Corebridge Financial Inc. Reduces Position in Fortive Co. (NYSE:FTV)

Corebridge Financial Inc. cut its holdings in shares of Fortive Co. (NYSE:FTV) by 8.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 82,151 shares of the technology company’s stock after selling 7,121 shares during the quarter. Corebridge Financial Inc.’s holdings in Fortive were worth $6,161,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Glenmede Trust Co. NA grew its stake in shares of Fortive by 12.5% during the third quarter. Glenmede Trust Co. NA now owns 11,627 shares of the technology company’s stock valued at $918,000 after acquiring an additional 1,293 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Fortive by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,444,205 shares of the technology company’s stock worth $271,851,000 after buying an additional 103,530 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Fortive by 11.1% in the 3rd quarter. Public Sector Pension Investment Board now owns 15,065 shares of the technology company’s stock worth $1,189,000 after purchasing an additional 1,500 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Fortive during the 3rd quarter worth $204,000. Finally, Verition Fund Management LLC increased its stake in Fortive by 118.5% in the 3rd quarter. Verition Fund Management LLC now owns 75,239 shares of the technology company’s stock worth $5,939,000 after purchasing an additional 40,800 shares in the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on FTV shares. Royal Bank of Canada raised their price target on shares of Fortive from $77.00 to $85.00 and gave the stock a “sector perform” rating in a report on Monday, February 10th. Wells Fargo & Company raised their target price on Fortive from $80.00 to $85.00 and gave the company an “equal weight” rating in a report on Monday, February 10th. Barclays cut their price target on Fortive from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday. Citigroup downgraded Fortive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $92.00 to $86.00 in a report on Monday, December 9th. Finally, StockNews.com cut shares of Fortive from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Fortive has a consensus rating of “Moderate Buy” and a consensus target price of $87.18.

Insider Transactions at Fortive

In other news, SVP Stacey A. Walker sold 5,688 shares of Fortive stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $80.52, for a total value of $457,997.76. Following the sale, the senior vice president now directly owns 47,141 shares in the company, valued at approximately $3,795,793.32. This trade represents a 10.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Charles E. Mclaughlin sold 32,085 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $78.86, for a total transaction of $2,530,223.10. Following the completion of the sale, the chief financial officer now owns 76,126 shares of the company’s stock, valued at $6,003,296.36. This trade represents a 29.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 243,385 shares of company stock valued at $19,508,529. 1.01% of the stock is currently owned by corporate insiders.

Fortive Price Performance

FTV stock opened at $72.57 on Friday. The company has a fifty day moving average price of $78.35 and a 200-day moving average price of $76.97. Fortive Co. has a 52-week low of $66.15 and a 52-week high of $85.93. The company has a market capitalization of $24.69 billion, a P/E ratio of 30.75, a PEG ratio of 2.68 and a beta of 1.16. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.16.

Fortive (NYSE:FTV) last issued its earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.05. Fortive had a net margin of 13.36% and a return on equity of 13.15%. During the same quarter last year, the firm earned $0.98 EPS. As a group, equities analysts expect that Fortive Co. will post 4.05 EPS for the current year.

Fortive Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend was Friday, February 28th. Fortive’s payout ratio is currently 13.56%.

Fortive Company Profile

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.