Capital Investment Services of America Inc. Sells 172,321 Shares of Fortive Corporation $FTV

Capital Investment Services of America Inc. trimmed its position in Fortive Corporation (NYSE:FTV - Free Report) by 80.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,485 shares of the technology company's stock after selling 172,321 shares during the period. Capital Investment Services of America Inc.'s holdings in Fortive were worth $2,215,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. grew its stake in shares of Fortive by 11.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,793 shares of the technology company's stock worth $790,000 after acquiring an additional 1,076 shares in the last quarter. Drake & Associates LLC boosted its holdings in Fortive by 28.7% during the first quarter. Drake & Associates LLC now owns 22,298 shares of the technology company's stock worth $1,632,000 after purchasing an additional 4,978 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in Fortive by 13.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,343 shares of the technology company's stock valued at $3,757,000 after purchasing an additional 5,963 shares in the last quarter. Brookstone Capital Management bought a new stake in Fortive during the 1st quarter worth about $3,542,000. Finally, Perpetual Ltd lifted its position in Fortive by 60.0% during the 1st quarter. Perpetual Ltd now owns 239,735 shares of the technology company's stock worth $17,544,000 after buying an additional 89,891 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FTV. Raymond James Financial lowered their target price on Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. Truist Financial reaffirmed a "hold" rating and set a $55.00 price target (down previously from $60.00) on shares of Fortive in a research report on Thursday, July 31st. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price objective for the company. in a report on Tuesday, July 22nd. Melius Research upgraded shares of Fortive to a "hold" rating in a report on Tuesday, July 22nd. Finally, TD Cowen downgraded shares of Fortive from a "buy" rating to a "hold" rating and decreased their price objective for the company from $85.00 to $50.00 in a research report on Tuesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $61.14.

Fortive Price Performance

NYSE:FTV opened at $49.05 on Thursday. The company has a market cap of $16.60 billion, a P/E ratio of 22.10, a P/E/G ratio of 3.16 and a beta of 1.15. The firm's fifty day moving average price is $48.57 and its two-hundred day moving average price is $57.87. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82.

Fortive (NYSE:FTV - Get Free Report) last announced its earnings results on Monday, June 9th. The technology company reported $0.80 EPS for the quarter. The business had revenue of $1.07 billion during the quarter. Fortive had a net margin of 13.62% and a return on equity of 11.96%. Equities analysts expect that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were given a dividend of $0.06 per share. The ex-dividend date was Friday, September 12th. This represents a $0.24 annualized dividend and a yield of 0.5%. Fortive's dividend payout ratio (DPR) is presently 10.81%.

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.

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