Verition Fund Management LLC lifted its stake in Fortive Co. (NYSE:FTV – Get Rating) by 67.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,499 shares of the technology company’s stock after acquiring an additional 9,044 shares during the quarter. Verition Fund Management LLC’s holdings in Fortive were worth $1,371,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Howe & Rusling Inc. increased its position in Fortive by 103.9% during the first quarter. Howe & Rusling Inc. now owns 418 shares of the technology company’s stock worth $25,000 after buying an additional 213 shares during the last quarter. Riverview Trust Co acquired a new position in Fortive during the first quarter worth $27,000. Core Alternative Capital increased its position in Fortive by 74.3% during the first quarter. Core Alternative Capital now owns 502 shares of the technology company’s stock worth $31,000 after buying an additional 214 shares during the last quarter. Quent Capital LLC acquired a new position in Fortive during the fourth quarter worth $48,000. Finally, Allworth Financial LP increased its position in Fortive by 52.0% during the first quarter. Allworth Financial LP now owns 737 shares of the technology company’s stock worth $45,000 after buying an additional 252 shares during the last quarter. 94.65% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms have commented on FTV. Wells Fargo & Company increased their target price on shares of Fortive from $57.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Monday, August 1st. Credit Suisse Group set a $74.00 price target on Fortive in a research report on Tuesday, July 19th. Robert W. Baird lowered their price target on Fortive from $81.00 to $77.00 in a research report on Friday, July 29th. Barclays raised their price target on Fortive to $72.00 in a research report on Tuesday, August 9th. Finally, Loop Capital lowered their price target on Fortive from $84.00 to $78.00 and set a “buy” rating on the stock in a research report on Tuesday, July 19th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $72.64.
Fortive Stock Down 1.0 %
Fortive (NYSE:FTV – Get Rating) last released its earnings results on Thursday, July 28th. The technology company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.06. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Fortive had a net margin of 11.86% and a return on equity of 11.25%. The firm’s revenue was up 10.9% on a year-over-year basis. During the same quarter last year, the company earned $0.66 earnings per share. On average, research analysts forecast that Fortive Co. will post 3.11 EPS for the current year.
Fortive Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Wednesday, August 31st will be paid 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 of this dividend is Tuesday, August 30th. Fortive’s dividend payout ratio is 15.56%.
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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