Bridgeway Capital Management Inc. lessened its position in Fortive Corp (NYSE:FTV) by 13.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 445,850 shares of the technology company’s stock after selling 71,300 shares during the quarter. Bridgeway Capital Management Inc. owned about 0.13% of Fortive worth $30,166,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Neuberger Berman Group LLC grew its position in Fortive by 4.1% in the 2nd quarter. Neuberger Berman Group LLC now owns 13,619 shares of the technology company’s stock worth $921,000 after purchasing an additional 541 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Fortive by 1.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,356,344 shares of the technology company’s stock worth $91,771,000 after purchasing an additional 19,599 shares during the last quarter. Orion Portfolio Solutions LLC grew its position in Fortive by 13.6% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 1,741 shares of the technology company’s stock worth $118,000 after purchasing an additional 209 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in shares of Fortive during the 2nd quarter valued at about $388,000. Finally, California State Teachers Retirement System boosted its position in shares of Fortive by 0.3% during the 2nd quarter. California State Teachers Retirement System now owns 527,018 shares of the technology company’s stock valued at $35,658,000 after acquiring an additional 1,632 shares in the last quarter. Hedge funds and other institutional investors own 86.33% of the company’s stock.
In related news, SVP William W. Pringle sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $72.06, for a total transaction of $360,300.00. Following the completion of the sale, the senior vice president now directly owns 69,183 shares of the company’s stock, valued at $4,985,326.98. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven M. Rales sold 5,000,000 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $70.88, for a total transaction of $354,400,000.00. Over the last three months, insiders have sold 8,857,144 shares of company stock valued at $627,156,617. 12.60% of the stock is currently owned by insiders.
Fortive (NYSE:FTV) last posted its quarterly earnings results on Tuesday, July 28th. The technology company reported $0.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.10. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a net margin of 8.00% and a return on equity of 16.22%. Fortive’s revenue for the quarter was down 15.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.90 earnings per share. Equities analysts anticipate that Fortive Corp will post 3.19 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, August 28th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Thursday, August 27th. Fortive’s dividend payout ratio (DPR) is 8.05%.
Several brokerages have recently weighed in on FTV. Zacks Investment Research upgraded shares of Fortive from a “sell” rating to a “hold” rating and set a $71.00 target price on the stock in a research report on Tuesday, June 30th. Rosenblatt Securities lifted their target price on shares of Fortive from $79.00 to $81.00 and gave the company a “neutral” rating in a research report on Thursday, September 10th. Credit Suisse Group boosted their price target on shares of Fortive from $82.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, September 10th. Vertical Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research report on Friday, June 5th. Finally, Bank of America boosted their price target on shares of Fortive from $82.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, September 10th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Fortive has a consensus rating of “Buy” and an average price target of $78.62.
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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