Penobscot Investment Management Company Inc. Sells 960 Shares of Fortive Co. (NYSE:FTV)

Penobscot Investment Management Company Inc. cut its stake in shares of Fortive Co. (NYSE:FTV) by 20.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,689 shares of the technology company’s stock after selling 960 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Fortive were worth $276,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Capital Advisors Ltd. LLC grew its position in Fortive by 1,590.9% in the second quarter. Capital Advisors Ltd. LLC now owns 372 shares of the technology company’s stock worth $28,000 after acquiring an additional 350 shares in the last quarter. Your Advocates Ltd. LLP increased its position in shares of Fortive by 683.3% during the 2nd quarter. Your Advocates Ltd. LLP now owns 470 shares of the technology company’s stock valued at $35,000 after purchasing an additional 410 shares during the last quarter. Oakworth Capital Inc. purchased a new position in shares of Fortive during the 1st quarter valued at about $40,000. Clear Street Markets LLC lifted its position in Fortive by 93.0% in the 1st quarter. Clear Street Markets LLC now owns 691 shares of the technology company’s stock worth $47,000 after buying an additional 333 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its position in Fortive by 31.4% in the 2nd quarter. Lindbrook Capital LLC now owns 627 shares of the technology company’s stock worth $47,000 after buying an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 95.95% of the company’s stock.

Fortive Stock Up 0.7 %

Shares of Fortive stock opened at $67.44 on Thursday. The company has a current ratio of 1.02, a quick ratio of 0.79 and a debt-to-equity ratio of 0.20. Fortive Co. has a 12-month low of $62.70 and a 12-month high of $79.90. The company has a market cap of $23.70 billion, a P/E ratio of 28.94 and a beta of 1.15. The company’s fifty day simple moving average is $71.74 and its two-hundred day simple moving average is $72.08.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.01). Fortive had a net margin of 13.77% and a return on equity of 11.96%. The company had revenue of $1.49 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Research analysts anticipate that Fortive Co. will post 3.39 EPS for the current year.

Fortive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, November 24th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date of this dividend is Wednesday, November 22nd. This is a boost from Fortive’s previous quarterly dividend of $0.07. Fortive’s dividend payout ratio (DPR) is presently 12.02%.

Analyst Ratings Changes

FTV has been the topic of several research reports. Argus lifted their price target on shares of Fortive from $80.00 to $85.00 in a research note on Thursday, July 27th. TD Cowen boosted their price target on shares of Fortive from $70.00 to $72.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 23rd. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Citigroup lifted their price objective on Fortive from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 27th. Finally, Wells Fargo & Company dropped their target price on Fortive from $75.00 to $70.00 and set an “equal weight” rating for the company in a report on Thursday, October 26th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.46.

Fortive Profile

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.