Palisade Asset Management LLC Takes $805,000 Position in Fortive Corp (FTV)

Palisade Asset Management LLC purchased a new position in shares of Fortive Corp (NYSE:FTV) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,600 shares of the technology company’s stock, valued at approximately $805,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Fortive by 0.9% during the third quarter. Vanguard Group Inc. now owns 22,405,241 shares of the technology company’s stock worth $1,890,330,000 after buying an additional 203,786 shares during the last quarter. Vanguard Group Inc lifted its position 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 purchasing an additional 203,786 shares during the period. Brown Advisory Inc. lifted its position 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 purchasing an additional 146,763 shares during the period. Massachusetts Financial Services Co. MA lifted its position 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 purchasing an additional 18,244 shares during the period. Finally, Norges Bank acquired a new stake in Fortive in the fourth quarter valued at about $246,463,000. 85.08% of the stock is currently owned by hedge funds and other institutional investors.

Shares of FTV stock traded up $0.16 during midday trading on Monday, reaching $87.82. 658,109 shares of the company traded hands, compared to its average volume of 1,461,943. Fortive Corp has a 1-year low of $62.89 and a 1-year high of $88.36. The company has a current ratio of 1.45, a quick ratio of 1.18 and a debt-to-equity ratio of 0.45. The company has a market cap of $29.33 billion, a price-to-earnings ratio of 28.70, a PEG ratio of 2.05 and a beta of 1.14.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, February 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.06. Fortive had a net margin of 40.50% and a return on equity of 22.42%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the firm earned $0.82 EPS. The company’s revenue for the quarter was up 11.4% on a year-over-year basis. Sell-side analysts forecast that Fortive Corp will post 3.54 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.32%. Fortive’s payout ratio is 9.15%.

In other news, insider William W. Pringle sold 435 shares of Fortive stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $80.66, for a total transaction of $35,087.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Stacey A. Walker sold 1,783 shares of Fortive stock in a transaction that occurred on Monday, February 25th. The stock was sold at an average price of $81.87, for a total value of $145,974.21. Following the transaction, the senior vice president now owns 16,036 shares of the company’s stock, valued at $1,312,867.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,964 shares of company stock valued at $486,847. Insiders own 12.20% of the company’s stock.

A number of equities research analysts recently commented on FTV shares. Morgan Stanley upgraded shares of Fortive from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $84.00 to $82.00 in a research report on Tuesday, December 18th. TheStreet downgraded shares of Fortive from a “b-” rating to a “c” rating in a research report on Wednesday, December 19th. Zacks Investment Research downgraded shares of Fortive from a “hold” rating to a “sell” rating in a research report on Monday, December 31st. Credit Suisse Group restated a “neutral” rating and issued a $78.00 price objective (down previously from $86.00) on shares of Fortive in a research report on Thursday, January 3rd. Finally, William Blair restated a “market perform” rating on shares of Fortive in a research report on Tuesday, February 12th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Fortive has an average rating of “Buy” and an average target price of $85.90.

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Fortive 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.

Further Reading: Buy-Side Analysts

Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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