Fortive Co. (NYSE:FTV) Stake Raised by OLD National Bancorp IN

OLD National Bancorp IN boosted its holdings in Fortive Co. (NYSE:FTV) by 6.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 6,812 shares of the technology company’s stock after purchasing an additional 393 shares during the quarter. OLD National Bancorp IN’s holdings in Fortive were worth $502,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. abrdn plc raised its position in Fortive by 2.9% in the third quarter. abrdn plc now owns 165,769 shares of the technology company’s stock worth $12,293,000 after acquiring an additional 4,660 shares in the last quarter. Nordea Investment Management AB raised its position in Fortive by 34.2% in the fourth quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock worth $38,828,000 after acquiring an additional 134,259 shares in the last quarter. Ferguson Wellman Capital Management Inc. raised its position in Fortive by 4.5% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock worth $61,326,000 after acquiring an additional 35,688 shares in the last quarter. NewEdge Wealth LLC raised its position in Fortive by 12.4% in the fourth quarter. NewEdge Wealth LLC now owns 4,816 shares of the technology company’s stock worth $355,000 after acquiring an additional 531 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its position in Fortive by 21.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 302,334 shares of the technology company’s stock worth $22,096,000 after acquiring an additional 53,598 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors.

Insider Activity at Fortive

In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Christopher M. Mulhall sold 8,994 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now directly owns 20,564 shares in the company, valued at approximately $1,689,743.88. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,937 shares of company stock valued at $5,475,122. 0.95% of the stock is owned by corporate insiders.

Fortive Trading Down 5.8 %

Shares of NYSE FTV opened at $76.05 on Thursday. The stock has a market cap of $26.77 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 2.47 and a beta of 1.13. The business has a 50 day simple moving average of $84.16 and a 200 day simple moving average of $76.13. Fortive Co. has a 52 week low of $62.70 and a 52 week high of $87.10. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.75 and a current ratio of 2.05.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.56 billion. Fortive had a return on equity of 12.12% and a net margin of 14.27%. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.88 EPS. On average, research analysts predict that Fortive Co. will post 3.78 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s payout ratio is 13.11%.

Analyst Upgrades and Downgrades

FTV has been the topic of a number of analyst reports. Vertical Research cut Fortive from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Royal Bank of Canada lifted their price target on Fortive from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 1st. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. Citigroup lifted their price target on Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. cut Fortive from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $86.54.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.