Fortive Corporation $FTV Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System boosted its holdings in shares of Fortive Corporation (NYSE:FTV) by 5.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,260 shares of the technology company’s stock after buying an additional 4,700 shares during the period. State of Michigan Retirement System’s holdings in Fortive were worth $5,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dodge & Cox boosted its holdings in Fortive by 181.5% in the first quarter. Dodge & Cox now owns 21,900,363 shares of the technology company’s stock worth $1,602,669,000 after acquiring an additional 14,120,456 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in 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 worth $959,567,000 after acquiring an additional 4,382,242 shares in the last quarter. Invesco Ltd. boosted its holdings in Fortive by 96.6% in the first quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company’s stock worth $411,781,000 after acquiring an additional 2,764,432 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Fortive by 4,854.2% in the first quarter. Pacer Advisors Inc. now owns 1,451,325 shares of the technology company’s stock worth $106,208,000 after acquiring an additional 1,422,030 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Fortive in the first quarter worth about $76,671,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Trading Up 0.4%

NYSE FTV opened at $50.30 on Wednesday. The company has a fifty day moving average of $48.89 and a 200 day moving average of $56.75. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.70 and a quick ratio of 0.58. The company has a market capitalization of $15.98 billion, a PE ratio of 28.74, a P/E/G ratio of 3.02 and a beta of 1.16. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. The company had revenue of $1.07 billion during the quarter. Fortive had a return on equity of 12.04% and a net margin of 11.72%. Research analysts forecast 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. Investors of record on Friday, September 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, September 12th. Fortive’s dividend payout ratio (DPR) is currently 13.71%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FTV shares. Morgan Stanley reissued an “equal weight” rating and issued a $50.00 price target (down previously from $90.00) on shares of Fortive in a report on Tuesday, September 2nd. JPMorgan Chase & Co. raised their price target on Fortive from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Melius downgraded Fortive from a “buy” rating to a “hold” rating and set a $62.00 target price for the company. in a report on Tuesday, July 22nd. Wall Street Zen raised Fortive to a “hold” rating in a report on Friday, September 5th. Finally, Robert W. Baird lifted their target price on Fortive from $57.00 to $58.00 and gave the stock an “outperform” rating in a report on Tuesday. Three analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $59.07.

Insiders Place Their Bets

In related news, SVP Stacey A. Walker sold 2,192 shares of Fortive stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $50.35, for a total transaction of $110,367.20. Following the completion of the transaction, the senior vice president directly owned 59,488 shares in the company, valued at approximately $2,995,220.80. This trade represents a 3.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.92% of the company’s stock.

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.