Fortive Corporation (FTV) Stake Cut by NBT Bank N A NY
NBT Bank N A NY lowered its position in Fortive Corporation (NYSE:FTV) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,826 shares of the technology company’s stock after selling 508 shares during the period. NBT Bank N A NY’s holdings in Fortive Corporation were worth $876,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the company. FMR LLC increased its stake in shares of Fortive Corporation by 2.7% in the first quarter. FMR LLC now owns 21,506,167 shares of the technology company’s stock worth $1,295,101,000 after buying an additional 574,042 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Fortive Corporation by 3.3% in the first quarter. Vanguard Group Inc. now owns 19,993,417 shares of the technology company’s stock valued at $1,204,004,000 after buying an additional 646,463 shares in the last quarter. BlackRock Inc. increased its stake in shares of Fortive Corporation by 2,497.9% in the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock valued at $996,902,000 after buying an additional 15,917,140 shares in the last quarter. State Street Corp increased its stake in shares of Fortive Corporation by 1.4% in the first quarter. State Street Corp now owns 12,557,670 shares of the technology company’s stock valued at $756,215,000 after buying an additional 174,619 shares in the last quarter. Finally, First Eagle Investment Management LLC increased its stake in shares of Fortive Corporation by 25.5% in the first quarter. First Eagle Investment Management LLC now owns 4,718,316 shares of the technology company’s stock valued at $284,137,000 after buying an additional 957,431 shares in the last quarter. Hedge funds and other institutional investors own 78.69% of the company’s stock.
Fortive Corporation (NYSE FTV) traded down 0.06% during midday trading on Wednesday, hitting $64.42. 212,518 shares of the company were exchanged. The stock has a market capitalization of $22.36 billion, a price-to-earnings ratio of 25.37 and a beta of 0.23. The stock has a 50 day moving average of $64.91 and a 200-day moving average of $61.96. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $67.48.
Fortive Corporation (NYSE:FTV) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.64 earnings per share. Equities analysts expect that Fortive Corporation will post $2.79 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Wednesday, August 23rd. Fortive Corporation’s dividend payout ratio (DPR) is 11.02%.
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Several brokerages have recently commented on FTV. Zacks Investment Research downgraded Fortive Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Morgan Stanley restated an “equal weight” rating on shares of Fortive Corporation in a research note on Tuesday, July 11th. Royal Bank Of Canada restated a “sector perform” rating and issued a $66.00 target price (up from $65.00) on shares of Fortive Corporation in a research note on Sunday, July 30th. Stifel Nicolaus restated a “hold” rating and issued a $62.00 target price on shares of Fortive Corporation in a research note on Sunday, July 30th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fortive Corporation in a research note on Monday, May 22nd. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $61.82.
In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $66.09, for a total value of $433,880.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.10% of the stock is owned by corporate insiders.
About Fortive Corporation
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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