Coronation Fund Managers Ltd. Reduces Stock Holdings in Fortive Co. (NYSE:FTV)

Coronation Fund Managers Ltd. reduced its holdings in Fortive Co. (NYSE:FTV) by 16.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,644 shares of the technology company’s stock after selling 12,059 shares during the period. Coronation Fund Managers Ltd.’s holdings in Fortive were worth $4,420,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Indiana Trust & Investment Management CO purchased a new stake in shares of Fortive in the 1st quarter valued at $26,000. Ridgewood Investments LLC acquired a new stake in Fortive during the second quarter valued at $30,000. International Assets Investment Management LLC acquired a new stake in Fortive during the second quarter valued at $30,000. Goodman Advisory Group LLC acquired a new stake in Fortive during the second quarter valued at $31,000. Finally, Advisors Asset Management Inc. acquired a new stake in Fortive during the first quarter valued at $32,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on FTV. Raymond James upgraded shares of Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a research report on Thursday, September 5th. Wolfe Research lowered shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Friday, September 6th. TD Cowen upgraded shares of Fortive from a “hold” rating to a “buy” rating and lifted their target price for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Truist Financial dropped their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Finally, Mizuho upgraded shares of Fortive from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $90.00 in a research report on Friday, September 6th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Fortive presently has an average rating of “Moderate Buy” and an average target price of $86.38.

Insiders Place Their Bets

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

Fortive Stock Performance

NYSE:FTV opened at $77.60 on Wednesday. The company’s 50-day moving average price is $72.52 and its 200-day moving average price is $75.74. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32. The company has a market cap of $27.32 billion, a P/E ratio of 30.67, a P/E/G ratio of 2.22 and a beta of 1.11. Fortive Co. has a twelve month low of $63.05 and a twelve month high of $87.10.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, July 24th. The technology company reported $0.93 EPS 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 company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same period in the previous year, the firm earned $0.85 earnings per share. Fortive’s quarterly revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts forecast that Fortive Co. will post 3.82 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend was Friday, September 13th. Fortive’s dividend payout ratio (DPR) is presently 12.65%.

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.