Korea Investment CORP raised its stake in shares of Fortive Corporation (NYSE:FTV) by 64.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 95,088 shares of the technology company’s stock after buying an additional 37,270 shares during the period. Korea Investment CORP’s holdings in Fortive Corporation were worth $6,024,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Farmers & Merchants Investments Inc. raised its position in shares of Fortive Corporation by 17.7% in the first quarter. Farmers & Merchants Investments Inc. now owns 59,792 shares of the technology company’s stock valued at $3,601,000 after buying an additional 9,000 shares during the period. Carderock Capital Management Inc. raised its position in shares of Fortive Corporation by 51.1% in the first quarter. Carderock Capital Management Inc. now owns 41,896 shares of the technology company’s stock valued at $2,523,000 after buying an additional 14,172 shares during the period. Regent Investment Management LLC acquired a new position in shares of Fortive Corporation during the first quarter valued at about $213,000. Mountain Pacific Investment Advisers Inc. ID raised its position in shares of Fortive Corporation by 4.7% in the first quarter. Mountain Pacific Investment Advisers Inc. ID now owns 219,272 shares of the technology company’s stock valued at $13,205,000 after buying an additional 9,810 shares during the period. Finally, BLB&B Advisors LLC raised its position in shares of Fortive Corporation by 18.4% in the first quarter. BLB&B Advisors LLC now owns 9,786 shares of the technology company’s stock valued at $589,000 after buying an additional 1,520 shares during the period. 79.85% of the stock is currently owned by institutional investors.
Fortive Corporation (NYSE:FTV) opened at 65.53 on Friday. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $67.48. The company has a market cap of $22.75 billion, a price-to-earnings ratio of 25.81 and a beta of 0.23. The company’s 50-day moving average is $64.38 and its 200 day moving average is $61.16.
Fortive Corporation (NYSE:FTV) last released its earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. On average, equities analysts predict that Fortive Corporation will post $2.79 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, August 25th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date is Wednesday, August 23rd. Fortive Corporation’s payout ratio is 11.02%.
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Several research analysts have recently issued reports on the stock. Morgan Stanley reaffirmed an “equal weight” rating on shares of Fortive Corporation in a research note on Tuesday, July 11th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $66.00 target price (up previously from $65.00) on shares of Fortive Corporation in a research note on Sunday, July 30th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $62.00 target price on shares of Fortive Corporation in a research note on Sunday, July 30th. Zacks Investment Research raised shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research note on Monday, July 24th. Finally, Barclays PLC set a $66.00 price objective on shares of Fortive Corporation and gave the stock a “buy” rating in a research note on Sunday, April 30th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Fortive Corporation currently has an average rating of “Hold” and a consensus price target of $61.82.
In other Fortive Corporation news, VP Emily A. Weaver sold 3,749 shares of the stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total transaction of $233,450.23. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Raj Ratnakar sold 11,642 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $62.31, for a total value of $725,413.02. Following the transaction, the vice president now owns 5,020 shares in the company, valued at $312,796.20. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by corporate insiders.
About Fortive Corporation
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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