Lake Street Advisors Group LLC Trims Position in Fortive Co. (NYSE:FTV)

Lake Street Advisors Group LLC lessened its stake in shares of Fortive Co. (NYSE:FTV) by 8.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,589 shares of the technology company’s stock after selling 230 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Fortive were worth $204,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Nordea Investment Management AB grew its holdings in Fortive by 70.1% during the 1st quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock valued at $77,058,000 after buying an additional 369,351 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in Fortive by 104.3% during the 1st quarter. BNP Paribas Financial Markets now owns 369,076 shares of the technology company’s stock valued at $31,748,000 after buying an additional 188,415 shares in the last quarter. Raymond James & Associates grew its holdings in Fortive by 15.0% during the 3rd quarter. Raymond James & Associates now owns 395,488 shares of the technology company’s stock valued at $31,216,000 after buying an additional 51,690 shares in the last quarter. Atomi Financial Group Inc. grew its holdings in Fortive by 4.8% during the 3rd quarter. Atomi Financial Group Inc. now owns 4,932 shares of the technology company’s stock valued at $389,000 after buying an additional 226 shares in the last quarter. Finally, Cetera Investment Advisers grew its holdings in shares of Fortive by 599.3% during the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock worth $4,520,000 after purchasing an additional 45,032 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling

In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction 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 directly owns 73,391 shares of the company’s stock, valued at $5,433,135.73. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction 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 directly owns 73,391 shares of the company’s stock, valued at $5,433,135.73. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the company’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 completion of the sale, the senior vice president now directly owns 68,161 shares in the company, valued at approximately $5,030,281.80. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Morgan Stanley assumed coverage on Fortive in a report on Friday, September 6th. They set an “overweight” rating and a $89.00 price objective for the company. Truist Financial boosted their price objective on Fortive from $82.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $80.00 to $90.00 in a report on Friday, September 6th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price objective on shares of Fortive in a report on Friday, September 6th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $89.10.

Fortive Price Performance

Shares of Fortive stock opened at $74.97 on Monday. 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 company has a market cap of $26.26 billion, a PE ratio of 30.11, a P/E/G ratio of 2.21 and a beta of 1.12. The business has a 50 day moving average of $75.16 and a 200 day moving average of $74.70. Fortive Co. has a 52 week low of $63.50 and a 52 week high of $87.10.

Fortive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Tuesday, September 17th were issued a dividend of $0.08 per share. The ex-dividend date was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. Fortive’s dividend payout ratio is presently 12.85%.

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.