Ieq Capital LLC Grows Stake in Fortive Corp (NYSE:FTV)
Ieq Capital LLC boosted its position in Fortive Corp (NYSE:FTV) by 18.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,505 shares of the technology company’s stock after purchasing an additional 1,000 shares during the period. Ieq Capital LLC’s holdings in Fortive were worth $358,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. TFG Advisers LLC acquired a new stake in Fortive during the 4th quarter valued at $28,000. Ropes Wealth Advisors LLC boosted its holdings in Fortive by 78.6% in the first quarter. Ropes Wealth Advisors LLC now owns 525 shares of the technology company’s stock valued at $29,000 after acquiring an additional 231 shares during the last quarter. CFM Wealth Partners LLC acquired a new position in Fortive in the fourth quarter valued at $33,000. Atlantic Trust LLC acquired a new position in Fortive in the fourth quarter valued at $37,000. Finally, Acadian Asset Management LLC purchased a new position in Fortive in the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 82.81% of the company’s stock.
NYSE:FTV traded down $0.51 during mid-day trading on Friday, reaching $55.25. The stock had a trading volume of 1,908,331 shares, compared to its average volume of 2,443,710. The company has a market capitalization of $19.97 billion, a price-to-earnings ratio of 34.32 and a beta of 1.28. Fortive Corp has a 1-year low of $37.31 and a 1-year high of $83.18. The stock’s 50 day simple moving average is $58.08 and its two-hundred day simple moving average is $68.68. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.62 and a quick ratio of 1.32.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 26th. Shareholders of record on Friday, May 29th will be paid a $0.07 dividend. The ex-dividend date is Thursday, May 28th. This represents a $0.28 dividend on an annualized basis and a yield of 0.51%. Fortive’s payout ratio is currently 8.05%.
FTV has been the topic of several research reports. Raymond James lowered Fortive from an “outperform” rating to a “market perform” rating in a research report on Tuesday, February 11th. Citigroup initiated coverage on Fortive in a research report on Monday, April 27th. They issued a “buy” rating and a $70.00 price objective on the stock. Rosenblatt Securities reaffirmed a “hold” rating and set a $78.00 target price on shares of Fortive in a research report on Tuesday, February 25th. Robert W. Baird dropped their target price on Fortive from $81.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 28th. Finally, Zacks Investment Research lowered Fortive from a “hold” rating to a “sell” rating and set a $61.00 target price on the stock. in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. Fortive currently has a consensus rating of “Hold” and a consensus price target of $75.77.
In related news, Director Alan G. Spoon bought 20,000 shares of the firm’s stock in a transaction on Wednesday, May 13th. The stock was bought at an average cost of $54.46 per share, for a total transaction of $1,089,200.00. Also, CEO James A. Lico sold 125,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $76.97, for a total value of $9,621,250.00. Following the transaction, the chief executive officer now owns 465,237 shares of the company’s stock, valued at $35,809,291.89. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 141,387 shares of company stock valued at $10,862,435. 12.70% of the stock is currently owned by insiders.
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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