Northern Trust Corp Raises Position in Fortive Corp (FTV)
Northern Trust Corp boosted its stake in Fortive Corp (NYSE:FTV) by 1.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,355,498 shares of the technology company’s stock after purchasing an additional 47,476 shares during the period. Northern Trust Corp’s holdings in Fortive were worth $335,852,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of FTV. Toth Financial Advisory Corp increased its position in Fortive by 105.2% in the 2nd quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock valued at $106,000 after acquiring an additional 705 shares during the period. Fort L.P. acquired a new position in Fortive in the 2nd quarter valued at approximately $122,000. Flagship Harbor Advisors LLC acquired a new position in Fortive in the 2nd quarter valued at approximately $132,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Fortive by 5,816.7% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock valued at $137,000 after acquiring an additional 1,745 shares during the period. Finally, AdvisorNet Financial Inc acquired a new position in Fortive in the 2nd quarter valued at approximately $143,000. 81.42% of the stock is owned by institutional investors and hedge funds.
In other news, insider William W. Pringle sold 440 shares of the stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $79.38, for a total transaction of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares in the company, valued at $1,637,291.88. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Raj Ratnakar sold 30,912 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $80.71, for a total transaction of $2,494,907.52. Following the sale, the vice president now owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,602 shares of company stock valued at $6,047,572. 12.20% of the stock is currently owned by corporate insiders.
Fortive (NYSE:FTV) last posted its quarterly earnings data on Thursday, July 26th. The technology company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.02. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the prior year, the company posted $0.71 earnings per share. Fortive’s revenue for the quarter was up 13.9% compared to the same quarter last year. research analysts anticipate that Fortive Corp will post 3.49 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, August 31st will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Thursday, August 30th. Fortive’s dividend payout ratio (DPR) is presently 9.69%.
Several brokerages have issued reports on FTV. Argus upped their price target on shares of Fortive to $94.00 and gave the company a “buy” rating in a research report on Thursday, September 13th. They noted that the move was a valuation call. Wolfe Research cut shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, September 4th. UBS Group upped their price target on shares of Fortive from $86.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Morgan Stanley upped their price target on shares of Fortive from $80.00 to $85.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. Finally, Citigroup upped their price target on shares of Fortive from $80.00 to $84.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $85.00.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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