Norges Bank acquired a new stake in Fortive Co. (NYSE:FTV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,705,543 shares of the technology company’s stock, valued at approximately $191,607,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC purchased a new position in Fortive in the fourth quarter valued at $25,000. Addison Advisors LLC purchased a new position in Fortive in the fourth quarter valued at $26,000. Regent Peak Wealth Advisors LLC purchased a new position in Fortive in the fourth quarter valued at $35,000. Vectors Research Management LLC purchased a new position in Fortive in the fourth quarter valued at $43,000. Finally, Exane Derivatives purchased a new position in Fortive in the fourth quarter valued at $46,000. 84.71% of the stock is owned by institutional investors.
In other Fortive news, CAO Christopher M. Mulhall sold 550 shares of the stock in a transaction that occurred on Monday, February 22nd. The shares were sold at an average price of $66.54, for a total value of $36,597.00. Following the sale, the chief accounting officer now directly owns 12,915 shares of the company’s stock, valued at approximately $859,364.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP William W. Pringle sold 65,185 shares of the stock in a transaction that occurred on Monday, February 8th. The shares were sold at an average price of $68.62, for a total transaction of $4,472,994.70. Following the completion of the sale, the senior vice president now directly owns 153,860 shares in the company, valued at $10,557,873.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 84,071 shares of company stock worth $5,739,984. 12.60% of the stock is owned by insiders.
Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, February 3rd. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. Fortive had a net margin of 8.21% and a return on equity of 16.30%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.29 billion. Equities analysts expect that Fortive Co. will post 2.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, March 26th. Investors of record on Friday, February 26th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.39%. The ex-dividend date of this dividend was Thursday, February 25th. Fortive’s payout ratio is currently 8.05%.
FTV has been the topic of several research analyst reports. Barclays lifted their target price on shares of Fortive from $72.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday. Morgan Stanley lowered shares of Fortive from an “overweight” rating to an “equal weight” rating and set a $75.00 target price on the stock. in a research report on Wednesday, February 17th. Citigroup lifted their target price on shares of Fortive from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, February 5th. Finally, Zacks Investment Research upgraded shares of Fortive from a “sell” rating to a “hold” rating and set a $70.00 price target on the stock in a research report on Tuesday, February 23rd. Six research 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 an average target price of $77.29.
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, facilities management, public safety, mining, and healthcare applications, as well as environmental, health, and safety applications.
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