Pitcairn Co. Reduces Position in Fortive Co. (NYSE:FTV)

Pitcairn Co. lessened its stake in shares of Fortive Co. (NYSE:FTV) by 12.9% during the 3rd quarter, Holdings Channel reports. The fund owned 9,753 shares of the technology company’s stock after selling 1,450 shares during the quarter. Pitcairn Co.’s holdings in Fortive were worth $770,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of FTV. Acadian Asset Management LLC acquired a new stake in shares of Fortive during the first quarter valued at about $184,000. Advisors Asset Management Inc. acquired a new stake in Fortive in the 1st quarter valued at approximately $32,000. Silvercrest Asset Management Group LLC raised its position in Fortive by 30.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 9,559 shares of the technology company’s stock valued at $822,000 after purchasing an additional 2,250 shares during the period. Bayesian Capital Management LP acquired a new position in Fortive during the first quarter worth $2,082,000. Finally, Interval Partners LP purchased a new position in shares of Fortive during the first quarter worth $14,772,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Stock Performance

NYSE:FTV opened at $78.42 on Monday. Fortive Co. has a 12 month low of $66.15 and a 12 month high of $87.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. The firm has a market capitalization of $27.21 billion, a PE ratio of 31.24, a price-to-earnings-growth ratio of 2.11 and a beta of 1.13. The business’s fifty day moving average price is $75.85 and its 200 day moving average price is $74.14.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.85 EPS. On average, sell-side analysts anticipate that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Friday, November 29th. Fortive’s payout ratio is 12.75%.

Wall Street Analyst Weigh In

FTV has been the topic of several research reports. Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research note on Thursday, September 5th. Argus reissued a “hold” rating on shares of Fortive in a research note on Monday, November 18th. Truist Financial cut their target price on shares of Fortive from $90.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Morgan Stanley assumed coverage on shares of Fortive in a research report on Friday, September 6th. They issued an “overweight” rating and a $89.00 price target for the company. Finally, Mizuho upgraded shares of Fortive from a “neutral” rating to an “outperform” rating and boosted their price target for the stock from $80.00 to $90.00 in a research note on Friday, September 6th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, Fortive has a consensus rating of “Moderate Buy” and an average price target of $87.82.

Insider Activity at Fortive

In other news, SVP Stacey A. Walker sold 171,808 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $71.71, for a total transaction of $12,320,351.68. Following the completion of the sale, the senior vice president now owns 42,651 shares in the company, valued at approximately $3,058,503.21. This represents a 80.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Peter C. Underwood sold 5,000 shares of Fortive stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the transaction, the senior vice president now owns 48,346 shares in the company, valued at $3,702,336.68. This trade represents a 9.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 197,895 shares of company stock valued at $14,261,051 in the last ninety days. Insiders own 1.01% 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.