Fortive Corporation (NYSE:FTV) Stake Lowered by Nexus Investment Management Inc.
Nexus Investment Management Inc. lowered its stake in Fortive Corporation (NYSE:FTV) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,775 shares of the technology company’s stock after selling 225 shares during the period. Nexus Investment Management Inc.’s holdings in Fortive Corporation were worth $809,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the company. Creative Planning raised its stake in Fortive Corporation by 8.4% in the second quarter. Creative Planning now owns 7,930 shares of the technology company’s stock valued at $502,000 after buying an additional 614 shares during the period. Cullinan Associates Inc. raised its stake in shares of Fortive Corporation by 448.3% in the second quarter. Cullinan Associates Inc. now owns 78,202 shares of the technology company’s stock valued at $4,954,000 after buying an additional 63,940 shares during the last quarter. Trust Co. of Vermont raised its stake in shares of Fortive Corporation by 8.9% in the second quarter. Trust Co. of Vermont now owns 5,349 shares of the technology company’s stock valued at $339,000 after buying an additional 438 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Fortive Corporation by 5.0% in the second quarter. Bank of Montreal Can now owns 227,021 shares of the technology company’s stock valued at $14,383,000 after buying an additional 10,880 shares during the last quarter. Finally, Appleton Partners Inc. MA acquired a new stake in shares of Fortive Corporation during the second quarter valued at approximately $252,000. 79.15% of the stock is currently owned by hedge funds and other institutional investors.
Fortive Corporation (NYSE:FTV) opened at 63.75 on Wednesday. The firm has a market capitalization of $22.09 billion and a PE ratio of 25.01. The company’s 50-day moving average price is $63.68 and its 200 day moving average price is $60.01. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $65.21.
Fortive Corporation (NYSE:FTV) last posted its quarterly earnings results on Thursday, April 27th. The technology company reported $0.60 EPS for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.03. Fortive Corporation had a return on equity of 34.24% and a net margin of 14.16%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the firm earned $0.60 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities analysts anticipate that Fortive Corporation will post $2.75 EPS for the current year.
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Several brokerages have commented on FTV. Morgan Stanley reissued an “equal weight” rating on shares of Fortive Corporation in a report on Tuesday, July 11th. Zacks Investment Research lowered Fortive Corporation from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fortive Corporation in a research note on Monday, May 22nd. Barclays PLC set a $66.00 price target on Fortive Corporation and gave the stock a “buy” rating in a research note on Sunday, April 30th. Finally, Cowen and Company lifted their price target on Fortive Corporation from $46.00 to $52.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 19th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $59.92.
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 stock was sold at an average price of $62.31, for a total transaction of $725,413.02. Following the sale, the vice president now owns 5,020 shares of the company’s stock, valued at $312,796.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider James A. Lico sold 131,994 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $62.34, for a total value of $8,228,505.96. Following the sale, the insider now directly owns 191,101 shares in the company, valued at approximately $11,913,236.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 147,385 shares of company stock worth $9,187,369.
About Fortive Corporation
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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