Diversified Trust Co Lowers Stock Holdings in Fortive Corporation (NYSE:FTV)

Diversified Trust Co cut its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 21.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,242 shares of the technology company's stock after selling 4,073 shares during the period. Diversified Trust Co's holdings in Fortive were worth $1,115,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Parvin Asset Management LLC purchased a new stake in shares of Fortive in the fourth quarter worth about $26,000. American National Bank & Trust bought a new position in Fortive during the first quarter valued at approximately $26,000. Global X Japan Co. Ltd. boosted its stake in Fortive by 114.2% during the first quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after buying an additional 201 shares during the last quarter. Park Square Financial Group LLC bought a new position in Fortive during the fourth quarter valued at approximately $30,000. Finally, Whipplewood Advisors LLC bought a new position in Fortive during the fourth quarter valued at approximately $31,000. 94.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on FTV shares. JPMorgan Chase & Co. increased their price target on Fortive from $73.00 to $87.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. BNP Paribas reissued a "neutral" rating on shares of Fortive in a research note on Thursday, June 12th. Truist Financial reduced their target price on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird reduced their target price on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Finally, Barclays restated an "overweight" rating and issued a $86.00 target price (up from $84.00) on shares of Fortive in a report on Tuesday, June 3rd. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $82.62.

Fortive Trading Up 0.6%

NYSE:FTV traded up $0.41 during mid-day trading on Friday, hitting $71.63. 2,983,250 shares of the stock traded hands, compared to its average volume of 2,665,042. The stock has a market capitalization of $24.35 billion, a price-to-earnings ratio of 31.42, a PEG ratio of 2.97 and a beta of 1.11. Fortive Corporation has a 52 week low of $60.39 and a 52 week high of $83.32. The firm's 50 day moving average is $70.28 and its two-hundred day moving average is $73.72. 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 (NYSE:FTV - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, meeting the consensus estimate of $0.85. The company had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The firm's revenue was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.83 EPS. On average, equities research analysts predict that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Wednesday, April 30th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 30th. This represents a $0.32 annualized dividend and a yield of 0.45%. Fortive's payout ratio is 14.04%.

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

Insider Activity at Fortive

In related news, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the transaction, the senior vice president now directly owns 51,750 shares in the company, valued at approximately $3,823,290. This represents a 21.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James A. Lico sold 175,000 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were 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 approximately $31,029,554. This trade represents a 28.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by insiders.

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.