Point72 Asset Management L.P. Makes New $16.28 Million Investment in Fortive Corp (NYSE:FTV)

Point72 Asset Management L.P. acquired a new stake in Fortive Corp (NYSE:FTV) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 213,100 shares of the technology company’s stock, valued at approximately $16,279,000. Point72 Asset Management L.P. owned 0.06% of Fortive at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA increased its holdings in Fortive by 2.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,965,232 shares of the technology company’s stock worth $608,464,000 after acquiring an additional 205,796 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Fortive by 8.9% during the fourth quarter. Artisan Partners Limited Partnership now owns 7,733,142 shares of the technology company’s stock worth $590,735,000 after purchasing an additional 630,445 shares in the last quarter. Champlain Investment Partners LLC increased its stake in shares of Fortive by 1.2% during the fourth quarter. Champlain Investment Partners LLC now owns 3,155,300 shares of the technology company’s stock worth $241,033,000 after purchasing an additional 37,385 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Fortive by 1.0% during the 4th quarter. Bank of New York Mellon Corp now owns 2,099,277 shares of the technology company’s stock worth $160,363,000 after purchasing an additional 20,989 shares during the last quarter. Finally, Baillie Gifford & Co. raised its position in shares of Fortive by 3.7% during the 4th quarter. Baillie Gifford & Co. now owns 1,947,780 shares of the technology company’s stock worth $148,791,000 after purchasing an additional 70,141 shares during the last quarter. 82.79% of the stock is currently owned by institutional investors.

Shares of NYSE:FTV traded up $1.78 during midday trading on Thursday, hitting $51.67. The company had a trading volume of 3,996,150 shares, compared to its average volume of 2,488,828. Fortive Corp has a twelve month low of $37.31 and a twelve month high of $89.48. The stock has a market cap of $16.79 billion, a price-to-earnings ratio of 26.23 and a beta of 1.18. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.06 and a quick ratio of 0.88. The business’s 50-day simple moving average is $67.38 and its 200-day simple moving average is $71.18.

Fortive (NYSE:FTV) last issued its earnings results on Thursday, February 6th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.06. Fortive had a return on equity of 17.53% and a net margin of 10.09%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same period in the prior year, the business earned $0.91 EPS. The firm’s quarterly revenue was up 13.9% on a year-over-year basis. As a group, sell-side analysts forecast that Fortive Corp will post 3.75 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend is Thursday, February 27th. Fortive’s dividend payout ratio (DPR) is presently 8.05%.

Several equities research analysts recently issued reports on FTV shares. Royal Bank of Canada reiterated a “hold” rating and issued a $79.00 price objective on shares of Fortive in a report on Wednesday, December 18th. Credit Suisse Group upgraded Fortive from a “neutral” rating to an “outperform” rating and set a $82.00 target price on the stock in a research report on Monday, December 9th. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $81.00 price target on the stock in a research note on Friday, January 3rd. Cowen upgraded Fortive from an “underperform” rating to a “market perform” rating and set a $70.00 price target for the company in a research report on Monday, March 9th. Finally, Raymond James downgraded Fortive from an “outperform” rating to a “market perform” rating in a research note on Tuesday, February 11th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $82.31.

In other Fortive news, CAO Christopher M. Mulhall sold 2,702 shares of the firm’s stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $78.46, for a total transaction of $211,998.92. Following the completion of the sale, the chief accounting officer now owns 7,088 shares of the company’s stock, valued at $556,124.48. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO James A. Lico sold 125,000 shares of Fortive stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $76.97, for a total value of $9,621,250.00. Following the completion of the sale, the chief executive officer now owns 465,237 shares in the company, valued at approximately $35,809,291.89. The disclosure for this sale can be found here. Insiders sold a total of 144,089 shares of company stock worth $11,074,434 over the last quarter. 12.70% of the stock is currently owned by company insiders.

Fortive Profile

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 software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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