Steinberg Global Asset Management lessened its position in shares of Fortive Corp (NYSE:FTV) by 11.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,512 shares of the technology company’s stock after selling 3,086 shares during the quarter. Steinberg Global Asset Management’s holdings in Fortive were worth $1,900,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTV. Cornerstone Advisors Inc. raised its position in Fortive by 104.6% during the 3rd quarter. Cornerstone Advisors Inc. now owns 309 shares of the technology company’s stock valued at $26,000 after purchasing an additional 158 shares in the last quarter. Baystate Wealth Management LLC increased its holdings in shares of Fortive by 837.8% in the 4th quarter. Baystate Wealth Management LLC now owns 347 shares of the technology company’s stock valued at $25,000 after acquiring an additional 310 shares during the period. Pinnacle Bank purchased a new position in shares of Fortive in the 4th quarter valued at $27,000. Paragon Capital Management LLC purchased a new position in shares of Fortive in the 1st quarter valued at $34,000. Finally, Ipswich Investment Management Co. Inc. purchased a new position in shares of Fortive in the 4th quarter valued at $50,000. Institutional investors and hedge funds own 85.08% of the company’s stock.
NYSE FTV opened at $83.48 on Wednesday. Fortive Corp has a twelve month low of $62.89 and a twelve month high of $89.48. The company has a quick ratio of 1.97, a current ratio of 2.20 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $28.08 billion, a P/E ratio of 27.28, a price-to-earnings-growth ratio of 1.73 and a beta of 1.13.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.07 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.28 annualized dividend and a yield of 0.34%. Fortive’s dividend payout ratio (DPR) is currently 9.15%.
Several research analysts recently weighed in on the company. William Blair restated a “market perform” rating on shares of Fortive in a research note on Tuesday, February 12th. Zacks Investment Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research note on Thursday, February 14th. TheStreet upgraded Fortive from a “c” rating to a “b-” rating in a research note on Wednesday, January 30th. ValuEngine upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. Finally, Barclays boosted their target price on Fortive from $81.00 to $88.00 and gave the stock an “overweight” rating in a research note 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 currently has a consensus rating of “Buy” and an average target price of $87.20.
In other news, SVP Barbara B. Hulit sold 11,386 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $86.16, for a total value of $981,017.76. Following the completion of the sale, the senior vice president now directly owns 48,891 shares in the company, valued at $4,212,448.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William W. Pringle sold 435 shares of the company’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. Over the last quarter, insiders have sold 17,950 shares of company stock valued at $1,519,183. 12.20% of the stock is owned by company insiders.
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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