Principal Financial Group Inc. reduced its stake in shares of Fortive Corp (NYSE:FTV) by 0.5% in the 1st quarter, HoldingsChannel reports. The fund owned 444,848 shares of the technology company’s stock after selling 2,230 shares during the quarter. Principal Financial Group Inc.’s holdings in Fortive were worth $37,315,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc boosted its holdings in Fortive by 0.9% in the third quarter. Vanguard Group Inc now owns 22,405,241 shares of the technology company’s stock valued at $1,890,330,000 after acquiring an additional 203,786 shares during the last quarter. Brown Advisory Inc. lifted its stake in Fortive by 2.4% in the fourth quarter. Brown Advisory Inc. now owns 6,321,632 shares of the technology company’s stock valued at $427,722,000 after buying an additional 146,763 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Fortive by 0.4% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,065,139 shares of the technology company’s stock valued at $342,708,000 after buying an additional 18,244 shares during the period. Artisan Partners Limited Partnership lifted its stake in Fortive by 16.1% in the first quarter. Artisan Partners Limited Partnership now owns 4,757,642 shares of the technology company’s stock valued at $399,119,000 after buying an additional 661,196 shares during the period. Finally, Norges Bank acquired a new position in Fortive in the fourth quarter valued at about $246,463,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.
FTV stock traded down $0.84 during mid-day trading on Wednesday, reaching $78.32. The company had a trading volume of 20,333 shares, compared to its average volume of 1,472,214. The company has a quick ratio of 1.97, a current ratio of 2.20 and a debt-to-equity ratio of 0.69. The company has a market cap of $26.68 billion, a price-to-earnings ratio of 25.56, a P/E/G ratio of 1.70 and a beta of 1.22. Fortive Corp has a 52 week low of $62.89 and a 52 week high of $89.48.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.28 annualized dividend and a dividend yield of 0.36%. Fortive’s dividend payout ratio is currently 9.15%.
In other news, VP Emily A. Weaver sold 650 shares of Fortive stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $80.92, for a total transaction of $52,598.00. Following the completion of the transaction, the vice president now directly owns 9,146 shares in the company, valued at approximately $740,094.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Emily A. Weaver sold 600 shares of Fortive stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $85.53, for a total value of $51,318.00. Following the transaction, the vice president now owns 9,796 shares of the company’s stock, valued at $837,851.88. The disclosure for this sale can be found here. Insiders have sold a total of 33,155 shares of company stock valued at $2,761,762 over the last quarter. 12.70% of the stock is currently owned by corporate insiders.
FTV has been the topic of several analyst reports. ValuEngine lowered Fortive from a “buy” rating to a “hold” rating in a research note on Monday, May 13th. Morgan Stanley lowered Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 price target on the stock. in a research report on Wednesday, May 8th. They noted that the move was a valuation call. BMO Capital Markets raised their price target on Fortive from $96.00 to $99.00 and gave the stock an “outperform” rating in a research report on Friday, April 26th. Argus reaffirmed a “buy” rating on shares of Fortive in a research report on Tuesday, April 30th. Finally, William Blair reaffirmed a “market perform” rating on shares of Fortive in a research report on Tuesday, February 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $85.87.
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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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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