Novare Capital Management LLC Trims Position in Fortive Corporation $FTV

Key Points

• Novare Capital Management LLC reduced its stake in Fortive Corporation by 94.6% in Q2, owning only 4,984 shares after selling 87,940 shares during the quarter.
• Fortive's stock trades at around $48.69 with a market capitalization of $16.47 billion, and analysts have mixed ratings with an average target price of $61.14.
• The company recently cut its quarterly dividend to $0.06, which represents an annual yield of 0.5%.

Novare Capital Management LLC lessened its stake in shares of Fortive Corporation (NYSE:FTV - Free Report) by 94.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,984 shares of the technology company's stock after selling 87,940 shares during the quarter. Novare Capital Management LLC's holdings in Fortive were worth $260,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of FTV. Accent Capital Management LLC bought a new stake in shares of Fortive during the 1st quarter valued at about $26,000. Geneos Wealth Management Inc. boosted its position in shares of Fortive by 246.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company's stock valued at $37,000 after acquiring an additional 357 shares during the last quarter. Capital Analysts LLC boosted its position in shares of Fortive by 41.0% during the 1st quarter. Capital Analysts LLC now owns 523 shares of the technology company's stock valued at $38,000 after acquiring an additional 152 shares during the last quarter. Banque Transatlantique SA boosted its position in shares of Fortive by 92.8% during the 1st quarter. Banque Transatlantique SA now owns 561 shares of the technology company's stock valued at $38,000 after acquiring an additional 270 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its position in shares of Fortive by 37.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 686 shares of the technology company's stock valued at $50,000 after acquiring an additional 187 shares during the last quarter. Institutional investors own 94.94% of the company's stock.

Fortive Stock Performance

NYSE:FTV opened at $48.69 on Friday. 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 Corporation has a 1-year low of $46.34 and a 1-year high of $83.32. The business has a 50 day moving average of $48.47 and a 200 day moving average of $58.15. The company has a market capitalization of $16.47 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 3.08 and a beta of 1.15.

Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings data on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The firm had revenue of $1.07 billion during the quarter. On average, sell-side analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Cuts Dividend

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on FTV. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $53.00 price target (down previously from $58.00) on shares of Fortive in a research report on Wednesday. Mizuho dropped their price target on Fortive from $65.00 to $54.00 and set an "outperform" rating for the company in a research report on Friday. Barclays set a $54.00 price target on Fortive and gave the company an "equal weight" rating in a research report on Thursday, August 14th. Zacks Research upgraded Fortive from a "strong sell" rating to a "hold" rating in a research report on Monday, September 15th. Finally, TD Cowen downgraded Fortive from a "buy" rating to a "hold" rating and dropped their target price for the stock from $85.00 to $50.00 in a research report on Tuesday, July 15th. Three analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $61.14.

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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