State of New Jersey Common Pension Fund D Sells 67,133 Shares of Fortive Co. (NYSE:FTV)

State of New Jersey Common Pension Fund D cut its holdings in shares of Fortive Co. (NYSE:FTV) by 34.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 127,313 shares of the technology company’s stock after selling 67,133 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Fortive were worth $9,434,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Indiana Trust & Investment Management CO bought a new position in Fortive during the 1st quarter worth $26,000. Advisors Asset Management Inc. acquired a new stake in Fortive during the 1st quarter worth about $32,000. Ridgewood Investments LLC acquired a new stake in shares of Fortive in the 2nd quarter valued at about $30,000. International Assets Investment Management LLC acquired a new stake in shares of Fortive in the 2nd quarter valued at about $30,000. Finally, J.Safra Asset Management Corp acquired a new stake in shares of Fortive in the 2nd quarter valued at about $34,000. 94.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on FTV shares. Barclays raised their price target on shares of Fortive from $91.00 to $94.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a report on Friday. Wells Fargo & Company reduced their price objective on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Truist Financial reduced their price objective on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Finally, Morgan Stanley started coverage on shares of Fortive in a research report on Friday, September 6th. They set an “overweight” rating and a $89.00 price target for the company. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.23.

Fortive Trading Up 0.4 %

FTV stock opened at $73.60 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95. The company has a market capitalization of $25.79 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 2.11 and a beta of 1.11. The business has a 50 day simple moving average of $72.28 and a two-hundred day simple moving average of $76.51. Fortive Co. has a 1-year low of $63.05 and a 1-year high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. Research analysts anticipate that Fortive Co. will post 3.82 EPS for the current fiscal year.

Fortive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Fortive’s dividend payout ratio is presently 12.65%.

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.