Gabelli Funds LLC Makes New Investment in Fortive Co. (NYSE:FTV)

Gabelli Funds LLC bought a new position in shares of Fortive Co. (NYSE:FTV) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,543 shares of the technology company’s stock, valued at approximately $266,000.

Several other large investors also recently modified their holdings of the business. Brown Brothers Harriman & Co. grew its position in shares of Fortive by 5.2% in the 4th quarter. Brown Brothers Harriman & Co. now owns 2,554 shares of the technology company’s stock worth $192,000 after buying an additional 127 shares during the last quarter. Wedmont Private Capital boosted its holdings in Fortive by 4.3% in the fourth quarter. Wedmont Private Capital now owns 3,346 shares of the technology company’s stock valued at $252,000 after acquiring an additional 137 shares in the last quarter. Dynasty Wealth Management LLC increased its position in Fortive by 1.0% during the 4th quarter. Dynasty Wealth Management LLC now owns 14,436 shares of the technology company’s stock valued at $1,083,000 after purchasing an additional 142 shares during the period. Manchester Capital Management LLC raised its holdings in Fortive by 13.4% in the 4th quarter. Manchester Capital Management LLC now owns 1,400 shares of the technology company’s stock worth $105,000 after purchasing an additional 165 shares in the last quarter. Finally, Webster Bank N. A. lifted its position in shares of Fortive by 6.6% in the 4th quarter. Webster Bank N. A. now owns 2,696 shares of the technology company’s stock worth $202,000 after purchasing an additional 168 shares during the period. 94.94% of the stock is owned by institutional investors.

Fortive Stock Performance

Shares of FTV opened at $65.44 on Monday. Fortive Co. has a 12 month low of $60.39 and a 12 month high of $83.32. The business’s fifty day simple moving average is $73.76 and its two-hundred day simple moving average is $75.84. The company has a current ratio of 1.16, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The company has a market cap of $22.27 billion, a price-to-earnings ratio of 27.73, a P/E/G ratio of 2.68 and a beta of 1.12.

Fortive (NYSE:FTV) last released its quarterly earnings data on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, topping 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 in the prior year, the business posted $0.98 earnings per share. Research analysts anticipate 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 will be paid on Friday, June 27th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Friday, May 30th. This represents a $0.32 annualized dividend and a dividend yield of 0.49%. Fortive’s payout ratio is 13.56%.

Insider Buying and Selling

In related news, SVP Stacey A. Walker sold 3,002 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $79.05, for a total value of $237,308.10. Following the transaction, the senior vice president now owns 42,373 shares of the company’s stock, valued at approximately $3,349,585.65. This trade represents a 6.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO James A. Lico sold 196,117 shares of the stock in a transaction that occurred 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 completion of 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 disclosure for this sale can be found here. Insiders sold 243,385 shares of company stock valued at $19,508,529 over the last 90 days. Company insiders own 1.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on FTV. BNP Paribas lowered shares of Fortive from an “outperform” rating to a “neutral” rating and set a $67.00 price objective for the company. in a report on Wednesday, April 9th. Barclays lowered their target price on Fortive from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, March 26th. StockNews.com downgraded Fortive from a “buy” rating to a “hold” rating in a report on Monday, February 10th. JPMorgan Chase & Co. reduced their target price on shares of Fortive from $90.00 to $73.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Truist Financial decreased their price target on shares of Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $81.92.

Fortive 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.