Fred Alger Management Inc. Raises Stake in Fortive Corporation (FTV)
Fred Alger Management Inc. increased its position in shares of Fortive Corporation (NYSE:FTV) by 47.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 62,116 shares of the technology company’s stock after acquiring an additional 19,966 shares during the quarter. Fred Alger Management Inc.’s holdings in Fortive Corporation were worth $3,935,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of FTV. BlackRock Inc. lifted its stake in shares of Fortive Corporation by 2,497.9% during the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock valued at $996,902,000 after acquiring an additional 15,917,140 shares during the period. Capital World Investors lifted its stake in shares of Fortive Corporation by 37.9% during the second quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock valued at $622,996,000 after acquiring an additional 2,701,496 shares during the period. Bessemer Group Inc. lifted its stake in shares of Fortive Corporation by 64,460.2% during the second quarter. Bessemer Group Inc. now owns 2,640,512 shares of the technology company’s stock valued at $167,275,000 after acquiring an additional 2,636,422 shares during the period. MARSHALL WACE ASIA Ltd acquired a new position in shares of Fortive Corporation during the first quarter valued at $115,464,000. Finally, Marshall Wace North America L.P. acquired a new position in shares of Fortive Corporation during the first quarter valued at $115,464,000. 78.59% of the stock is currently owned by institutional investors and hedge funds.
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FTV has been the topic of several research reports. Zacks Investment Research raised Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 price target on the stock in a research note on Monday, July 24th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $66.00 price target (up previously from $65.00) on shares of Fortive Corporation in a research note on Sunday, July 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $72.00 price target (up previously from $71.00) on shares of Fortive Corporation in a research note on Monday, October 2nd. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $62.00 price target on shares of Fortive Corporation in a research note on Sunday, July 30th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Fortive Corporation has a consensus rating of “Buy” and a consensus target price of $65.44.
Shares of Fortive Corporation (NYSE:FTV) opened at 71.55 on Friday. The company has a 50-day moving average price of $69.93 and a 200-day moving average price of $69.93. The company has a market cap of $24.84 billion, a P/E ratio of 28.18 and a beta of 0.39. Fortive Corporation has a 12-month low of $46.81 and a 12-month high of $72.01.
Fortive Corporation (NYSE:FTV) last announced its earnings results on Thursday, July 27th. The technology company reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.64 EPS. On average, analysts predict that Fortive Corporation will post $2.79 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, August 25th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Wednesday, August 23rd. Fortive Corporation’s payout ratio is presently 11.02%.
In other Fortive Corporation news, CFO Charles E. Mclaughlin sold 6,565 shares of Fortive Corporation stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $66.09, for a total transaction of $433,880.85. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 12.10% of the stock is currently owned by insiders.
Fortive Corporation 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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