EFG Asset Management Americas Corp. Has $5.77 Million Position in Fortive Corp (NYSE:FTV)

EFG Asset Management Americas Corp. boosted its stake in shares of Fortive Corp (NYSE:FTV) by 61.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 85,330 shares of the technology company’s stock after purchasing an additional 32,350 shares during the period. Fortive accounts for about 1.5% of EFG Asset Management Americas Corp.’s investment portfolio, making the stock its 20th biggest holding. EFG Asset Management Americas Corp.’s holdings in Fortive were worth $5,771,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of FTV. TFG Advisers LLC bought a new position in shares of Fortive during the fourth quarter worth approximately $28,000. Ropes Wealth Advisors LLC increased its stake in Fortive by 78.6% during the 1st quarter. Ropes Wealth Advisors LLC now owns 525 shares of the technology company’s stock worth $29,000 after acquiring an additional 231 shares during the period. CNB Bank increased its stake in Fortive by 25.5% during the 2nd quarter. CNB Bank now owns 1,350 shares of the technology company’s stock worth $91,000 after acquiring an additional 274 shares during the period. Bartlett & Co. LLC bought a new position in Fortive during the 1st quarter worth $76,000. Finally, WASHINGTON TRUST Co bought a new position in Fortive during the 1st quarter worth $79,000. 82.54% of the stock is owned by hedge funds and other institutional investors.

FTV has been the topic of a number of recent research reports. Credit Suisse Group raised their price objective on Fortive from $76.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday. Rosenblatt Securities raised their price objective on Fortive from $68.00 to $77.00 and gave the stock a “neutral” rating in a research note on Wednesday. Zacks Investment Research upgraded Fortive from a “sell” rating to a “hold” rating and set a $71.00 price objective on the stock in a research note on Tuesday, June 30th. Citigroup initiated coverage on Fortive in a research note on Monday, April 27th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Morgan Stanley lifted their price target on Fortive from $72.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, June 19th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $77.38.

In related news, SVP William W. Pringle sold 5,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $62.86, for a total transaction of $314,300.00. Following the sale, the senior vice president now owns 69,183 shares of the company’s stock, valued at approximately $4,348,843.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mitchell P. Rales sold 40,134 shares of Fortive stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $63.72, for a total value of $2,557,338.48. Following the transaction, the director now directly owns 3,399,396 shares in the company, valued at $216,609,513.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,963 shares of company stock worth $7,750,899. 12.60% of the stock is currently owned by company insiders.

Shares of NYSE FTV traded down $1.97 during mid-day trading on Friday, hitting $70.19. 2,907,660 shares of the stock traded hands, compared to its average volume of 1,652,919. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.13 and a quick ratio of 1.32. Fortive Corp has a twelve month low of $37.31 and a twelve month high of $80.61. The company has a market cap of $23.66 billion, a PE ratio of 47.43, a price-to-earnings-growth ratio of 4.59 and a beta of 1.24. The firm has a 50 day simple moving average of $68.55 and a two-hundred day simple moving average of $65.94.

Fortive (NYSE:FTV) last released its quarterly earnings data on Tuesday, July 28th. The technology company reported $0.68 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.10. Fortive had a return on equity of 16.22% and a net margin of 8.00%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter last year, the business posted $0.90 EPS. Fortive’s revenue for the quarter was down 15.7% on a year-over-year basis. On average, equities research analysts anticipate that Fortive Corp will post 2.93 earnings per share for the current fiscal year.

Fortive Company Profile

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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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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