Chevy Chase Trust Holdings LLC Acquires 588 Shares of Fortive Corporation $FTV

Chevy Chase Trust Holdings LLC increased its holdings in shares of Fortive Corporation (NYSE:FTV) by 0.3% during the second quarter, HoldingsChannel reports. The firm owned 188,396 shares of the technology company’s stock after buying an additional 588 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Fortive were worth $9,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTV. Brighton Jones LLC lifted its holdings in shares of Fortive by 97.1% during the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company’s stock valued at $428,000 after purchasing an additional 2,811 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Fortive by 9.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 36,525 shares of the technology company’s stock valued at $2,673,000 after purchasing an additional 3,285 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Fortive by 37.5% during the first quarter. Exchange Traded Concepts LLC now owns 686 shares of the technology company’s stock valued at $50,000 after purchasing an additional 187 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in Fortive by 15.1% in the first quarter. Janney Montgomery Scott LLC now owns 12,386 shares of the technology company’s stock valued at $906,000 after acquiring an additional 1,625 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in Fortive by 1.0% in the first quarter. State of Alaska Department of Revenue now owns 39,948 shares of the technology company’s stock valued at $2,923,000 after acquiring an additional 390 shares during the period. 94.94% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FTV has been the topic of a number of recent research reports. Melius Research raised Fortive to a “hold” rating in a report on Tuesday, July 22nd. Zacks Research raised Fortive from a “strong sell” rating to a “hold” rating in a report on Monday, September 15th. Barclays set a $54.00 target price on Fortive and gave the company an “equal weight” rating in a report on Thursday, August 14th. TD Cowen downgraded Fortive from a “buy” rating to a “hold” rating and lowered their target price for the company from $85.00 to $50.00 in a report on Tuesday, July 15th. Finally, Truist Financial reissued a “hold” rating and issued a $55.00 target price (down previously from $60.00) on shares of Fortive in a report on Thursday, July 31st. Three analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $61.14.

Fortive Stock Performance

Shares of FTV opened at $48.69 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28. The business has a 50-day simple moving average of $48.47 and a two-hundred day simple moving average of $58.09. The stock has a market cap of $16.47 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 3.09 and a beta of 1.15. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Monday, June 9th. The technology company reported $0.80 EPS for the quarter. The business had revenue of $1.07 billion during the quarter. Fortive had a return on equity of 11.96% and a net margin of 13.62%. On average, analysts expect that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, September 12th. Fortive’s dividend payout ratio (DPR) is 10.81%.

About Fortive

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.