Westpac Banking Corp increased its position in Fortive Corp (NYSE:FTV) by 16.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 104,499 shares of the technology company’s stock after acquiring an additional 14,443 shares during the period. Westpac Banking Corp’s holdings in Fortive were worth $8,519,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in FTV. FNY Investment Advisers LLC bought a new stake in Fortive during the first quarter valued at about $25,000. Glassman Wealth Services lifted its position in shares of Fortive by 158.8% in the first quarter. Glassman Wealth Services now owns 308 shares of the technology company’s stock valued at $26,000 after acquiring an additional 189 shares in the last quarter. Baldwin Brothers Inc. MA purchased a new position in shares of Fortive in the first quarter valued at about $29,000. Aspire Private Capital LLC lifted its position in shares of Fortive by 514.7% in the first quarter. Aspire Private Capital LLC now owns 418 shares of the technology company’s stock valued at $35,000 after acquiring an additional 350 shares in the last quarter. Finally, Field & Main Bank purchased a new position in shares of Fortive in the first quarter valued at about $53,000. 83.64% of the stock is owned by institutional investors and hedge funds.
Several equities analysts have recently commented on the company. Cowen downgraded Fortive from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $75.00 to $65.00 in a research report on Monday, June 3rd. Raymond James set a $84.00 target price on Fortive and gave the stock an “outperform” rating in a research report on Friday, July 26th. ValuEngine downgraded Fortive from a “buy” rating to a “hold” rating in a research report on Monday, May 13th. Morgan Stanley downgraded Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 target price on the stock. in a research report on Wednesday, May 8th. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Fortive from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. Fortive has a consensus rating of “Hold” and an average target price of $85.87.
Fortive (NYSE:FTV) last released its earnings results on Thursday, July 25th. The technology company reported $0.90 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.01. Fortive had a return on equity of 18.43% and a net margin of 38.22%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same quarter in the prior year, the firm posted $0.91 earnings per share. The company’s quarterly revenue was up 16.4% on a year-over-year basis. As a group, equities research analysts forecast that Fortive Corp will post 3.53 EPS for the current year.
In other Fortive news, SVP Stacey A. Walker sold 34,446 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $70.70, for a total transaction of $2,435,332.20. Following the completion of the sale, the senior vice president now owns 20,015 shares in the company, valued at $1,415,060.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Emily A. Weaver sold 519 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $80.98, for a total value of $42,028.62. Following the sale, the vice president now owns 8,627 shares of the company’s stock, valued at approximately $698,614.46. The disclosure for this sale can be found here. 12.70% of the stock is owned by corporate insiders.
Fortive Company Profile
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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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