Point72 Asset Management L.P. Decreases Position in Fortive Co. (NYSE:FTV)

Point72 Asset Management L.P. cut its stake in shares of Fortive Co. (NYSE:FTV) by 63.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 175,170 shares of the technology company’s stock after selling 303,009 shares during the period. Point72 Asset Management L.P.’s holdings in Fortive were worth $12,980,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Lipe & Dalton raised its position in shares of Fortive by 1.9% in the 1st quarter. Lipe & Dalton now owns 7,096 shares of the technology company’s stock valued at $610,000 after purchasing an additional 130 shares in the last quarter. RDA Financial Network grew its holdings in Fortive by 3.4% during the 2nd quarter. RDA Financial Network now owns 4,191 shares of the technology company’s stock worth $311,000 after acquiring an additional 138 shares in the last quarter. Pitcairn Co. increased its position in shares of Fortive by 1.3% in the 1st quarter. Pitcairn Co. now owns 11,170 shares of the technology company’s stock worth $961,000 after purchasing an additional 139 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Fortive by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 18,507 shares of the technology company’s stock valued at $1,371,000 after purchasing an additional 146 shares in the last quarter. Finally, Andina Capital Management LLC grew its stake in Fortive by 3.4% in the second quarter. Andina Capital Management LLC now owns 4,433 shares of the technology company’s stock worth $328,000 after purchasing an additional 147 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling at Fortive

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

Fortive Trading Down 0.3 %

Shares of Fortive stock opened at $78.93 on Tuesday. Fortive Co. has a 52-week low of $63.05 and a 52-week high of $87.10. The firm has a market capitalization of $27.79 billion, a PE ratio of 31.20, a price-to-earnings-growth ratio of 2.22 and a beta of 1.11. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95. The company’s fifty day moving average price is $72.51 and its two-hundred day moving average price is $75.79.

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

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, September 13th. This represents a $0.32 annualized dividend and a yield of 0.41%. Fortive’s dividend payout ratio is currently 12.65%.

Analysts Set New Price Targets

FTV has been the topic of a number of research analyst reports. Raymond James upgraded Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price for the company in a research report on Thursday, September 5th. Wells Fargo & Company decreased their price objective on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $77.00 price target on shares of Fortive in a report on Friday, September 6th. Wolfe Research lowered shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Finally, StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Fortive currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.38.

About Fortive

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.