Ferguson Wellman Capital Management Inc. Sells 50,806 Shares of Fortive Co. (NYSE:FTV)

by · The Markets Daily

Ferguson Wellman Capital Management Inc. lessened its position in shares of Fortive Co. (NYSE:FTV – Free Report) by 5.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 912,642 shares of the technology company’s stock after selling 50,806 shares during the period. Fortive accounts for 1.5% of Ferguson Wellman Capital Management Inc.’s investment portfolio, making the stock its 18th largest position. Ferguson Wellman Capital Management Inc. owned about 0.26% of Fortive worth $72,035,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. American International Group Inc. boosted its holdings in shares of Fortive by 3.4% in the fourth quarter. American International Group Inc. now owns 96,377 shares of the technology company’s stock worth $7,096,000 after acquiring an additional 3,214 shares during the period. HighPoint Advisor Group LLC bought a new position in shares of Fortive in the fourth quarter worth $180,000. Los Angeles Capital Management LLC purchased a new stake in shares of Fortive in the first quarter worth $1,776,000. First Hawaiian Bank raised its position in shares of Fortive by 5.5% in the first quarter. First Hawaiian Bank now owns 4,953 shares of the technology company’s stock worth $426,000 after buying an additional 259 shares in the last quarter. Finally, Mather Group LLC. bought a new position in Fortive in the first quarter valued at $71,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling at Fortive

In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were 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 owns 68,161 shares in the company, valued at approximately $5,030,281.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Charles E. Mclaughlin sold 6,864 shares of the stock in a transaction on Friday, September 13th. The stock was 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jonathan L. Schwarz sold 14,223 shares of Fortive stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the completion of the sale, the senior vice president now owns 68,161 shares of the company’s stock, valued at $5,030,281.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is owned by company insiders.

Fortive Stock Up 0.3 %

FTV traded up $0.20 during midday trading on Friday, reaching $77.47. The company’s stock had a trading volume of 3,083,545 shares, compared to its average volume of 1,853,251. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The stock’s 50-day moving average is $74.50 and its 200-day moving average is $75.13. The firm has a market capitalization of $27.27 billion, a price-to-earnings ratio of 30.61, a PEG ratio of 2.24 and a beta of 1.12. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32.

Fortive (NYSE:FTV – Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.01. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter in the prior year, the business posted $0.85 EPS. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, research analysts expect that Fortive Co. will post 3.82 EPS for the current year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Tuesday, September 17th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.41%. The ex-dividend date was Friday, September 13th. Fortive’s dividend payout ratio (DPR) is 12.65%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Royal Bank of Canada reiterated a “sector perform” rating and set a $77.00 price target on shares of Fortive in a research report on Friday, September 6th. TD Cowen raised Fortive from a “hold” rating to a “buy” rating and upped their price target for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Mizuho upgraded Fortive from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $90.00 in a research report on Friday, September 6th. Raymond James upgraded shares of Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a report on Thursday, September 5th. Finally, Truist Financial boosted their price objective on shares of Fortive from $82.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.36.

View Our Latest Research Report on Fortive

Fortive Company Profile

(Free Report)

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.

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