Coldstream Capital Management Inc. reduced its stake in shares of Fortive Corp (NYSE:FTV) by 35.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,863 shares of the technology company’s stock after selling 3,279 shares during the quarter. Coldstream Capital Management Inc.’s holdings in Fortive were worth $492,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in FTV. Zeke Capital Advisors LLC raised its position in Fortive by 2.9% in the 1st quarter. Zeke Capital Advisors LLC now owns 4,378 shares of the technology company’s stock valued at $367,000 after buying an additional 125 shares during the last quarter. Emerald Advisers LLC raised its position in Fortive by 0.7% in the 1st quarter. Emerald Advisers LLC now owns 21,120 shares of the technology company’s stock valued at $1,772,000 after buying an additional 144 shares during the last quarter. Mcmillion Capital Management Inc. raised its position in Fortive by 3.1% in the 1st quarter. Mcmillion Capital Management Inc. now owns 4,865 shares of the technology company’s stock valued at $408,000 after buying an additional 148 shares during the last quarter. Norway Savings Bank raised its position in Fortive by 2.3% in the 1st quarter. Norway Savings Bank now owns 7,187 shares of the technology company’s stock valued at $603,000 after buying an additional 165 shares during the last quarter. Finally, Trust Co. of Vermont raised its position in Fortive by 3.2% in the 1st quarter. Trust Co. of Vermont now owns 5,275 shares of the technology company’s stock valued at $443,000 after buying an additional 166 shares during the last quarter. Institutional investors own 83.67% of the company’s stock.
In other Fortive news, VP Emily A. Weaver sold 600 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $85.53, for a total value of $51,318.00. Following the sale, the vice president now owns 9,796 shares in the company, valued at approximately $837,851.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Emily A. Weaver sold 519 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $80.98, for a total value of $42,028.62. Following the completion of the sale, the vice president now owns 8,627 shares in the company, valued at approximately $698,614.46. The disclosure for this sale can be found here. Insiders have sold a total of 33,155 shares of company stock worth $2,761,762 in the last 90 days. 12.70% of the stock is currently owned by corporate insiders.
Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, April 25th. The technology company reported $0.69 EPS for the quarter, hitting analysts’ consensus estimates of $0.69. Fortive had a return on equity of 19.44% and a net margin of 39.98%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter in the previous year, the firm earned $0.78 EPS. Fortive’s revenue was up 6.8% on a year-over-year basis. As a group, equities analysts predict that Fortive Corp will post 3.59 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, May 30th. This represents a $0.28 dividend on an annualized basis and a yield of 0.34%. Fortive’s dividend payout ratio is currently 9.15%.
A number of research firms have weighed in on FTV. Zacks Investment Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $95.00 price target for the company in a research note on Tuesday, May 7th. Berenberg Bank started coverage on Fortive in a research note on Wednesday, May 15th. They set a “buy” rating and a $96.00 target price for the company. Barclays lifted their target price on Fortive from $81.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 3rd. Cowen downgraded Fortive from a “market perform” rating to an “underperform” rating and reduced their target price for the stock from $75.00 to $65.00 in a research note on Monday, June 3rd. Finally, ValuEngine upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. Fortive currently has a consensus rating of “Hold” and a consensus target price of $85.87.
Fortive Company Profile
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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