Canoe Financial LP Cuts Stock Position in Fortive Corporation (NYSE:FTV)

Canoe Financial LP lessened its position in Fortive Corporation (NYSE:FTV - Free Report) by 1.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 287,785 shares of the technology company's stock after selling 3,853 shares during the quarter. Canoe Financial LP owned approximately 0.08% of Fortive worth $21,060,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Parvin Asset Management LLC acquired a new position in Fortive during the 4th quarter worth $26,000. American National Bank & Trust acquired a new position in Fortive during the 1st quarter worth $26,000. Global X Japan Co. Ltd. grew its stake in Fortive by 114.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after purchasing an additional 201 shares in the last quarter. Park Square Financial Group LLC acquired a new position in Fortive during the 4th quarter worth $30,000. Finally, Whipplewood Advisors LLC acquired a new position in Fortive during the 4th quarter worth $31,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on FTV shares. Royal Bank Of Canada boosted their target price on Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research note on Monday, June 9th. Barclays reissued an "overweight" rating and set a $86.00 target price (up from $84.00) on shares of Fortive in a research note on Tuesday, June 3rd. Robert W. Baird lowered their price objective on Fortive from $88.00 to $82.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Citigroup lowered their price objective on Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. upped their price objective on Fortive from $73.00 to $87.00 and gave the stock an "overweight" rating in a research report on Friday, May 16th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $82.62.

Insider Buying and Selling at Fortive

In other Fortive news, CEO James A. Lico sold 175,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the completion of the sale, the chief executive officer now directly owns 428,585 shares of the company's stock, valued at $31,029,554. This represents a 28.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the sale, the senior vice president now directly owns 51,750 shares of the company's stock, valued at approximately $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Fortive Stock Down 0.4%

Shares of NYSE FTV opened at $69.55 on Friday. The stock has a market cap of $23.64 billion, a PE ratio of 30.51, a price-to-earnings-growth ratio of 2.89 and a beta of 1.11. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 0.29. Fortive Corporation has a 52-week low of $60.39 and a 52-week high of $83.32. The business has a 50-day moving average price of $69.75 and a 200 day moving average price of $74.03.

Fortive (NYSE:FTV - Get Free Report) last announced its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.85. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The business's revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 EPS. Equities research analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.46%. The ex-dividend date is Friday, May 30th. Fortive's dividend payout ratio is presently 14.04%.

Fortive announced that its board has approved a stock buyback plan on Tuesday, May 27th that authorizes the company to buyback 15,630,000 shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.