Fortive Co. (NYSE:FTV) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its holdings in Fortive Co. (NYSE:FTV) by 20.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,970 shares of the technology company’s stock after selling 14,541 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Fortive were worth $4,296,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Indiana Trust & Investment Management CO acquired a new stake in Fortive in the first quarter worth about $26,000. Advisors Asset Management Inc. acquired a new stake in Fortive in the 1st quarter worth approximately $32,000. Ridgewood Investments LLC purchased a new stake in Fortive during the 2nd quarter worth approximately $30,000. International Assets Investment Management LLC acquired a new position in Fortive during the 2nd quarter valued at approximately $30,000. Finally, J.Safra Asset Management Corp purchased a new position in shares of Fortive in the second quarter worth $34,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial cut their target price on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Friday. TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and upped their target price for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Royal Bank of Canada reissued a “sector perform” rating and set a $77.00 price target on shares of Fortive in a research report on Friday, September 6th. Finally, Wells Fargo & Company dropped their price objective on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.23.

Fortive Trading Up 0.4 %

FTV stock opened at $73.60 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. Fortive Co. has a 52-week low of $63.05 and a 52-week high of $87.10. The company’s 50-day simple moving average is $72.28 and its 200-day simple moving average is $76.58. The firm has a market cap of $25.79 billion, a P/E ratio of 29.09, a PEG ratio of 2.11 and a beta of 1.11.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. Fortive’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company earned $0.85 earnings per share. As a group, equities analysts forecast that Fortive Co. will post 3.82 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Friday, September 13th. 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.