Citizens Financial Group Inc. RI Increases Stock Position in Fortive Co. (NYSE:FTV)

Citizens Financial Group Inc. RI raised its position in Fortive Co. (NYSE:FTV) by 275.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,072 shares of the technology company’s stock after buying an additional 7,391 shares during the period. Citizens Financial Group Inc. RI’s holdings in Fortive were worth $746,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of Fortive by 8.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,668,448 shares of the technology company’s stock valued at $197,726,000 after purchasing an additional 205,893 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Fortive by 10.1% in the second quarter. Envestnet Asset Management Inc. now owns 897,881 shares of the technology company’s stock valued at $66,533,000 after purchasing an additional 82,231 shares during the period. Federated Hermes Inc. increased its position in shares of Fortive by 129.2% in the second quarter. Federated Hermes Inc. now owns 165,610 shares of the technology company’s stock valued at $12,272,000 after buying an additional 93,363 shares in the last quarter. Meeder Advisory Services Inc. raised its stake in shares of Fortive by 23.3% during the 2nd quarter. Meeder Advisory Services Inc. now owns 6,177 shares of the technology company’s stock worth $458,000 after buying an additional 1,168 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Fortive by 5.2% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 248,715 shares of the technology company’s stock worth $18,276,000 after buying an additional 12,361 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Fortive Stock Up 1.4 %

NYSE FTV opened at $74.79 on Wednesday. The business’s fifty day simple moving average is $72.32 and its 200-day simple moving average is $76.29. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. The firm has a market cap of $26.33 billion, a PE ratio of 29.56, a P/E/G ratio of 2.11 and a beta of 1.11. Fortive Co. has a 52 week low of $63.05 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The firm had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.57 billion. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.85 EPS. As a group, equities analysts anticipate that Fortive Co. will post 3.82 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, September 13th. Fortive’s dividend payout ratio is presently 12.65%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price target on shares of Fortive in a report on Friday, September 6th. Truist Financial cut their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Morgan Stanley initiated coverage on shares of Fortive in a research note on Friday, September 6th. They issued an “overweight” rating and a $89.00 price target on the stock. Barclays lifted their price objective on Fortive from $91.00 to $94.00 and gave the stock an “overweight” rating in a report on Friday, September 6th. Finally, Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a report on Thursday, September 5th. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.23.

Insider Buying and Selling

In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the transaction, the chief financial officer now owns 73,391 shares of the company’s stock, valued at $5,433,135.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the sale, the chief financial officer now owns 73,391 shares of the company’s stock, valued at $5,433,135.73. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the transaction, the senior vice president now owns 68,161 shares of the company’s stock, valued at $5,030,281.80. The disclosure for this sale can be found here. Corporate insiders own 1.01% of the company’s stock.

Fortive Company 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.