Seven Eight Capital LP Acquires New Position in Fortive Co. (NYSE:FTV)

Seven Eight Capital LP acquired a new stake in shares of Fortive Co. (NYSE:FTV) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,701 shares of the technology company’s stock, valued at approximately $1,830,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FTV. Nordea Investment Management AB lifted its position in shares of Fortive by 70.1% during the 1st quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock worth $77,058,000 after buying an additional 369,351 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Fortive by 104.3% during the 1st quarter. BNP Paribas Financial Markets now owns 369,076 shares of the technology company’s stock worth $31,748,000 after buying an additional 188,415 shares during the period. California State Teachers Retirement System increased its position in Fortive by 2.3% in the 4th quarter. California State Teachers Retirement System now owns 577,159 shares of the technology company’s stock valued at $42,496,000 after acquiring an additional 13,251 shares during the period. Cetera Investment Advisers raised its stake in shares of Fortive by 599.3% during the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock valued at $4,520,000 after acquiring an additional 45,032 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Fortive by 6.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 275,489 shares of the technology company’s stock valued at $23,719,000 after acquiring an additional 17,225 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FTV. Royal Bank of Canada reissued a “sector perform” rating and issued a $77.00 price objective on shares of Fortive in a research note on Friday, September 6th. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Barclays raised their price objective on Fortive from $91.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Wolfe Research lowered Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, Truist Financial decreased their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $86.23.

Insider Activity at Fortive

In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the transaction, the chief financial officer now owns 73,391 shares in the company, valued at $5,433,135.73. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the completion of the sale, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at $5,030,281.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now owns 73,391 shares in the company, valued at approximately $5,433,135.73. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by corporate insiders.

Fortive Price Performance

Fortive stock opened at $75.71 on Thursday. The stock has a market capitalization of $26.65 billion, a price-to-earnings ratio of 29.92, a PEG ratio of 2.11 and a beta of 1.11. Fortive Co. has a 52-week low of $63.05 and a 52-week high of $87.10. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.95 and a current ratio of 1.23. The stock’s 50 day moving average price is $72.36 and its two-hundred day moving average price is $76.28.

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

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s dividend payout ratio is presently 12.65%.

Fortive 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.