Hartford Investment Management Co. Cuts Stake in Fortive Corporation (NYSE:FTV)

Hartford Investment Management Co. cut its stake in shares of Fortive Corporation (NYSE:FTV) by 3.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,588 shares of the technology company’s stock after selling 2,514 shares during the period. Hartford Investment Management Co.’s holdings in Fortive Corporation were worth $4,155,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in FTV. Boltwood Capital Management raised its position in Fortive Corporation by 17.1% in the first quarter. Boltwood Capital Management now owns 13,631 shares of the technology company’s stock valued at $820,000 after buying an additional 1,988 shares in the last quarter. Burns J W & Co. Inc. NY raised its position in Fortive Corporation by 13.1% in the first quarter. Burns J W & Co. Inc. NY now owns 7,177 shares of the technology company’s stock valued at $432,000 after buying an additional 830 shares in the last quarter. Chevy Chase Trust Holdings Inc. raised its position in Fortive Corporation by 1.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 567,375 shares of the technology company’s stock valued at $34,167,000 after buying an additional 9,963 shares in the last quarter. Moreno Evelyn V raised its position in Fortive Corporation by 15.7% in the first quarter. Moreno Evelyn V now owns 29,803 shares of the technology company’s stock valued at $1,795,000 after buying an additional 4,038 shares in the last quarter. Finally, Capital Investment Services of America Inc. raised its position in Fortive Corporation by 7.4% in the first quarter. Capital Investment Services of America Inc. now owns 142,493 shares of the technology company’s stock valued at $8,581,000 after buying an additional 9,877 shares in the last quarter. 78.55% of the stock is currently owned by institutional investors and hedge funds.

Fortive Corporation (NYSE:FTV) traded down 0.20% during trading on Friday, reaching $65.03. The company had a trading volume of 963,478 shares. The stock has a 50 day moving average of $64.70 and a 200-day moving average of $61.61. Fortive Corporation has a 12 month low of $46.81 and a 12 month high of $67.48. The company has a market capitalization of $22.57 billion, a P/E ratio of 25.61 and a beta of 0.23.

Fortive Corporation (NYSE:FTV) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the company posted $0.64 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. Equities research analysts expect that Fortive Corporation will post $2.79 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, August 25th will be paid a dividend of $0.07 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $0.28 annualized dividend and a yield of 0.43%. Fortive Corporation’s payout ratio is 11.02%.

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Several research firms have recently weighed in on FTV. Morgan Stanley reaffirmed an “equal weight” rating on shares of Fortive Corporation in a research note on Tuesday, July 11th. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $66.00 price objective (up from $65.00) on shares of Fortive Corporation in a research note on Sunday, July 30th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $62.00 price objective on shares of Fortive Corporation in a research note on Sunday, July 30th. Zacks Investment Research raised Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Monday, July 24th. Finally, Barclays PLC set a $66.00 price objective on Fortive Corporation and gave the company a “buy” rating in a research note on Sunday, April 30th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $61.82.

In related news, VP Raj Ratnakar sold 11,642 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $62.31, for a total transaction of $725,413.02. Following the completion of the sale, the vice president now owns 5,020 shares in the company, valued at approximately $312,796.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $66.09, for a total value of $433,880.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,956 shares of company stock valued at $1,392,744. 12.10% of the stock is owned by corporate insiders.

About Fortive Corporation

Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.

Institutional Ownership by Quarter for Fortive Corporation (NYSE:FTV)

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