Bank of New York Mellon Corp decreased its stake in shares of Fortive Corp (NYSE:FTV) by 1.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,696,206 shares of the technology company’s stock after selling 67,169 shares during the period. Bank of New York Mellon Corp owned approximately 1.06% of Fortive worth $285,014,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in FTV. FMR LLC grew its stake in shares of Fortive by 20.0% in the 2nd quarter. FMR LLC now owns 23,755,263 shares of the technology company’s stock worth $1,831,768,000 after purchasing an additional 3,960,523 shares during the last quarter. Artisan Partners Limited Partnership acquired a new position in shares of Fortive in the 2nd quarter worth approximately $185,524,000. Massachusetts Financial Services Co. MA grew its stake in shares of Fortive by 23.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,150,214 shares of the technology company’s stock worth $397,134,000 after purchasing an additional 984,564 shares during the last quarter. Findlay Park Partners LLP acquired a new position in shares of Fortive in the 2nd quarter worth approximately $69,399,000. Finally, Jennison Associates LLC acquired a new position in shares of Fortive in the 2nd quarter worth approximately $48,009,000. 81.49% of the stock is currently owned by institutional investors.
Shares of FTV opened at $74.25 on Thursday. Fortive Corp has a one year low of $69.03 and a one year high of $88.34. The stock has a market capitalization of $24.40 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 2.00 and a beta of 0.56. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 0.54.
FTV has been the topic of several recent research reports. UBS Group lifted their price objective on shares of Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a research note on Thursday, August 30th. Argus lifted their price objective on shares of Fortive from $84.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Zacks Investment Research raised shares of Fortive from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a research note on Monday, October 1st. Gordon Haskett initiated coverage on shares of Fortive in a research note on Friday, October 12th. They issued a “buy” rating on the stock. Finally, SunTrust Banks lowered their price objective on shares of Fortive from $92.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $87.18.
In other Fortive news, insider William W. Pringle sold 440 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $79.38, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider William W. Pringle sold 6,316 shares of the firm’s stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $81.08, for a total transaction of $512,101.28. Following the completion of the transaction, the insider now owns 21,066 shares of the company’s stock, valued at $1,708,031.28. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,088 shares of company stock valued at $4,367,194. Corporate insiders own 12.20% of the company’s stock.
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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