Palisade Asset Management LLC Invests $805,000 in Fortive Corp (NYSE:FTV) Stock

Palisade Asset Management LLC acquired a new stake in shares of Fortive Corp (NYSE:FTV) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,600 shares of the technology company’s stock, valued at approximately $805,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Fortive during the fourth quarter valued at approximately $246,463,000. Oregon Public Employees Retirement Fund lifted its position in Fortive by 3,401.2% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,533,529 shares of the technology company’s stock valued at $37,000 after buying an additional 2,461,167 shares during the period. Gates Capital Management Inc. purchased a new position in Fortive during the fourth quarter valued at $53,836,000. Alpine Global Management LLC purchased a new position in Fortive during the third quarter valued at $53,088,000. Finally, Deutsche Bank AG lifted its position in Fortive by 79.0% during the fourth quarter. Deutsche Bank AG now owns 827,194 shares of the technology company’s stock valued at $55,963,000 after buying an additional 365,059 shares during the period. 85.08% of the stock is currently owned by institutional investors and hedge funds.

In other news, VP Emily A. Weaver sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $85.53, for a total value of $51,318.00. Following the transaction, the vice president now owns 9,796 shares in the company, valued at $837,851.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William W. Pringle sold 435 shares of the firm’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $80.66, for a total value of $35,087.10. The disclosure for this sale can be found here. Insiders sold a total of 17,950 shares of company stock valued at $1,519,183 over the last quarter. Company insiders own 12.20% of the company’s stock.

Several equities analysts have commented on the company. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Tuesday. Morgan Stanley downgraded Fortive from an “overweight” rating to an “equal weight” rating in a report on Wednesday. They noted that the move was a valuation call. Argus restated a “buy” rating on shares of Fortive in a report on Tuesday, April 30th. ValuEngine upgraded Fortive from a “hold” rating to a “buy” rating in a report on Saturday, April 13th. Finally, Barclays raised their price target on Fortive from $81.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, April 3rd. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $87.20.

Shares of Fortive stock opened at $83.48 on Wednesday. Fortive Corp has a 52 week low of $62.89 and a 52 week high of $89.48. The firm has a market capitalization of $28.08 billion, a price-to-earnings ratio of 27.28, a price-to-earnings-growth ratio of 1.73 and a beta of 1.13. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.97 and a current ratio of 2.20.

Fortive (NYSE:FTV) last issued its earnings results on Thursday, April 25th. The technology company reported $0.69 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.69. Fortive had a return on equity of 19.44% and a net margin of 39.98%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the prior year, the business earned $0.78 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities analysts expect that Fortive Corp will post 3.61 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Thursday, May 30th. Fortive’s dividend payout ratio is 9.15%.

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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.

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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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