Perpetual Ltd Has $17.54 Million Stock Position in Fortive Corporation (NYSE:FTV)

Perpetual Ltd boosted its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 60.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 239,735 shares of the technology company's stock after buying an additional 89,891 shares during the quarter. Perpetual Ltd owned approximately 0.07% of Fortive worth $17,544,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of FTV. Parvin Asset Management LLC bought a new position in shares of Fortive in the fourth quarter worth about $26,000. American National Bank & Trust acquired a new position in Fortive during the 1st quarter worth approximately $26,000. Global X Japan Co. Ltd. lifted its stake in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. Park Square Financial Group LLC acquired a new stake in Fortive in the fourth quarter valued at approximately $30,000. Finally, Whipplewood Advisors LLC acquired a new stake in Fortive in the fourth quarter valued at approximately $31,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO James A. Lico sold 175,000 shares of the company'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 transaction, the chief executive officer now owns 428,585 shares in the company, valued at approximately $31,029,554. This represents a 28.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Peter C. Underwood sold 14,327 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the completion of the sale, the senior vice president now owns 51,750 shares of the company's stock, valued at approximately $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.92% of the company's stock.

Fortive Trading Up 1.7%

FTV opened at $71.29 on Friday. The stock has a market cap of $24.23 billion, a PE ratio of 31.27, a price-to-earnings-growth ratio of 2.90 and a beta of 1.11. 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 Corporation has a twelve month low of $60.39 and a twelve month high of $83.32. The company has a fifty day moving average of $70.16 and a 200-day moving average of $73.80.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, hitting analysts' consensus estimates of $0.85. The firm had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The business's revenue was down 3.3% compared to the same quarter last year. During the same period last year, the business posted $0.83 EPS. On average, sell-side analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive declared that its Board of Directors 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 purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Wednesday, April 30th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.45%. The ex-dividend date is Friday, May 30th. Fortive's dividend payout ratio (DPR) is presently 14.04%.

Analyst Upgrades and Downgrades

FTV has been the subject of several research analyst reports. BNP Paribas reiterated a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Barclays reaffirmed an "overweight" rating and issued a $86.00 target price (up previously from $84.00) on shares of Fortive in a report on Tuesday, June 3rd. Robert W. Baird dropped their target price on Fortive from $88.00 to $82.00 and set an "outperform" rating for the company in a research report on Wednesday, May 7th. Citigroup reduced their price target on Fortive from $84.00 to $69.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Truist Financial dropped their price objective on shares of Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $82.62.

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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