Addenda Capital Inc. Sells 4,934 Shares of Fortive Co. (NYSE:FTV)

Addenda Capital Inc. reduced its holdings in Fortive Co. (NYSE:FTV) by 5.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 90,551 shares of the technology company’s stock after selling 4,934 shares during the period. Addenda Capital Inc.’s holdings in Fortive were worth $7,789,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in shares of Fortive by 1.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,092,535 shares of the technology company’s stock worth $1,415,902,000 after purchasing an additional 181,948 shares in the last quarter. Flossbach Von Storch AG boosted its stake in Fortive by 4.8% in the 4th quarter. Flossbach Von Storch AG now owns 11,107,878 shares of the technology company’s stock valued at $817,873,000 after buying an additional 512,414 shares in the last quarter. Brown Advisory Inc. boosted its stake in Fortive by 13.1% in the 4th quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock valued at $557,929,000 after buying an additional 878,523 shares in the last quarter. Capital World Investors boosted its stake in Fortive by 0.6% in the 4th quarter. Capital World Investors now owns 5,847,724 shares of the technology company’s stock valued at $430,568,000 after buying an additional 33,990 shares in the last quarter. Finally, Norges Bank acquired a new stake in Fortive in the 4th quarter valued at $268,686,000. 94.94% of the stock is owned by institutional investors.

Fortive Trading Up 0.7 %

Shares of Fortive stock traded up $0.53 during trading hours on Friday, hitting $74.10. The company’s stock had a trading volume of 3,195,214 shares, compared to its average volume of 1,654,839. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.17. The company has a market capitalization of $26.09 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 2.14 and a beta of 1.13. The stock has a 50 day moving average of $75.20 and a 200 day moving average of $78.12. Fortive Co. has a 12 month low of $63.05 and a 12 month high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. Analysts predict that Fortive Co. will post 3.8 earnings per share for the current year.

Fortive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a dividend of $0.08 per share. The ex-dividend date is Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. Fortive’s dividend payout ratio is currently 12.65%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. JPMorgan Chase & Co. lowered Fortive from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Wells Fargo & Company dropped their target price on Fortive from $92.00 to $84.00 and set an “equal weight” rating for the company in a research report on Thursday, April 25th. Barclays boosted their target price on Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Truist Financial initiated coverage on Fortive in a research report on Thursday, March 14th. They set a “buy” rating and a $99.00 target price for the company. Finally, StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $86.46.

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.