OFI Invest Asset Management Acquires 18,681 Shares of Fortive Corporation $FTV

Key Points

• OFI Invest Asset Management increased its holdings in Fortive Corporation by 7.6%, acquiring an additional 18,681 shares, bringing their total to 265,709 shares valued at approximately $13.85 million.
• Several hedge funds have adjusted their stakes in Fortive, with Brighton Jones LLC leading with a 97.1% increase in ownership during the last quarter.
• Fortive recently cut its quarterly dividend to $0.06 per share, resulting in an annualized dividend yield of 0.5% and a payout ratio of 10.81%.

OFI Invest Asset Management lifted its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 7.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 265,709 shares of the technology company's stock after purchasing an additional 18,681 shares during the period. OFI Invest Asset Management owned about 0.08% of Fortive worth $13,851,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC lifted its position in Fortive by 97.1% in the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock worth $428,000 after buying an additional 2,811 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Fortive by 5.0% in the first quarter. Assenagon Asset Management S.A. now owns 45,406 shares of the technology company's stock valued at $3,323,000 after acquiring an additional 2,161 shares in the last quarter. CX Institutional purchased a new stake in shares of Fortive in the 1st quarter worth about $189,000. Tritonpoint Wealth LLC boosted its stake in Fortive by 3.1% in the 1st quarter. Tritonpoint Wealth LLC now owns 6,208 shares of the technology company's stock worth $454,000 after purchasing an additional 187 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Fortive by 9.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 36,525 shares of the technology company's stock worth $2,673,000 after purchasing an additional 3,285 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on FTV. Zacks Research raised shares of Fortive from a "strong sell" rating to a "hold" rating in a report on Monday, September 15th. Melius Research raised shares of Fortive to a "hold" rating in a report on Tuesday, July 22nd. Wells Fargo & Company lowered their price target on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 1st. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 target price for the company. in a research report on Tuesday, July 22nd. Finally, Royal Bank Of Canada decreased their price objective on Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a report on Thursday, July 31st. Four research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $62.79.

Fortive Stock Down 2.9%

NYSE FTV opened at $47.87 on Friday. The business has a fifty day moving average price of $48.35 and a 200 day moving average price of $59.02. 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 quick ratio of 0.82 and a current ratio of 0.98. The company has a market cap of $16.20 billion, a P/E ratio of 21.56, a P/E/G ratio of 3.03 and a beta of 1.15.

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

Fortive Cuts Dividend

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.