Cullinan Associates Inc. Sells 5,400 Shares of Fortive Co. (NYSE:FTV)

Cullinan Associates Inc. lowered its position in Fortive Co. (NYSE:FTV) by 65.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,900 shares of the technology company’s stock after selling 5,400 shares during the period. Cullinan Associates Inc.’s holdings in Fortive were worth $249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Quadrant Capital Group LLC increased its holdings in Fortive by 4.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,724 shares of the technology company’s stock valued at $201,000 after buying an additional 126 shares during the period. Edgemoor Investment Advisors Inc. increased its holdings in Fortive by 4.8% during the fourth quarter. Edgemoor Investment Advisors Inc. now owns 3,249 shares of the technology company’s stock valued at $239,000 after buying an additional 150 shares during the period. Fulton Bank N.A. increased its holdings in Fortive by 3.4% during the first quarter. Fulton Bank N.A. now owns 4,580 shares of the technology company’s stock valued at $394,000 after buying an additional 151 shares during the period. Global Retirement Partners LLC grew its holdings in Fortive by 17.5% in the fourth quarter. Global Retirement Partners LLC now owns 1,120 shares of the technology company’s stock worth $80,000 after purchasing an additional 167 shares during the last quarter. Finally, Redmond Asset Management LLC grew its holdings in Fortive by 1.4% in the fourth quarter. Redmond Asset Management LLC now owns 13,386 shares of the technology company’s stock worth $986,000 after purchasing an additional 179 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FTV. Wells Fargo & Company cut their price target on shares of Fortive from $92.00 to $84.00 and set an “equal weight” rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. lowered shares of Fortive from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Truist Financial cut their price target on shares of Fortive from $96.00 to $89.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Royal Bank of Canada cut their price target on shares of Fortive from $93.00 to $83.00 and set a “sector perform” rating on the stock in a report on Thursday, April 25th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.69.

Fortive Trading Up 0.2 %

NYSE FTV opened at $72.30 on Wednesday. The company has a market capitalization of $25.45 billion, a PE ratio of 28.58, a P/E/G ratio of 2.17 and a beta of 1.12. The company has a fifty day moving average of $75.04 and a 200 day moving average of $78.21. Fortive Co. has a 1 year low of $63.05 and a 1 year 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:FTV) last posted its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. Research analysts forecast that Fortive Co. will post 3.8 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, May 31st were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. Fortive’s dividend payout ratio is presently 12.65%.

Fortive Company 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.