Millennium Management LLC Reduces Stock Position in Fortive Co. (NYSE:FTV)

Millennium Management LLC lowered its position in shares of Fortive Co. (NYSE:FTV - Free Report) by 1.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,632,381 shares of the technology company's stock after selling 18,729 shares during the period. Millennium Management LLC owned 0.47% of Fortive worth $122,429,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. grew its stake in Fortive by 9.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 42,947,135 shares of the technology company's stock valued at $3,221,036,000 after acquiring an additional 3,810,997 shares in the last quarter. Flossbach Von Storch SE increased its holdings in shares of Fortive by 1.2% in the 4th quarter. Flossbach Von Storch SE now owns 11,903,240 shares of the technology company's stock worth $892,743,000 after buying an additional 137,479 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Fortive by 164.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,730,161 shares of the technology company's stock worth $654,763,000 after buying an additional 5,429,566 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Fortive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 8,294,930 shares of the technology company's stock worth $620,480,000 after buying an additional 103,015 shares during the last quarter. Finally, Boston Partners increased its holdings in shares of Fortive by 2.1% in the 4th quarter. Boston Partners now owns 7,904,282 shares of the technology company's stock worth $594,108,000 after buying an additional 166,123 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on FTV shares. BNP Paribas lowered shares of Fortive from an "outperform" rating to a "neutral" rating and set a $67.00 price target on the stock. in a report on Wednesday, April 9th. Truist Financial decreased their price target on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird decreased their price target on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. StockNews.com cut shares of Fortive from a "buy" rating to a "hold" rating in a research note on Monday, February 10th. Finally, Wells Fargo & Company upped their price objective on shares of Fortive from $80.00 to $85.00 and gave the company an "equal weight" rating in a research note on Monday, February 10th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.92.

Fortive Trading Up 1.1%

Shares of NYSE:FTV traded up $0.78 on Friday, hitting $73.26. The company had a trading volume of 3,225,396 shares, compared to its average volume of 2,494,327. The firm's 50-day simple moving average is $69.77 and its two-hundred day simple moving average is $74.85. 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. The firm has a market capitalization of $24.90 billion, a price-to-earnings ratio of 31.04, a P/E/G ratio of 2.68 and a beta of 1.10.

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 (EPS) for the quarter, hitting the consensus estimate 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%. Fortive's quarterly revenue was down 3.3% compared to the same quarter last year. During the same period last year, the business earned $0.83 EPS. Equities analysts anticipate that Fortive Co. will post 4.05 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Wednesday, April 30th will be paid a $0.08 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. Fortive's payout ratio is 14.04%.

Insider Buying and Selling

In other Fortive news, CFO Charles E. Mclaughlin sold 32,085 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $78.86, for a total transaction of $2,530,223.10. Following the completion of the sale, the chief financial officer now directly owns 76,126 shares in the company, valued at approximately $6,003,296.36. This trade represents a 29.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James A. Lico sold 196,117 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $80.38, for a total transaction of $15,763,884.46. Following the sale, the chief executive officer now owns 528,851 shares of the company's stock, valued at approximately $42,509,043.38. This represents a 27.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 432,712 shares of company stock worth $33,237,008 in the last three months. 1.01% of the stock is owned by corporate insiders.

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.