Public Employees Retirement System of Ohio Sells 9,415 Shares of Fortive Corp (NYSE:FTV)

Public Employees Retirement System of Ohio lowered its holdings in shares of Fortive Corp (NYSE:FTV) by 7.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 109,937 shares of the technology company’s stock after selling 9,415 shares during the period. Public Employees Retirement System of Ohio’s holdings in Fortive were worth $7,438,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FTV. Capital Research Global Investors raised its stake in Fortive by 86.4% during the first quarter. Capital Research Global Investors now owns 8,936,013 shares of the technology company’s stock worth $493,179,000 after buying an additional 4,142,947 shares during the last quarter. Viking Global Investors LP raised its stake in Fortive by 31.4% during the first quarter. Viking Global Investors LP now owns 9,416,697 shares of the technology company’s stock worth $519,708,000 after buying an additional 2,252,849 shares during the last quarter. Flossbach Von Storch AG raised its stake in Fortive by 53.5% during the first quarter. Flossbach Von Storch AG now owns 3,335,290 shares of the technology company’s stock worth $184,075,000 after buying an additional 1,162,230 shares during the last quarter. Champlain Investment Partners LLC raised its stake in Fortive by 24.1% during the first quarter. Champlain Investment Partners LLC now owns 3,915,315 shares of the technology company’s stock worth $216,086,000 after buying an additional 760,015 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Fortive by 22.5% during the second quarter. Bank of New York Mellon Corp now owns 2,629,774 shares of the technology company’s stock worth $177,930,000 after buying an additional 483,220 shares during the last quarter. 86.33% of the stock is owned by hedge funds and other institutional investors.

In related news, Director Steven M. Rales sold 5,000,000 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $70.88, for a total transaction of $354,400,000.00. Also, CFO Charles E. Mclaughlin sold 11,316 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $73.95, for a total transaction of $836,818.20. Following the transaction, the chief financial officer now owns 40,689 shares in the company, valued at $3,008,951.55. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,857,144 shares of company stock worth $627,156,617. 12.60% of the stock is owned by corporate insiders.

FTV has been the subject of a number of research reports. Royal Bank of Canada restated a “hold” rating and issued a $74.00 price target on shares of Fortive in a report on Thursday, July 30th. Credit Suisse Group raised their price target on shares of Fortive from $82.00 to $85.00 and gave the stock an “outperform” rating in a report on Thursday, September 10th. Bank of America raised their price target on shares of Fortive from $82.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, September 10th. Morgan Stanley raised their price target on shares of Fortive from $72.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, June 19th. They noted that the move was a valuation call. Finally, Barclays restated a “buy” rating and issued a $90.00 price target on shares of Fortive in a report on Thursday, September 10th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Fortive currently has a consensus rating of “Buy” and an average target price of $78.62.

Shares of NYSE FTV opened at $76.63 on Wednesday. The stock has a market capitalization of $26.02 billion, a P/E ratio of 52.16, a P/E/G ratio of 4.52 and a beta of 1.19. The company has a 50-day moving average price of $72.87 and a 200-day moving average price of $64.98. Fortive Corp has a 1 year low of $37.31 and a 1 year high of $80.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.90.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Tuesday, July 28th. The technology company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.10. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Fortive had a net margin of 8.00% and a return on equity of 16.22%. The business’s revenue was down 15.7% on a year-over-year basis. During the same period last year, the company earned $0.90 earnings per share. As a group, equities research analysts anticipate that Fortive Corp will post 3.19 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, August 28th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.37%. The ex-dividend date is Thursday, August 27th. Fortive’s dividend payout ratio (DPR) is presently 8.05%.

Fortive 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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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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