Municipal Employees Retirement System of Michigan held its position in shares of Fortive Corporation (NYSE:FTV) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,575 shares of the technology company’s stock at the end of the second quarter. Municipal Employees Retirement System of Michigan’s holdings in Fortive Corporation were worth $607,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the company. FMR LLC raised its position in shares of Fortive Corporation by 2.7% in the first quarter. FMR LLC now owns 21,506,167 shares of the technology company’s stock worth $1,295,101,000 after buying an additional 574,042 shares during the period. Vanguard Group Inc. raised its position in shares of Fortive Corporation by 3.3% in the first quarter. Vanguard Group Inc. now owns 19,993,417 shares of the technology company’s stock worth $1,204,004,000 after buying an additional 646,463 shares during the period. BlackRock Inc. raised its position in shares of Fortive Corporation by 2,497.9% in the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock worth $996,902,000 after buying an additional 15,917,140 shares during the period. State Street Corp raised its position in shares of Fortive Corporation by 1.4% in the first quarter. State Street Corp now owns 12,557,670 shares of the technology company’s stock worth $756,215,000 after buying an additional 174,619 shares during the period. Finally, First Eagle Investment Management LLC raised its position in shares of Fortive Corporation by 25.5% in the first quarter. First Eagle Investment Management LLC now owns 4,718,316 shares of the technology company’s stock worth $284,137,000 after buying an additional 957,431 shares during the period. 78.55% of the stock is owned by institutional investors and hedge funds.
Shares of Fortive Corporation (FTV) opened at 65.03 on Friday. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $67.48. The firm’s 50 day moving average price is $64.70 and its 200-day moving average price is $61.61. The company has a market capitalization of $22.57 billion, a P/E ratio of 25.61 and a beta of 0.23.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same period last year, the business posted $0.64 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts expect that Fortive Corporation will post $2.79 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be paid a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.43%. The ex-dividend date is Wednesday, August 23rd. Fortive Corporation’s payout ratio is 11.02%.
FTV has been the subject of a number of recent analyst reports. Zacks Investment Research raised Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 target price for the company in a research report on Monday, July 24th. Morgan Stanley lowered Fortive Corporation from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $61.00 to $65.00 in a research report on Tuesday, May 2nd. They noted that the move was a valuation call. Royal Bank Of Canada reissued a “sector perform” rating and issued a $66.00 target price (up previously from $65.00) on shares of Fortive Corporation in a research report on Sunday, July 30th. Barclays PLC set a $66.00 target price on Fortive Corporation and gave the stock a “buy” rating in a research report on Sunday, April 30th. Finally, Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Fortive Corporation currently has an average rating of “Hold” and a consensus price target of $61.82.
In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $66.09, for a total value of $433,880.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Emily A. Weaver sold 3,749 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total value of $233,450.23. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,956 shares of company stock valued at $1,392,744. Company insiders own 12.10% of the company’s stock.
Fortive Corporation Company Profile
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
Want to see what other hedge funds are holding FTV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortive Corporation (NYSE:FTV).
Receive News & Ratings for Fortive Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortive Corporation and related companies with MarketBeat.com's FREE daily email newsletter.
