Indiana Trust & Investment Management CO Buys New Stake in Fortive Co. (NYSE:FTV)

Indiana Trust & Investment Management CO purchased a new position in shares of Fortive Co. (NYSE:FTV) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 301 shares of the technology company’s stock, valued at approximately $26,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in Fortive during the 4th quarter valued at about $268,686,000. Brown Advisory Inc. grew its position in Fortive by 13.1% during the 4th quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock worth $557,929,000 after acquiring an additional 878,523 shares during the last quarter. Panagora Asset Management Inc. increased its holdings in Fortive by 15,382.4% during the 4th quarter. Panagora Asset Management Inc. now owns 634,778 shares of the technology company’s stock valued at $46,739,000 after purchasing an additional 630,678 shares in the last quarter. Jennison Associates LLC raised its position in Fortive by 111.7% in the 4th quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock valued at $86,637,000 after purchasing an additional 620,866 shares during the last quarter. Finally, Kodai Capital Management LP bought a new stake in shares of Fortive during the fourth quarter worth $45,557,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Price Performance

Shares of NYSE FTV opened at $74.10 on Friday. Fortive Co. has a fifty-two week low of $63.05 and a fifty-two week high of $87.10. The stock has a market capitalization of $26.09 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 2.16 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.17. The business has a 50-day moving average of $75.20 and a 200-day moving average of $78.12.

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, topping the consensus estimate of $0.79 by $0.04. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. As a group, sell-side analysts predict that Fortive Co. will post 3.8 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date was Friday, May 31st. Fortive’s dividend payout ratio is currently 12.65%.

Analyst Ratings Changes

A number of research firms recently issued reports on FTV. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Barclays boosted their price objective on shares of Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Royal Bank of Canada decreased their price objective on Fortive from $93.00 to $83.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 25th. Citigroup dropped their target price on Fortive from $101.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. Finally, Truist Financial started coverage on Fortive in a report on Thursday, March 14th. They issued a “buy” rating and a $99.00 price target on the stock. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $86.46.

Fortive Profile

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.