Capital Investment Services of America Inc. increased its stake in Fortive Corp (NYSE:FTV) by 6.5% during the third quarter, according to its most recent filing with the SEC. The fund owned 200,268 shares of the technology company’s stock after buying an additional 12,203 shares during the quarter. Fortive accounts for approximately 2.0% of Capital Investment Services of America Inc.’s portfolio, making the stock its 28th largest holding. Capital Investment Services of America Inc.’s holdings in Fortive were worth $13,730,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Rational Advisors LLC purchased a new position in shares of Fortive in the 2nd quarter worth about $33,000. Kavar Capital Partners LLC purchased a new stake in Fortive during the second quarter valued at about $37,000. Compagnie Lombard Odier SCmA purchased a new stake in Fortive during the second quarter valued at about $41,000. Kings Point Capital Management purchased a new stake in Fortive during the second quarter valued at about $41,000. Finally, CSat Investment Advisory L.P. lifted its holdings in Fortive by 342.8% during the second quarter. CSat Investment Advisory L.P. now owns 673 shares of the technology company’s stock valued at $55,000 after purchasing an additional 521 shares during the last quarter. 82.60% of the stock is currently owned by institutional investors.
In related news, SVP Stacey A. Walker sold 34,446 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $70.70, for a total value of $2,435,332.20. Following the transaction, the senior vice president now directly owns 20,015 shares in the company, valued at $1,415,060.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.70% of the stock is currently owned by corporate insiders.
Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, July 25th. The technology company reported $0.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. Fortive had a net margin of 38.22% and a return on equity of 18.43%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the firm posted $0.91 earnings per share. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. On average, equities analysts anticipate that Fortive Corp will post 3.5 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, August 30th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.41%. The ex-dividend date was Thursday, August 29th. Fortive’s dividend payout ratio (DPR) is 9.15%.
Several research firms have commented on FTV. Credit Suisse Group reaffirmed a “hold” rating and set a $76.00 price objective on shares of Fortive in a report on Tuesday, September 10th. Morgan Stanley dropped their price objective on shares of Fortive from $85.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday. Zacks Investment Research raised shares of Fortive from a “sell” rating to a “hold” rating and set a $72.00 price target on the stock in a report on Tuesday, October 1st. Bank of America lowered their price target on shares of Fortive from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, September 5th. Finally, Gordon Haskett downgraded shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $79.55.
Fortive Company 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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