GAMMA Investing LLC lifted its holdings in shares of Fortive Co. (NYSE:FTV - Free Report) by 7,359.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 131,142 shares of the technology company's stock after buying an additional 129,384 shares during the period. GAMMA Investing LLC's holdings in Fortive were worth $9,597,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its position in Fortive by 26.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,502 shares of the technology company's stock worth $2,832,000 after acquiring an additional 7,829 shares during the last quarter. Asahi Life Asset Management CO. LTD. bought a new stake in Fortive during the 4th quarter worth $358,000. OFI Invest Asset Management bought a new stake in Fortive during the 4th quarter worth $17,750,000. Raymond James Financial Inc. bought a new stake in Fortive during the 4th quarter worth $22,412,000. Finally, Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Fortive during the 4th quarter worth $136,794,000. Institutional investors own 94.94% of the company's stock.
Insider Activity
In related news, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was 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 of the company's stock, valued at approximately $3,823,290. This represents a 21.68% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $12,670,000.00. Following the transaction, the chief executive officer now directly 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 company insiders.
Fortive Trading Down 1.9%
Shares of NYSE:FTV traded down $1.37 during midday trading on Wednesday, reaching $71.29. The company's stock had a trading volume of 2,962,514 shares, compared to its average volume of 2,632,893. The firm has a market capitalization of $24.23 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 2.68 and a beta of 1.11. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.16. The firm has a 50 day moving average price of $69.04 and a two-hundred day moving average price of $74.47. Fortive Co. has a fifty-two week low of $60.39 and a fifty-two week high of $83.32.
Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a return on equity of 13.15% and a net margin of 13.36%. The firm's revenue was down 3.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.83 EPS. As a group, analysts forecast that Fortive Co. will post 4.05 earnings per share for the current year.
Fortive declared that its board has authorized a share repurchase program on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board believes its shares are undervalued.
Fortive Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Wednesday, April 30th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, May 30th. Fortive's dividend payout ratio is 14.04%.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. Barclays restated an "overweight" rating and set a $86.00 price objective (up previously from $84.00) on shares of Fortive in a research report on Tuesday, June 3rd. Royal Bank of Canada boosted their price objective on Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research report on Monday. BNP Paribas lowered Fortive from an "outperform" rating to a "neutral" rating and set a $67.00 price objective on the stock. in a research report on Wednesday, April 9th. Truist Financial reduced their price objective on Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, Robert W. Baird reduced their price target on Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $82.62.
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About Fortive
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Free Report)
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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