Sumitomo Life Insurance Co. Decreases Holdings in Fortive Corp (FTV)

Sumitomo Life Insurance Co. cut its holdings in shares of Fortive Corp (NYSE:FTV) by 9.8% in the first quarter, HoldingsChannel.com reports. The fund owned 22,110 shares of the technology company’s stock after selling 2,394 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Fortive were worth $1,855,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Pratt Collard Advisory Partners LLC acquired a new stake in Fortive during the 1st quarter worth about $205,000. Palisade Asset Management LLC acquired a new stake in shares of Fortive during the 1st quarter valued at about $805,000. Flagship Harbor Advisors LLC lifted its holdings in shares of Fortive by 29.3% during the 1st quarter. Flagship Harbor Advisors LLC now owns 2,270 shares of the technology company’s stock valued at $190,000 after buying an additional 515 shares during the last quarter. Paragon Capital Management LLC acquired a new stake in shares of Fortive during the 1st quarter valued at about $34,000. Finally, Toth Financial Advisory Corp lifted its holdings in shares of Fortive by 41.1% during the 1st quarter. Toth Financial Advisory Corp now owns 3,682 shares of the technology company’s stock valued at $309,000 after buying an additional 1,073 shares during the last quarter. Hedge funds and other institutional investors own 85.06% of the company’s stock.

Shares of FTV stock opened at $87.64 on Wednesday. The company has a current ratio of 1.45, a quick ratio of 1.18 and a debt-to-equity ratio of 0.45. Fortive Corp has a twelve month low of $62.89 and a twelve month high of $88.36. The company has a market capitalization of $29.33 billion, a P/E ratio of 28.64, a P/E/G ratio of 2.08 and a beta of 1.14.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, February 7th. The technology company reported $0.91 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.06. Fortive had a return on equity of 22.42% and a net margin of 40.50%. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the business earned $0.82 EPS. The firm’s revenue was up 11.4% compared to the same quarter last year. On average, research analysts forecast that Fortive Corp will post 3.54 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend is Thursday, May 30th. Fortive’s payout ratio is 9.15%.

Several brokerages have recently issued reports on FTV. Zacks Investment Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Thursday, February 14th. Barclays lifted their price target on Fortive from $81.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, April 3rd. TheStreet lowered Fortive from a “b-” rating to a “c” rating in a report on Wednesday, December 19th. ValuEngine upgraded Fortive from a “hold” rating to a “buy” rating in a report on Saturday. Finally, William Blair reiterated a “market perform” rating on shares of Fortive in a report on Tuesday, February 12th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $85.90.

In other Fortive news, VP Jonathan L. Schwarz sold 3,746 shares of Fortive stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $81.63, for a total value of $305,785.98. Following the transaction, the vice president now directly owns 17,740 shares of the company’s stock, valued at approximately $1,448,116.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider William W. Pringle sold 435 shares of Fortive stock in a transaction that occurred on Wednesday, February 20th. The stock was sold at an average price of $80.66, for a total value of $35,087.10. The disclosure for this sale can be found here. Insiders sold a total of 5,964 shares of company stock worth $486,847 over the last three months. 12.20% of the stock is owned by company insiders.

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About Fortive

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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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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