Fortive Corporation $FTV Shares Sold by Auto Owners Insurance Co

Auto Owners Insurance Co reduced its stake in shares of Fortive Corporation (NYSE:FTV) by 96.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,350 shares of the technology company’s stock after selling 133,931 shares during the quarter. Auto Owners Insurance Co’s holdings in Fortive were worth $227,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Dodge & Cox grew its position in shares of Fortive by 181.5% in the first quarter. Dodge & Cox now owns 21,900,363 shares of the technology company’s stock valued at $1,602,669,000 after purchasing an additional 14,120,456 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Fortive by 50.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,112,403 shares of the technology company’s stock valued at $959,567,000 after purchasing an additional 4,382,242 shares during the last quarter. Invesco Ltd. grew its position in shares of Fortive by 96.6% in the first quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company’s stock valued at $411,781,000 after purchasing an additional 2,764,432 shares during the last quarter. Select Equity Group L.P. grew its position in shares of Fortive by 4.9% in the first quarter. Select Equity Group L.P. now owns 4,509,598 shares of the technology company’s stock valued at $330,012,000 after purchasing an additional 212,025 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of Fortive by 2.8% in the first quarter. Northern Trust Corp now owns 4,067,929 shares of the technology company’s stock valued at $297,691,000 after purchasing an additional 109,307 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Fortive Stock Down 0.3%

Shares of NYSE FTV opened at $49.31 on Wednesday. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The firm’s 50 day moving average price is $48.69 and its 200 day moving average price is $57.34. The firm has a market cap of $16.68 billion, a P/E ratio of 22.21, a price-to-earnings-growth ratio of 3.14 and a beta of 1.15. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98.

Fortive (NYSE:FTV) last announced its earnings results on Monday, June 9th. The technology company reported $0.80 earnings per share (EPS) for the quarter. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The firm had revenue of $1.07 billion for the quarter. As a group, sell-side analysts anticipate that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. Fortive’s dividend payout ratio (DPR) is currently 10.81%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. TD Cowen lowered shares of Fortive from a “buy” rating to a “hold” rating and lowered their price target for the company from $85.00 to $50.00 in a research report on Tuesday, July 15th. Raymond James Financial lowered their price target on shares of Fortive from $90.00 to $65.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 1st. Melius lowered shares of Fortive from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research report on Tuesday, July 22nd. Barclays set a $54.00 price target on shares of Fortive and gave the company an “equal weight” rating in a research report on Thursday, August 14th. Finally, Mizuho lowered their price target on shares of Fortive from $65.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Three equities research analysts have rated the stock with a Buy rating and sixteen have assigned a Hold rating to the stock. Based on data from MarketBeat, Fortive presently has an average rating of “Hold” and an average target price of $61.14.

Fortive Profile

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.