Fortive Corp (NYSE:FTV) Position Cut by North Star Asset Management Inc.
North Star Asset Management Inc. lessened its holdings in shares of Fortive Corp (NYSE:FTV) by 7.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,237 shares of the technology company’s stock after selling 579 shares during the quarter. North Star Asset Management Inc.’s holdings in Fortive were worth $553,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of the company. CFM Wealth Partners LLC acquired a new position in Fortive during the 4th quarter worth $33,000. Atlantic Trust LLC bought a new stake in shares of Fortive during the fourth quarter valued at about $37,000. S.A. Mason LLC acquired a new stake in Fortive in the fourth quarter worth about $38,000. Sugarloaf Wealth Management LLC acquired a new stake in Fortive in the fourth quarter worth about $40,000. Finally, Private Ocean LLC acquired a new stake in Fortive in the fourth quarter worth about $48,000. Institutional investors and hedge funds own 82.32% of the company’s stock.
A number of analysts have recently commented on FTV shares. Raymond James downgraded Fortive from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Morgan Stanley raised Fortive from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $91.00 in a research report on Wednesday, December 11th. Citigroup raised Fortive from a “neutral” rating to a “buy” rating and upped their target price for the company from $76.00 to $84.00 in a report on Monday, December 9th. Royal Bank of Canada reiterated a “hold” rating and issued a $79.00 price target on shares of Fortive in a research report on Wednesday, December 18th. Finally, Argus lowered Fortive from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. Fortive presently has an average rating of “Hold” and a consensus price target of $81.85.
Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, February 6th. The technology company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The firm 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%. The firm’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.91 earnings per share. As a group, analysts expect 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. Shareholders of record on Friday, February 28th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend is Thursday, February 27th. Fortive’s dividend payout ratio is 8.05%.
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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