Whittier Trust Co. of Nevada Inc. boosted its stake in Fortive Corp (NYSE:FTV) by 1.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,100 shares of the technology company’s stock after acquiring an additional 993 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Fortive were worth $5,143,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of FTV. Resource Management LLC purchased a new stake in Fortive in the 1st quarter valued at approximately $201,000. Banyan Capital Management Inc. purchased a new stake in Fortive in the 1st quarter valued at approximately $1,197,000. Pratt Collard Advisory Partners LLC purchased a new stake in Fortive in the 1st quarter valued at approximately $205,000. Deutsche Bank AG boosted its holdings in Fortive by 79.0% in the 4th quarter. Deutsche Bank AG now owns 827,194 shares of the technology company’s stock valued at $55,963,000 after purchasing an additional 365,059 shares in the last quarter. Finally, Dempze Nancy E boosted its holdings in Fortive by 1.8% in the 1st quarter. Dempze Nancy E now owns 11,885 shares of the technology company’s stock valued at $997,000 after purchasing an additional 205 shares in the last quarter. Hedge funds and other institutional investors own 83.58% of the company’s stock.
A number of brokerages have weighed in on FTV. Zacks Investment Research lowered Fortive from a “buy” rating to a “hold” rating in a report on Monday, May 20th. Argus reaffirmed a “buy” rating on shares of Fortive in a report on Tuesday, April 30th. Cowen lowered Fortive from a “market perform” rating to an “underperform” rating and lowered their price objective for the company from $75.00 to $65.00 in a report on Monday, June 3rd. Morgan Stanley lowered Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 price objective on the stock. in a report on Wednesday, May 8th. They noted that the move was a valuation call. Finally, Raymond James set a $84.00 price objective on Fortive and gave the company an “outperform” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $85.87.
Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, July 25th. The technology company reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.01. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.93 billion. Fortive had a return on equity of 18.43% and a net margin of 38.22%. The company’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.91 EPS. As a group, research analysts predict that Fortive Corp will post 3.53 EPS for the current year.
In other news, VP Emily A. Weaver sold 650 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $80.92, for a total transaction of $52,598.00. Following the sale, the vice president now owns 9,146 shares of the company’s stock, valued at approximately $740,094.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Martin Gafinowitz sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $81.74, for a total value of $1,634,800.00. Following the sale, the insider now directly owns 91,688 shares in the company, valued at approximately $7,494,577.12. The disclosure for this sale can be found here. Insiders have sold a total of 21,169 shares of company stock worth $1,729,427 in the last three months. Corporate insiders own 12.70% of the company’s stock.
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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