Mitsubishi UFJ Asset Management Co. Ltd. Increases Position in Fortive Corporation $FTV

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Fortive Corporation (NYSE:FTV) by 5.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 641,884 shares of the technology company’s stock after buying an additional 33,487 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Fortive were worth $33,461,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Private Advisor Group LLC purchased a new position in shares of Fortive in the first quarter valued at about $876,000. Whittier Trust Co. grew its position in shares of Fortive by 6.8% during the second quarter. Whittier Trust Co. now owns 354,784 shares of the technology company’s stock worth $18,494,000 after purchasing an additional 22,443 shares in the last quarter. FORA Capital LLC bought a new stake in Fortive during the 1st quarter valued at approximately $1,434,000. JPMorgan Chase & Co. lifted its holdings in Fortive by 49.3% in the 1st quarter. JPMorgan Chase & Co. now owns 2,530,596 shares of the technology company’s stock worth $185,189,000 after purchasing an additional 835,277 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich lifted its holdings in Fortive by 2,408.4% in the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 128,031 shares of the technology company’s stock worth $9,409,000 after purchasing an additional 122,927 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FTV shares. Weiss Ratings lowered shares of Fortive from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday. Melius Research raised shares of Fortive to a “hold” rating in a research note on Tuesday, July 22nd. Barclays boosted their price target on shares of Fortive from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of Fortive from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Finally, TD Cowen cut Fortive from a “buy” rating to a “hold” rating and reduced their target price for the stock from $85.00 to $50.00 in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Fortive presently has a consensus rating of “Hold” and a consensus price target of $59.29.

Fortive Price Performance

FTV stock opened at $51.83 on Wednesday. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The firm has a market capitalization of $16.46 billion, a P/E ratio of 29.62, a price-to-earnings-growth ratio of 3.09 and a beta of 1.16. The company has a fifty day simple moving average of $49.22 and a two-hundred day simple moving average of $56.19. The company has a quick ratio of 0.58, a current ratio of 0.70 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV) last posted its earnings results on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. Fortive had a net margin of 11.72% and a return on equity of 12.04%. The firm had revenue of $1.07 billion for the quarter. Analysts anticipate that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 26th. Shareholders of record on Friday, November 28th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, November 28th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. Fortive’s dividend payout ratio is 13.71%.

Insider Activity

In other news, SVP Stacey A. Walker sold 2,192 shares of the firm’s stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $50.35, for a total value of $110,367.20. Following the completion of the sale, the senior vice president directly owned 59,488 shares of the company’s stock, valued at $2,995,220.80. This trade represents a 3.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.92% of the stock is owned by 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.