HighPoint Advisor Group LLC Purchases Shares of 2,447 Fortive Co. (NYSE:FTV)

HighPoint Advisor Group LLC purchased a new position in shares of Fortive Co. (NYSE:FTV) during the fourth quarter, Holdings Channel.com reports. The fund purchased 2,447 shares of the technology company’s stock, valued at approximately $180,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Fortive during the fourth quarter valued at $268,686,000. Brown Advisory Inc. increased its holdings in shares of Fortive by 13.1% in the fourth quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock valued at $557,929,000 after purchasing an additional 878,523 shares during the period. Panagora Asset Management Inc. raised its stake in shares of Fortive by 15,382.4% in the fourth quarter. Panagora Asset Management Inc. now owns 634,778 shares of the technology company’s stock worth $46,739,000 after purchasing an additional 630,678 shares during the last quarter. Jennison Associates LLC lifted its holdings in shares of Fortive by 111.7% during the fourth quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock worth $86,637,000 after purchasing an additional 620,866 shares during the period. Finally, Kodai Capital Management LP purchased a new stake in Fortive in the fourth quarter valued at approximately $45,557,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Citigroup dropped their price objective on shares of Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Barclays boosted their price objective on Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a report on Tuesday, April 2nd. Truist Financial started coverage on Fortive in a report on Thursday, March 14th. They set a “buy” rating and a $99.00 target price on the stock. Finally, JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $86.46.

Fortive Trading Up 0.9 %

Shares of NYSE:FTV opened at $73.60 on Friday. Fortive Co. has a 52 week low of $63.05 and a 52 week high of $87.10. The company’s 50 day moving average is $75.89 and its two-hundred day moving average is $78.03. The company has a market cap of $25.91 billion, a PE ratio of 29.09, a P/E/G ratio of 2.14 and a beta of 1.13. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.38.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Equities analysts predict that Fortive Co. will post 3.8 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s payout ratio is currently 12.65%.

About Fortive

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.