Teacher Retirement System of Texas increased its stake in Fortive (NYSE:FTV) by 32.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 195,267 shares of the technology company’s stock after purchasing an additional 47,399 shares during the period. Teacher Retirement System of Texas owned 0.06% of Fortive worth $15,137,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in FTV. Massachusetts Financial Services Co. MA lifted its holdings in shares of Fortive by 32.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 4,165,650 shares of the technology company’s stock worth $322,921,000 after purchasing an additional 1,022,977 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Fortive by 202.2% in the 4th quarter. Renaissance Technologies LLC now owns 869,000 shares of the technology company’s stock worth $62,872,000 after purchasing an additional 581,400 shares during the last quarter. Bain Capital Public Equity Management LLC bought a new stake in shares of Fortive in the 4th quarter worth approximately $29,910,000. Schroder Investment Management Group lifted its holdings in shares of Fortive by 39.4% in the 4th quarter. Schroder Investment Management Group now owns 1,364,280 shares of the technology company’s stock worth $98,706,000 after purchasing an additional 385,630 shares during the last quarter. Finally, BlackRock Inc. lifted its holdings in shares of Fortive by 1.7% in the 4th quarter. BlackRock Inc. now owns 20,013,760 shares of the technology company’s stock worth $1,447,996,000 after purchasing an additional 336,327 shares during the last quarter. 81.09% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider James A. Lico sold 75,000 shares of the business’s stock in a transaction on Wednesday, May 2nd. The stock was sold at an average price of $71.93, for a total value of $5,394,750.00. Following the sale, the insider now owns 307,442 shares of the company’s stock, valued at approximately $22,114,303.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Emily A. Weaver sold 18,354 shares of the business’s stock in a transaction on Tuesday, May 8th. The stock was sold at an average price of $73.80, for a total value of $1,354,525.20. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by insiders.
Fortive (NYSE:FTV) last announced its earnings results on Thursday, April 26th. The technology company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.03. The firm had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.71 billion. Fortive had a return on equity of 29.86% and a net margin of 16.12%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. research analysts forecast that Fortive will post 3.49 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, May 25th will be paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date is Thursday, May 24th. Fortive’s dividend payout ratio is presently 9.69%.
FTV has been the topic of several recent research reports. ValuEngine raised Fortive from a “hold” rating to a “buy” rating in a report on Monday, April 2nd. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research note on Wednesday, February 14th. BMO Capital Markets reaffirmed a “buy” rating and set a $88.00 target price on shares of Fortive in a research note on Friday, January 26th. UBS began coverage on Fortive in a research note on Monday, January 22nd. They set a “buy” rating on the stock. Finally, Royal Bank of Canada reaffirmed a “hold” rating on shares of Fortive in a research note on Friday, February 9th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Fortive presently has a consensus rating of “Hold” and an average target price of $80.33.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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