Pioneer Investment Management Inc. acquired a new stake in Fortive Corporation (NYSE:FTV) during the second quarter, Holdings Channel reports. The firm acquired 250,374 shares of the technology company’s stock, valued at approximately $15,861,000.
A number of other hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Fortive Corporation by 2,497.9% in the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock valued at $996,902,000 after buying an additional 15,917,140 shares during the period. Bessemer Group Inc. raised its stake in shares of Fortive Corporation by 64,460.2% in the second quarter. Bessemer Group Inc. now owns 2,640,512 shares of the technology company’s stock valued at $167,275,000 after buying an additional 2,636,422 shares during the period. MARSHALL WACE ASIA Ltd bought a new stake in shares of Fortive Corporation during the first quarter valued at approximately $115,464,000. Marshall Wace North America L.P. bought a new stake in shares of Fortive Corporation during the first quarter valued at approximately $115,464,000. Finally, Prudential Financial Inc. raised its stake in shares of Fortive Corporation by 109.8% in the first quarter. Prudential Financial Inc. now owns 2,160,610 shares of the technology company’s stock valued at $130,112,000 after buying an additional 1,130,600 shares during the period. Institutional investors and hedge funds own 79.85% of the company’s stock.
Fortive Corporation (NYSE FTV) opened at 65.53 on Friday. Fortive Corporation has a 52 week low of $46.81 and a 52 week high of $67.48. The company has a market cap of $22.75 billion, a P/E ratio of 25.81 and a beta of 0.23. The firm’s 50 day moving average is $64.38 and its 200-day moving average is $61.16.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.02. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the prior year, the company earned $0.64 EPS. The company’s revenue was up 4.7% compared to the same quarter last year. On average, analysts predict that Fortive Corporation will post $2.79 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be given a $0.07 dividend. The ex-dividend date is Wednesday, August 23rd. This represents a $0.28 annualized dividend and a dividend yield of 0.43%. Fortive Corporation’s payout ratio is presently 11.02%.
FTV has been the subject of several research analyst reports. Morgan Stanley lowered shares of Fortive Corporation from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $61.00 to $65.00 in a report on Tuesday, May 2nd. They noted that the move was a valuation call. Cowen and Company raised their price objective on shares of Fortive Corporation from $46.00 to $52.00 and gave the stock a “market perform” rating in a report on Wednesday, April 19th. Zacks Investment Research lowered shares of Fortive Corporation from a “buy” rating to a “hold” rating in a report on Thursday, May 25th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fortive Corporation in a report on Monday, May 22nd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $62.00 price objective on shares of Fortive Corporation in a report on Sunday, July 30th. Eight equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $61.82.
In other news, VP Emily A. Weaver sold 3,749 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $62.27, for a total value of $233,450.23. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Raj Ratnakar sold 11,642 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $62.31, for a total transaction of $725,413.02. Following the completion of the sale, the vice president now directly owns 5,020 shares of the company’s stock, valued at approximately $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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