter. Quadrant Capital Group LLC now owns 1,991 shares of the technology company’s stock worth $112,000 after buying an additional 7 shares in the last quarter. Israel Discount Bank of New York GFN bought a new stake in Fortive Corporation during the fourth quarter worth approximately $124,000. Finally, First Personal Financial Services increased its stake in Fortive Corporation by 17.3% in the first quarter. First Personal Financial Services now owns 2,372 shares of the technology company’s stock worth $142,000 after buying an additional 350 shares in the last quarter. 79.91% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Fortive Corporation (FTV) traded up 1.60% during trading on Friday, reaching $64.05. 1,676,673 shares of the company’s stock were exchanged. Fortive Corporation has a 52 week low of $46.29 and a 52 week high of $64.27. The company’s 50-day moving average price is $62.80 and its 200 day moving average price is $58.46. The firm has a market capitalization of $22.20 billion and a PE ratio of 25.13.
Fortive Corporation (NYSE:FTV) last announced its earnings results on Thursday, April 27th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. Fortive Corporation had a net margin of 14.16% and a return on equity of 34.24%. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the company posted $0.60 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. Analysts predict that Fortive Corporation will post $2.75 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, May 26th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend is Wednesday, May 24th. Fortive Corporation’s payout ratio is 10.98%.
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FTV has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Wednesday, April 12th. SunTrust Banks, Inc. raised shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Wednesday, March 29th. Barclays PLC set a $66.00 price objective on shares of Fortive Corporation and gave the stock a “buy” rating in a report on Sunday, April 30th. Morgan Stanley downgraded shares of Fortive Corporation from an “overweight” rating to an “equal weight” rating and boosted their price objective for the stock from $61.00 to $65.00 in a report on Tuesday, May 2nd. They noted that the move was a valuation call. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fortive Corporation in a report on Monday, May 22nd. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $59.14.
In other Fortive Corporation news, insider James A. Lico sold 131,994 shares of the firm’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $62.34, for a total value of $8,228,505.96. Following the completion of the transaction, the insider now directly owns 191,101 shares in the company, valued at $11,913,236.34. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Emily A. Weaver sold 3,749 shares of the firm’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. Over the last quarter, insiders sold 147,385 shares of company stock valued at $9,187,369.
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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