Sawgrass Asset Management LLC Cuts Stake in Fortive Corp (FTV)

Sawgrass Asset Management LLC lessened its stake in shares of Fortive Corp (NYSE:FTV) by 1.8% in the first quarter, Holdings Channel reports. The institutional investor owned 233,868 shares of the technology company’s stock after selling 4,363 shares during the quarter. Sawgrass Asset Management LLC’s holdings in Fortive were worth $19,619,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Mason Street Advisors LLC raised its stake in Fortive by 1.4% in the 1st quarter. Mason Street Advisors LLC now owns 42,011 shares of the technology company’s stock worth $3,524,000 after purchasing an additional 577 shares in the last quarter. Adviser Investments LLC acquired a new stake in Fortive in the 1st quarter worth about $219,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Fortive by 7.4% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,216 shares of the technology company’s stock worth $1,444,000 after purchasing an additional 1,183 shares in the last quarter. Stratos Wealth Advisors LLC acquired a new stake in Fortive in the 1st quarter worth about $205,000. Finally, Asahi Life Asset Management CO. LTD. acquired a new stake in Fortive in the 1st quarter worth about $535,000. Institutional investors own 84.70% of the company’s stock.

Several analysts have weighed in on the stock. Zacks Investment Research upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $99.00 price objective for the company in a research note on Monday, April 22nd. ValuEngine upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research note on Saturday, April 13th. Barclays lifted their price objective on shares of Fortive from $81.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 3rd. Argus reiterated a “buy” rating on shares of Fortive in a research note on Tuesday, April 30th. Finally, BMO Capital Markets lifted their price objective on shares of Fortive from $96.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Fortive currently has a consensus rating of “Buy” and an average target price of $87.77.

Shares of NYSE:FTV traded down $0.62 during midday trading on Friday, hitting $80.73. The stock had a trading volume of 14,173 shares, compared to its average volume of 1,367,669. The stock has a market capitalization of $27.26 billion, a PE ratio of 26.31, a PEG ratio of 1.74 and a beta of 1.13. The company has a current ratio of 2.20, a quick ratio of 1.97 and a debt-to-equity ratio of 0.69. Fortive Corp has a fifty-two week low of $62.89 and a fifty-two week high of $89.48.

Fortive (NYSE:FTV) last issued its earnings results on Thursday, April 25th. The technology company reported $0.69 EPS for the quarter, meeting the consensus estimate of $0.69. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Fortive had a net margin of 39.98% and a return on equity of 19.44%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 EPS. On average, research analysts predict that Fortive Corp will post 3.6 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Thursday, May 30th. Fortive’s payout ratio is presently 9.15%.

In other news, SVP Stacey A. Walker sold 1,783 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $81.87, for a total value of $145,974.21. Following the completion of the transaction, the senior vice president now directly owns 16,036 shares in the company, valued at approximately $1,312,867.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William W. Pringle sold 435 shares of the business’s stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $80.66, for a total transaction of $35,087.10. The disclosure for this sale can be found here. Insiders sold a total of 18,600 shares of company stock valued at $1,571,781 over the last 90 days. Corporate insiders own 12.70% of the company’s stock.

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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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