Canada Pension Plan Investment Board Purchases 94,170 Shares of Fortive Co. (NYSE:FTV)

Canada Pension Plan Investment Board boosted its position in shares of Fortive Co. (NYSE:FTV) by 3.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,565,443 shares of the technology company’s stock after acquiring an additional 94,170 shares during the period. Canada Pension Plan Investment Board owned 0.73% of Fortive worth $190,099,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Janus Henderson Group PLC raised its position in shares of Fortive by 47.1% during the 1st quarter. Janus Henderson Group PLC now owns 6,244,117 shares of the technology company’s stock valued at $537,119,000 after buying an additional 1,999,792 shares in the last quarter. Boston Partners increased its position in shares of Fortive by 19.3% during the 1st quarter. Boston Partners now owns 6,463,772 shares of the technology company’s stock valued at $554,253,000 after purchasing an additional 1,045,245 shares during the last quarter. Kodai Capital Management LP bought a new stake in Fortive in the fourth quarter valued at approximately $45,557,000. Nordea Investment Management AB boosted its stake in shares of Fortive by 70.1% during the first quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock valued at $77,058,000 after purchasing an additional 369,351 shares during the period. Finally, Panagora Asset Management Inc. grew its holdings in shares of Fortive by 27.4% in the second quarter. Panagora Asset Management Inc. now owns 1,269,103 shares of the technology company’s stock worth $94,041,000 after purchasing an additional 273,168 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research firms have issued reports on FTV. TD Cowen upgraded shares of Fortive from a “hold” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Morgan Stanley assumed coverage on Fortive in a report on Friday, September 6th. They issued an “overweight” rating and a $89.00 price objective for the company. Barclays upped their target price on Fortive from $91.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, September 6th. Truist Financial cut their price target on shares of Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Finally, 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. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Fortive presently has an average rating of “Moderate Buy” and an average price target of $86.23.

Fortive Price Performance

FTV opened at $76.34 on Friday. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The stock has a 50-day moving average price of $72.43 and a 200-day moving average price of $76.23. The firm has a market cap of $26.87 billion, a PE ratio of 30.17, a P/E/G ratio of 2.11 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.

Fortive (NYSE:FTV) last issued its 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 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%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Sell-side analysts predict that Fortive Co. will post 3.82 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Friday, September 13th. Fortive’s dividend payout ratio (DPR) is 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.