Fortive Corp (NYSE:FTV) Shares Sold by Point72 Asset Management L.P.

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Point72 Asset Management L.P. reduced its stake in shares of Fortive Corp (NYSE:FTV) by 11.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,400 shares of the technology company’s stock after selling 5,200 shares during the quarter. Point72 Asset Management L.P.’s holdings in Fortive were worth $3,038,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new position in Fortive in the second quarter valued at approximately $132,000. Caption Management LLC acquired a new stake in Fortive in the second quarter worth $1,388,000. Bank of America Corp DE raised its holdings in Fortive by 2.9% in the second quarter. Bank of America Corp DE now owns 2,913,140 shares of the technology company’s stock worth $224,633,000 after purchasing an additional 83,258 shares during the period. Wolverine Asset Management LLC raised its holdings in Fortive by 1,000.0% in the second quarter. Wolverine Asset Management LLC now owns 55,000 shares of the technology company’s stock worth $4,241,000 after purchasing an additional 50,000 shares during the period. Finally, Capital Fund Management S.A. acquired a new stake in Fortive in the second quarter worth $3,768,000. 81.42% of the stock is currently owned by institutional investors and hedge funds.

In other news, insider Barbara B. Hulit sold 15,000 shares of Fortive stock in a transaction dated Wednesday, August 1st. The shares were sold at an average price of $82.29, for a total value of $1,234,350.00. Following the completion of the transaction, the insider now owns 51,113 shares of the company’s stock, valued at approximately $4,206,088.77. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Raj Ratnakar sold 30,912 shares of Fortive stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $80.71, for a total transaction of $2,494,907.52. Following the completion of the transaction, the vice president now directly owns 13,244 shares of the company’s stock, valued at approximately $1,068,923.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,602 shares of company stock valued at $6,047,572. 12.20% of the stock is owned by insiders.

Several equities research analysts have weighed in on FTV shares. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a report on Friday, June 22nd. UBS Group increased their target price on shares of Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Argus increased their target price on shares of Fortive from $84.00 to $88.00 and gave the stock a “buy” rating in a report on Tuesday, August 14th. Gordon Haskett started coverage on shares of Fortive in a report on Friday. They issued a “buy” rating on the stock. Finally, Morgan Stanley set a $90.00 target price on shares of Fortive and gave the stock an “equal weight” rating in a report on Tuesday, October 2nd. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Fortive has an average rating of “Buy” and a consensus target price of $86.33.

Fortive stock traded up $0.62 during mid-day trading on Friday, reaching $79.20. The company’s stock had a trading volume of 2,258,476 shares, compared to its average volume of 3,089,438. The company has a market cap of $29.40 billion, a P/E ratio of 27.40, a price-to-earnings-growth ratio of 2.04 and a beta of 0.56. Fortive Corp has a 12 month low of $69.03 and a 12 month high of $88.34. The company has a current ratio of 1.96, a quick ratio of 1.68 and a debt-to-equity ratio of 0.52.

Fortive (NYSE:FTV) last released its earnings results on Thursday, July 26th. The technology company reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.02. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.71 earnings per share. On average, equities research analysts forecast that Fortive Corp will post 3.49 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, August 31st were given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Thursday, August 30th. Fortive’s dividend payout ratio (DPR) is currently 9.69%.

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 maintenance management software 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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