Envestnet Asset Management Inc. Has $66.53 Million Stock Holdings in Fortive Co. (NYSE:FTV)

Envestnet Asset Management Inc. grew its stake in Fortive Co. (NYSE:FTV) by 10.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 897,881 shares of the technology company’s stock after acquiring an additional 82,231 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Fortive were worth $66,533,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FTV. Indiana Trust & Investment Management CO acquired a new stake in Fortive in the 1st quarter valued at $26,000. Advisors Asset Management Inc. acquired a new stake in shares of Fortive in the 1st quarter valued at $32,000. Ridgewood Investments LLC bought a new stake in shares of Fortive in the 2nd quarter worth about $30,000. International Assets Investment Management LLC acquired a new stake in shares of Fortive during the 2nd quarter worth about $30,000. Finally, J.Safra Asset Management Corp acquired a new position in Fortive in the second quarter valued at about $34,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Stock Performance

Shares of NYSE:FTV opened at $75.71 on Thursday. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32. Fortive Co. has a 1-year low of $63.05 and a 1-year high of $87.10. The stock has a market capitalization of $26.65 billion, a P/E ratio of 29.92, a P/E/G ratio of 2.11 and a beta of 1.11. The business has a 50-day moving average price of $72.36 and a two-hundred day moving average price of $76.28.

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

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 yield of 0.42%. The ex-dividend date is Friday, September 13th. Fortive’s dividend payout ratio (DPR) is currently 12.65%.

Wall Street Analysts Forecast Growth

FTV has been the subject of several recent analyst reports. Wolfe Research lowered shares of Fortive from an “outperform” rating to a “peer perform” rating in a report on Friday, September 6th. TD Cowen raised Fortive from a “hold” rating to a “buy” rating and raised their price target for the company from $75.00 to $90.00 in a report on Monday, July 8th. Truist Financial reduced their price objective on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Mizuho upgraded Fortive from a “neutral” rating to an “outperform” rating and raised their target price for the company from $80.00 to $90.00 in a research note on Friday, September 6th. Finally, Barclays lifted their price target on Fortive from $91.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $86.23.

Insider Transactions at Fortive

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the sale, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares in the company, valued at approximately $5,433,135.73. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive stock in a transaction dated 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 in the company, 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.

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.