Brighton Jones LLC Invests $218,000 in Fortive Corp (FTV) Stock
Brighton Jones LLC purchased a new position in Fortive Corp (NYSE:FTV) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 2,591 shares of the technology company’s stock, valued at approximately $218,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wendell David Associates Inc. lifted its stake in shares of Fortive by 6.8% during the second quarter. Wendell David Associates Inc. now owns 19,093 shares of the technology company’s stock worth $1,472,000 after buying an additional 1,216 shares during the period. Baillie Gifford & Co. lifted its stake in shares of Fortive by 6.2% during the second quarter. Baillie Gifford & Co. now owns 1,239,927 shares of the technology company’s stock worth $95,610,000 after buying an additional 72,162 shares during the period. Liberty Capital Management Inc. lifted its stake in shares of Fortive by 3.1% during the second quarter. Liberty Capital Management Inc. now owns 31,323 shares of the technology company’s stock worth $2,415,000 after buying an additional 953 shares during the period. Edge Wealth Management LLC acquired a new stake in shares of Fortive during the second quarter worth $175,000. Finally, Mitsubishi UFJ Asset Management UK Ltd. lifted its stake in shares of Fortive by 12.4% during the second quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 54,400 shares of the technology company’s stock worth $4,194,000 after buying an additional 6,000 shares during the period. 85.38% of the stock is currently owned by institutional investors and hedge funds.
FTV has been the subject of several research reports. SunTrust Banks lowered their price objective on shares of Fortive from $92.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, October 29th. UBS Group lifted their price objective on shares of Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, August 30th. Argus lifted their price objective on shares of Fortive from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Monday, October 1st. Finally, Gordon Haskett initiated coverage on shares of Fortive in a research note on Friday, October 12th. They set a “buy” rating for the company. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $87.18.
NYSE FTV opened at $75.21 on Wednesday. The firm has a market cap of $25.03 billion, a P/E ratio of 22.24, a price-to-earnings-growth ratio of 2.07 and a beta of 0.98. Fortive Corp has a 1 year low of $69.03 and a 1 year high of $88.34. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.98 and a quick ratio of 0.79.
Fortive (NYSE:FTV) last posted its earnings results on Thursday, October 25th. The technology company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.86 billion. Fortive had a net margin of 15.72% and a return on equity of 24.91%. On average, equities analysts predict that Fortive Corp will post 3 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, November 30th will be given a dividend of $0.07 per share. The ex-dividend date is Thursday, November 29th. This represents a $0.28 dividend on an annualized basis and a yield of 0.37%. Fortive’s dividend payout ratio is presently 9.69%.
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 maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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