Douglas Lane & Associates LLC Trims Stock Position in Fortive Co. (NYSE:FTV)

Douglas Lane & Associates LLC lessened its stake in Fortive Co. (NYSE:FTVFree Report) by 9.2% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 5,977 shares of the technology company’s stock after selling 607 shares during the period. Douglas Lane & Associates LLC’s holdings in Fortive were worth $514,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Fortive in the fourth quarter worth $268,686,000. Brown Advisory Inc. lifted its position in Fortive by 13.1% in the fourth quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock valued at $557,929,000 after acquiring an additional 878,523 shares during the last quarter. Panagora Asset Management Inc. lifted its position in Fortive by 15,382.4% in the fourth quarter. Panagora Asset Management Inc. now owns 634,778 shares of the technology company’s stock valued at $46,739,000 after acquiring an additional 630,678 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of Fortive by 111.7% in the fourth quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock valued at $86,637,000 after buying an additional 620,866 shares during the last quarter. Finally, Kodai Capital Management LP purchased a new stake in shares of Fortive in the fourth quarter valued at about $45,557,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

Fortive Stock Up 0.9 %

FTV traded up $0.63 during trading hours on Friday, reaching $73.60. 3,350,769 shares of the stock traded hands, compared to its average volume of 1,224,271. The firm’s fifty day simple moving average is $75.89 and its two-hundred day simple moving average is $78.03. The company has a market cap of $25.91 billion, a price-to-earnings ratio of 29.09, a PEG ratio of 2.14 and a beta of 1.13. Fortive Co. has a fifty-two week low of $63.05 and a fifty-two week high of $87.10. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.17.

Fortive (NYSE:FTVGet Free Report) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. As a group, analysts forecast that Fortive Co. will post 3.8 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s dividend payout ratio is currently 12.65%.

Analyst Ratings Changes

Several research firms recently issued reports on FTV. Royal Bank of Canada cut their price target on shares of Fortive from $93.00 to $83.00 and set a “sector perform” rating for the company in a report on Thursday, April 25th. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. JPMorgan Chase & Co. downgraded shares of Fortive from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Barclays upped their price objective on shares of Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. Finally, Truist Financial started coverage on shares of Fortive in a research note on Thursday, March 14th. They set a “buy” rating and a $99.00 price target on the stock. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Fortive has a consensus rating of “Moderate Buy” and an average price target of $86.46.

View Our Latest Analysis on Fortive

About Fortive

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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