Greenleaf Trust raised its position in shares of Fortive Corp (NYSE:FTV) by 10.3% during the 2nd quarter, HoldingsChannel reports. The fund owned 8,496 shares of the technology company’s stock after acquiring an additional 794 shares during the period. Greenleaf Trust’s holdings in Fortive were worth $655,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Clinton Group Inc. bought a new stake in Fortive during the 2nd quarter valued at approximately $1,817,000. Cullen Frost Bankers Inc. boosted its position in shares of Fortive by 29.8% in the 1st quarter. Cullen Frost Bankers Inc. now owns 126,682 shares of the technology company’s stock worth $9,820,000 after purchasing an additional 29,118 shares in the last quarter. Bainco International Investors boosted its position in shares of Fortive by 1.9% in the 2nd quarter. Bainco International Investors now owns 121,812 shares of the technology company’s stock worth $9,393,000 after purchasing an additional 2,235 shares in the last quarter. Busey Trust CO boosted its position in shares of Fortive by 3.5% in the 2nd quarter. Busey Trust CO now owns 93,015 shares of the technology company’s stock worth $7,172,000 after purchasing an additional 3,106 shares in the last quarter. Finally, Eqis Capital Management Inc. bought a new stake in shares of Fortive in the 2nd quarter worth approximately $1,140,000. 80.86% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on FTV. Citigroup boosted their price target on Fortive from $80.00 to $84.00 and gave the stock a “neutral” rating in a research report on Monday, July 30th. Zacks Investment Research cut Fortive from a “buy” rating to a “hold” rating in a research report on Thursday, July 12th. Argus boosted their price target on Fortive from $84.00 to $88.00 and gave the stock a “buy” rating in a research report on Tuesday. Morgan Stanley boosted their price target on Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. Finally, ValuEngine cut Fortive from a “buy” rating to a “hold” rating in a research report on Thursday, April 26th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $83.60.
Fortive (NYSE:FTV) last announced its quarterly earnings data on Thursday, July 26th. The technology company reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the business earned $0.71 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. sell-side analysts expect that Fortive Corp will post 3.49 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, August 31st will be issued a $0.07 dividend. The ex-dividend date is Thursday, August 30th. This represents a $0.28 dividend on an annualized basis and a yield of 0.35%. Fortive’s payout ratio is currently 9.69%.
In related news, CFO Charles E. Mclaughlin sold 5,514 shares of the business’s stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $80.89, for a total value of $446,027.46. Following the completion of the transaction, the chief financial officer now directly owns 25,411 shares in the company, valued at approximately $2,055,495.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Raj Ratnakar sold 30,912 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $80.71, for a total transaction of $2,494,907.52. Following the completion of the transaction, the vice president now owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 74,602 shares of company stock valued at $6,047,572. 12.20% of the stock is owned by company insiders.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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