Mitsubishi UFJ Asset Management Co. Ltd. Acquires 50,581 Shares of Fortive Co. (NYSE:FTV)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Fortive Co. (NYSE:FTV) by 10.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 557,693 shares of the technology company’s stock after acquiring an additional 50,581 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of Fortive worth $42,329,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several analysts have issued reports on FTV shares. Wells Fargo & Company raised their price objective on shares of Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, February 10th. JPMorgan Chase & Co. decreased their price target on Fortive from $92.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, January 15th. Truist Financial increased their target price on Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Royal Bank of Canada lifted their target price on Fortive from $77.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Monday, February 10th. Finally, StockNews.com cut shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Fortive currently has an average rating of “Moderate Buy” and a consensus price target of $87.18.

Insider Transactions at Fortive

In related news, CEO James A. Lico sold 196,117 shares of the business’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $80.38, for a total transaction of $15,763,884.46. Following the transaction, the chief executive officer now directly owns 528,851 shares in the company, valued at $42,509,043.38. The trade was a 27.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Stacey A. Walker sold 5,688 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $80.52, for a total value of $457,997.76. Following the completion of the sale, the senior vice president now owns 47,141 shares of the company’s stock, valued at approximately $3,795,793.32. This trade represents a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 243,385 shares of company stock valued at $19,508,529. Corporate insiders own 1.01% of the company’s stock.

Fortive Stock Performance

Shares of NYSE:FTV opened at $72.57 on Friday. The firm has a 50 day moving average of $78.35 and a 200 day moving average of $76.97. 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 company has a market capitalization of $24.69 billion, a price-to-earnings ratio of 30.75, a price-to-earnings-growth ratio of 2.68 and a beta of 1.16. Fortive Co. has a 52 week low of $66.15 and a 52 week high of $85.93.

Fortive (NYSE:FTV) last posted its earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period last year, the firm earned $0.98 EPS. On average, sell-side analysts predict that Fortive Co. will post 4.05 earnings per share for the current fiscal year.

Fortive Announces Dividend

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

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.