Squarepoint Ops LLC Sells 149,938 Shares of Fortive Co. (NYSE:FTV)

Squarepoint Ops LLC lessened its stake in Fortive Co. (NYSE:FTV - Free Report) by 69.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 67,062 shares of the technology company's stock after selling 149,938 shares during the quarter. Squarepoint Ops LLC's holdings in Fortive were worth $5,030,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Parvin Asset Management LLC acquired a new stake in shares of Fortive in the 4th quarter valued at about $26,000. Whipplewood Advisors LLC acquired a new stake in Fortive during the fourth quarter worth about $31,000. Crews Bank & Trust acquired a new stake in Fortive during the fourth quarter worth about $37,000. Quarry LP raised its stake in Fortive by 229.6% during the fourth quarter. Quarry LP now owns 501 shares of the technology company's stock worth $38,000 after acquiring an additional 349 shares during the period. Finally, BankPlus Trust Department acquired a new stake in Fortive during the fourth quarter worth about $59,000. Institutional investors and hedge funds own 94.94% of the company's stock.

Fortive Stock Down 1.3%

Shares of NYSE:FTV traded down $0.91 during trading on Friday, reaching $70.09. 487,228 shares of the company traded hands, compared to its average volume of 2,565,602. The firm has a fifty day simple moving average of $69.13 and a 200 day simple moving average of $74.72. The firm has a market cap of $23.82 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 2.68 and a beta of 1.10. Fortive Co. has a 1-year low of $60.39 and a 1-year high of $83.32. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV - Get Free Report) last issued 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 company had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. Fortive had a net margin of 13.36% and a return on equity of 13.15%. The company's revenue for the quarter was down 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.83 EPS. Analysts anticipate that Fortive Co. will post 4.05 earnings per share for the current fiscal year.

Fortive announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 27th that allows the company to buyback 15,630,000 outstanding shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.46%. Fortive's dividend payout ratio is currently 14.04%.

Insider Activity

In other news, SVP Peter C. Underwood sold 14,327 shares of the business'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 owns 51,750 shares in the company, valued at approximately $3,823,290. The trade was a 21.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James A. Lico sold 175,000 shares of Fortive 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 sale, the chief executive officer now owns 428,585 shares in the company, 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. 1.01% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Fortive from $80.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Monday, February 10th. Truist Financial dropped their price objective on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Barclays dropped their price objective on shares of Fortive from $85.00 to $84.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 6th. Robert W. Baird dropped their price objective on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Finally, BNP Paribas lowered shares of Fortive from an "outperform" rating to a "neutral" rating and set a $67.00 price objective on the stock. in a research note on Wednesday, April 9th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Fortive has a consensus rating of "Moderate Buy" and an average target price of $81.92.

About Fortive

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.