1832 Asset Management L.P. Purchases 49,296 Shares of Fortive Co. (NYSE:FTV)

1832 Asset Management L.P. grew its position in Fortive Co. (NYSE:FTV) by 14.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 393,579 shares of the technology company’s stock after acquiring an additional 49,296 shares during the quarter. 1832 Asset Management L.P. owned about 0.11% of Fortive worth $29,164,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Indiana Trust & Investment Management CO purchased a new position in Fortive during the 1st quarter valued at $26,000. Advisors Asset Management Inc. bought a new stake in shares of Fortive during the first quarter worth $32,000. Ridgewood Investments LLC purchased a new stake in shares of Fortive during the second quarter valued at $30,000. International Assets Investment Management LLC bought a new position in shares of Fortive in the second quarter worth about $30,000. Finally, J.Safra Asset Management Corp purchased a new position in Fortive in the 2nd quarter worth about $34,000. Institutional investors own 94.94% of the company’s stock.

Fortive Stock Down 0.2 %

Shares of Fortive stock opened at $76.18 on Tuesday. Fortive Co. has a 52-week low of $63.05 and a 52-week high of $87.10. The firm’s 50 day moving average price is $72.43 and its 200-day moving average price is $76.06. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. The company has a market cap of $26.82 billion, a P/E ratio of 30.11, a PEG ratio of 2.11 and a beta of 1.11.

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

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date is Friday, September 13th. Fortive’s dividend payout ratio is presently 12.65%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Morgan Stanley began coverage on shares of Fortive in a research note on Friday, September 6th. They issued an “overweight” rating and a $89.00 target price on the stock. Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price objective on the stock in a research note on Thursday, September 5th. Wells Fargo & Company decreased their target price on Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Truist Financial dropped their price target on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Finally, TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and lifted their price objective for the company from $75.00 to $90.00 in a report on Monday, July 8th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Fortive currently has a consensus rating of “Moderate Buy” and an average price target of $86.23.

Insider Transactions at Fortive

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the transaction, the chief financial officer now directly owns 73,391 shares of the company’s stock, valued at approximately $5,433,135.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total transaction of $508,141.92. Following the transaction, the chief financial officer now owns 73,391 shares in the company, valued at approximately $5,433,135.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive stock in a transaction on Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the sale, the senior vice president now owns 68,161 shares of the company’s stock, valued at $5,030,281.80. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

Fortive Company Profile

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.