Fortive Co. (NYSE:FTV) Position Lessened by Bank of America Corp DE

Bank of America Corp DE trimmed its position in shares of Fortive Co. (NYSE:FTVGet Rating) by 92.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,400,570 shares of the technology company’s stock after selling 43,510,061 shares during the period. Bank of America Corp DE owned about 0.95% of Fortive worth $207,197,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of FTV. Viking Global Investors LP raised its holdings in Fortive by 41.8% during the first quarter. Viking Global Investors LP now owns 12,033,157 shares of the technology company’s stock valued at $733,180,000 after buying an additional 3,548,215 shares in the last quarter. Gates Capital Management Inc. bought a new position in Fortive during the first quarter valued at about $180,743,000. Norges Bank bought a new position in Fortive during the fourth quarter valued at about $221,385,000. Flossbach Von Storch AG raised its holdings in Fortive by 13.2% during the first quarter. Flossbach Von Storch AG now owns 12,492,886 shares of the technology company’s stock valued at $761,192,000 after buying an additional 1,457,136 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Fortive by 2.7% during the first quarter. Vanguard Group Inc. now owns 37,557,116 shares of the technology company’s stock valued at $2,288,355,000 after buying an additional 989,883 shares in the last quarter. 94.65% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Stock Down 1.0 %

FTV stock opened at $63.27 on Wednesday. Fortive Co. has a twelve month low of $52.47 and a twelve month high of $79.87. The company has a market cap of $22.50 billion, a PE ratio of 35.15, a price-to-earnings-growth ratio of 2.15 and a beta of 1.15. The business’s 50-day simple moving average is $63.16 and its 200 day simple moving average is $60.25. The company has a quick ratio of 0.73, a current ratio of 0.94 and a debt-to-equity ratio of 0.28.

Fortive (NYSE:FTVGet Rating) last released its earnings results on Thursday, July 28th. The technology company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.06. Fortive had a return on equity of 11.25% and a net margin of 11.86%. The business had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same period last year, the business earned $0.66 earnings per share. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, research analysts anticipate that Fortive Co. will post 3.11 earnings per share for the current year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Tuesday, August 30th. Fortive’s payout ratio is 15.56%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FTV shares. Cowen cut their target price on Fortive from $80.00 to $70.00 and set a “market perform” rating on the stock in a report on Thursday, June 2nd. Credit Suisse Group set a $74.00 price objective on Fortive in a research note on Tuesday, July 19th. Morgan Stanley lifted their price objective on Fortive from $64.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Friday, July 29th. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Monday, August 1st. Finally, Barclays lifted their price objective on Fortive to $72.00 in a research note on Tuesday, August 9th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $72.64.

Fortive Profile

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Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; environment, health, safety, and quality enterprise software products; facility and asset lifecycle software; pre-construction planning and construction procurement solutions; ruggedized professional test tools; electric, pressure, and temperature calibration tools; and portable gas detection tools for a range of vertical end markets including manufacturing, process industries, healthcare, utilities and power, communications and electronics, and others.

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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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