Inverness Counsel LLC NY grew its stake in Fortive Corp (NYSE:FTV) by 4.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 549,494 shares of the technology company’s stock after acquiring an additional 21,660 shares during the period. Fortive accounts for approximately 2.4% of Inverness Counsel LLC NY’s holdings, making the stock its 11th largest position. Inverness Counsel LLC NY owned approximately 0.16% of Fortive worth $46,267,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Toth Financial Advisory Corp lifted its stake in Fortive by 105.2% in the 2nd quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock valued at $106,000 after purchasing an additional 705 shares during the last quarter. Fort L.P. acquired a new stake in Fortive in the 2nd quarter valued at about $122,000. Flagship Harbor Advisors LLC acquired a new stake in Fortive in the 2nd quarter valued at about $132,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Fortive by 5,816.7% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock valued at $137,000 after purchasing an additional 1,745 shares during the last quarter. Finally, AdvisorNet Financial Inc acquired a new stake in Fortive in the 2nd quarter valued at about $143,000. Institutional investors own 81.49% of the company’s stock.
Several equities research analysts recently issued reports on the stock. Argus raised their target price on shares of Fortive to $94.00 and gave the company a “buy” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Morgan Stanley set a $90.00 price objective on shares of Fortive and gave the stock an “equal weight” rating in a research report on Tuesday, October 2nd. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research report on Monday, October 1st. UBS Group raised their price objective on shares of Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a research report on Thursday, August 30th. Finally, Wolfe Research downgraded shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, September 4th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Fortive presently has a consensus rating of “Buy” and an average target price of $87.18.
Fortive (NYSE:FTV) last announced its quarterly earnings data on Thursday, October 25th. The technology company reported $0.86 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. Fortive had a net margin of 15.72% and a return on equity of 24.91%. As a group, analysts anticipate that Fortive Corp will post 3 EPS for the current fiscal year.
In related news, CFO Charles E. Mclaughlin sold 5,514 shares of Fortive stock in a transaction that occurred on Thursday, August 2nd. The shares were sold at an average price of $80.89, for a total value of $446,027.46. Following the transaction, the chief financial officer now directly owns 25,411 shares of the company’s stock, valued at $2,055,495.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William W. Pringle sold 440 shares of Fortive stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $79.38, for a total transaction of $34,927.20. Following the completion of the transaction, the insider now directly owns 20,626 shares in the company, valued at $1,637,291.88. The disclosure for this sale can be found here. Insiders sold 74,602 shares of company stock worth $6,047,572 over the last three months. 12.20% of the stock is currently owned by insiders.
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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