Jennison Associates LLC Sells 787,441 Shares of Fortive Co. (NYSE:FTV)

Jennison Associates LLC decreased its holdings in Fortive Co. (NYSE:FTV) by 66.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 389,920 shares of the technology company’s stock after selling 787,441 shares during the period. Jennison Associates LLC’s holdings in Fortive were worth $30,776,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of FTV. Raymond James & Associates raised its holdings in Fortive by 15.0% during the 3rd quarter. Raymond James & Associates now owns 395,488 shares of the technology company’s stock valued at $31,216,000 after acquiring an additional 51,690 shares during the period. Atomi Financial Group Inc. lifted its holdings in shares of Fortive by 4.8% in the third quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock worth $389,000 after buying an additional 226 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Fortive by 599.3% in the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock valued at $4,520,000 after acquiring an additional 45,032 shares during the period. Addenda Capital Inc. grew its stake in Fortive by 8.8% during the second quarter. Addenda Capital Inc. now owns 98,487 shares of the technology company’s stock valued at $7,298,000 after acquiring an additional 7,936 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Fortive by 111.3% during the 2nd quarter. Blue Trust Inc. now owns 541 shares of the technology company’s stock worth $40,000 after acquiring an additional 285 shares during the period. Institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Peter C. Underwood sold 5,000 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $76.58, for a total transaction of $382,900.00. Following the transaction, the senior vice president now directly owns 48,346 shares of the company’s stock, valued at approximately $3,702,336.68. The trade was a 9.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Charles E. Mclaughlin sold 6,864 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now directly owns 73,391 shares of the company’s stock, valued at approximately $5,433,135.73. This represents a 8.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 197,895 shares of company stock valued at $14,261,051 in the last 90 days. Insiders own 1.01% of the company’s stock.

Analyst Ratings Changes

FTV has been the subject of several research analyst reports. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. JPMorgan Chase & Co. upgraded shares of Fortive from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $90.00 to $92.00 in a research report on Thursday, October 10th. Raymond James upgraded shares of Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research report on Thursday, September 5th. Morgan Stanley assumed coverage on shares of Fortive in a report on Friday, September 6th. They issued an “overweight” rating and a $89.00 price target on the stock. Finally, Mizuho raised shares of Fortive from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $90.00 in a report on Friday, September 6th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Fortive has a consensus rating of “Moderate Buy” and an average target price of $87.82.

Fortive Price Performance

FTV opened at $76.84 on Friday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. The stock’s 50 day simple moving average is $75.76 and its 200 day simple moving average is $74.17. The firm has a market cap of $26.66 billion, a price-to-earnings ratio of 30.61, a PEG ratio of 2.05 and a beta of 1.13. Fortive Co. has a 1 year low of $66.15 and a 1 year high of $87.10.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.85 earnings per share. As a group, analysts predict that Fortive Co. will post 3.85 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be paid a $0.08 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s payout ratio is presently 12.75%.

Fortive 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.