Fortive Corporation $FTV Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. lessened its holdings in shares of Fortive Corporation (NYSE:FTV) by 33.2% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 8,922 shares of the technology company’s stock after selling 4,440 shares during the quarter. Cullen Frost Bankers Inc.’s holdings in Fortive were worth $465,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Fortive by 2.3% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 155,967 shares of the technology company’s stock valued at $8,130,000 after buying an additional 3,503 shares during the last quarter. Whittier Trust Co. raised its holdings in shares of Fortive by 6.8% during the second quarter. Whittier Trust Co. now owns 354,784 shares of the technology company’s stock valued at $18,494,000 after buying an additional 22,443 shares during the last quarter. Palmer Knight Co raised its holdings in shares of Fortive by 0.4% during the second quarter. Palmer Knight Co now owns 73,001 shares of the technology company’s stock valued at $3,806,000 after buying an additional 301 shares during the last quarter. Chevy Chase Trust Holdings LLC raised its holdings in shares of Fortive by 0.3% during the second quarter. Chevy Chase Trust Holdings LLC now owns 188,396 shares of the technology company’s stock valued at $9,821,000 after buying an additional 588 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Fortive by 18.9% during the second quarter. Nordea Investment Management AB now owns 1,701,657 shares of the technology company’s stock valued at $87,925,000 after buying an additional 270,730 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of NYSE:FTV opened at $49.46 on Friday. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The stock has a market cap of $16.74 billion, a price-to-earnings ratio of 22.28, a PEG ratio of 3.15 and a beta of 1.15. The stock’s 50 day moving average price is $48.63 and its 200 day moving average price is $57.67. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82.

Fortive (NYSE:FTV) last announced its earnings results on Monday, June 9th. The technology company reported $0.80 EPS for the quarter. The firm had revenue of $1.07 billion for the quarter. Fortive had a return on equity of 11.96% and a net margin of 13.62%. Equities research analysts anticipate that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were given a $0.06 dividend. The ex-dividend date was Friday, September 12th. This represents a $0.24 annualized dividend and a yield of 0.5%. Fortive’s payout ratio is 10.81%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial reaffirmed a “hold” rating and set a $55.00 price target (down previously from $60.00) on shares of Fortive in a report on Thursday, July 31st. Barclays set a $54.00 price target on Fortive and gave the company an “equal weight” rating in a report on Thursday, August 14th. Melius cut Fortive from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a report on Tuesday, July 22nd. Morgan Stanley reaffirmed an “equal weight” rating and set a $50.00 price target (down previously from $90.00) on shares of Fortive in a report on Tuesday, September 2nd. Finally, TD Cowen cut Fortive from a “buy” rating to a “hold” rating and dropped their target price for the stock from $85.00 to $50.00 in a report on Tuesday, July 15th. Three equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $61.14.

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.