Illinois Municipal Retirement Fund purchased a new stake in shares of Fortive Corp (NYSE:FTV) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,598 shares of the technology company’s stock, valued at approximately $657,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of FTV. Massachusetts Financial Services Co. MA boosted its holdings in Fortive by 47.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,759,436 shares of the technology company’s stock valued at $531,987,000 after purchasing an additional 2,490,746 shares in the last quarter. Parnassus Investments CA boosted its holdings in Fortive by 33.7% during the third quarter. Parnassus Investments CA now owns 1,302,298 shares of the technology company’s stock valued at $89,286,000 after purchasing an additional 328,567 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Fortive by 3.4% during the third quarter. Parametric Portfolio Associates LLC now owns 996,942 shares of the technology company’s stock valued at $68,350,000 after purchasing an additional 32,613 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Fortive by 7.0% during the fourth quarter. New York State Common Retirement Fund now owns 768,896 shares of the technology company’s stock valued at $58,736,000 after purchasing an additional 50,289 shares in the last quarter. Finally, Select Equity Group L.P. boosted its holdings in Fortive by 19.1% during the third quarter. Select Equity Group L.P. now owns 701,636 shares of the technology company’s stock valued at $48,104,000 after purchasing an additional 112,327 shares in the last quarter. Hedge funds and other institutional investors own 82.32% of the company’s stock.
A number of research firms have weighed in on FTV. Morgan Stanley raised Fortive from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $70.00 to $91.00 in a report on Wednesday, December 11th. Royal Bank of Canada reaffirmed a “hold” rating and set a $79.00 price objective on shares of Fortive in a report on Wednesday, December 18th. Raymond James downgraded Fortive from an “outperform” rating to a “market perform” rating in a report on Tuesday. Argus downgraded Fortive from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Wolfe Research raised Fortive from a “peer perform” rating to an “outperform” rating in a report on Thursday, January 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $81.85.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, February 6th. The technology company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.97 by $0.06. The business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.95 billion. Fortive had a return on equity of 17.53% and a net margin of 10.09%. Fortive’s revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.91 EPS. On average, sell-side analysts anticipate that Fortive Corp will post 3.75 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, February 28th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend is Thursday, February 27th. Fortive’s payout ratio is currently 8.05%.
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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