Capital Investment Services of America Inc. boosted its stake in shares of Fortive Co. (NYSE:FTV – Free Report) by 1.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 308,609 shares of the technology company’s stock after purchasing an additional 3,209 shares during the period. Fortive makes up approximately 2.5% of Capital Investment Services of America Inc.’s portfolio, making the stock its 18th biggest holding. Capital Investment Services of America Inc. owned 0.09% of Fortive worth $23,075,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. OLD Mission Capital LLC acquired a new stake in Fortive during the 4th quarter worth about $33,000. Belpointe Asset Management LLC acquired a new stake in Fortive during the 4th quarter worth about $36,000. Ridgewood Investments LLC acquired a new stake in shares of Fortive during the 1st quarter valued at about $37,000. Oakworth Capital Inc. acquired a new stake in shares of Fortive during the 1st quarter valued at about $40,000. Finally, Clear Street Markets LLC grew its position in shares of Fortive by 93.0% during the 1st quarter. Clear Street Markets LLC now owns 691 shares of the technology company’s stock valued at $47,000 after acquiring an additional 333 shares during the period. 95.95% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Patrick K. Murphy sold 21,793 shares of Fortive stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $76.50, for a total transaction of $1,667,164.50. Following the sale, the chief executive officer now owns 60,716 shares of the company’s stock, valued at approximately $4,644,774. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Christopher M. Mulhall sold 4,700 shares of Fortive stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $76.85, for a total value of $361,195.00. Following the completion of the sale, the chief accounting officer now owns 21,507 shares in the company, valued at approximately $1,652,812.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Patrick K. Murphy sold 21,793 shares of Fortive stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $76.50, for a total transaction of $1,667,164.50. Following the completion of the sale, the chief executive officer now owns 60,716 shares of the company’s stock, valued at approximately $4,644,774. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,404 shares of company stock valued at $3,324,757. 0.95% of the stock is currently owned by company insiders.
Fortive Price Performance
Fortive (NYSE:FTV – Get Free Report) last released its earnings results on Wednesday, July 26th. The technology company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.04. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.51 billion. Fortive had a net margin of 13.39% and a return on equity of 11.99%. The business’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the company posted $0.78 EPS. As a group, analysts anticipate that Fortive Co. will post 3.42 EPS for the current year.
Fortive Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Thursday, August 31st. Fortive’s payout ratio is presently 12.44%.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the company. Wells Fargo & Company raised their target price on Fortive from $67.00 to $71.00 in a research report on Monday, July 10th. Royal Bank of Canada raised their target price on Fortive from $74.00 to $75.00 in a research report on Friday, May 26th. Robert W. Baird raised their target price on Fortive from $82.00 to $85.00 in a research report on Thursday, July 27th. StockNews.com initiated coverage on Fortive in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Seaport Res Ptn reaffirmed a “buy” rating on shares of Fortive in a research note on Monday, August 7th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.00.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Intelligent Operating Solutions segment provides advanced instrumentation, software and services, which includes electrical test and measurement, facility and asset lifecycle software applications, and worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.
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