Fortive Co. (NYSE:FTV) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its stake in shares of Fortive Co. (NYSE:FTV) by 3.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,208,446 shares of the technology company’s stock after selling 75,663 shares during the quarter. Bank of New York Mellon Corp owned about 0.64% of Fortive worth $165,633,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. First Hawaiian Bank raised its holdings in Fortive by 197.0% during the fourth quarter. First Hawaiian Bank now owns 15,264 shares of the technology company’s stock worth $1,145,000 after purchasing an additional 10,125 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Fortive by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 406,085 shares of the technology company’s stock worth $32,052,000 after buying an additional 10,795 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Fortive by 26.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 37,502 shares of the technology company’s stock worth $2,832,000 after buying an additional 7,829 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Fortive in the third quarter valued at $1,346,000. Finally, Nordea Investment Management AB boosted its stake in Fortive by 23.9% during the fourth quarter. Nordea Investment Management AB now owns 1,574,289 shares of the technology company’s stock valued at $118,292,000 after buying an additional 303,788 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FTV shares. JPMorgan Chase & Co. dropped their price target on shares of Fortive from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Royal Bank of Canada increased their target price on shares of Fortive from $77.00 to $85.00 and gave the company a “sector perform” rating in a research note on Monday, February 10th. Truist Financial raised their target price on shares of Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Barclays dropped their price target on Fortive from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Citigroup lowered Fortive from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $92.00 to $86.00 in a research note on Monday, December 9th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.64.

Fortive Stock Performance

Shares of Fortive stock opened at $79.61 on Friday. Fortive Co. has a 12 month low of $66.15 and a 12 month high of $87.10. The company has a quick ratio of 0.91, a current ratio of 1.16 and a debt-to-equity ratio of 0.33. The stock has a market cap of $27.62 billion, a PE ratio of 33.73, a price-to-earnings-growth ratio of 2.68 and a beta of 1.15. The business has a fifty day simple moving average of $78.60 and a 200-day simple moving average of $76.40.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Fortive had a return on equity of 13.15% and a net margin of 13.36%. During the same quarter last year, the firm posted $0.98 earnings per share. On average, sell-side analysts anticipate that Fortive Co. will post 4.05 EPS for the current fiscal year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a $0.08 dividend. The ex-dividend date is Friday, February 28th. This represents a $0.32 annualized dividend and a yield of 0.40%. Fortive’s dividend payout ratio is presently 13.56%.

Insiders Place Their Bets

In other Fortive news, CEO James A. Lico sold 196,117 shares of the business’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $80.38, for a total value of $15,763,884.46. Following the transaction, the chief executive officer now owns 528,851 shares in the company, valued at $42,509,043.38. The trade was a 27.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.01% of the company’s stock.

About Fortive

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.