Sumitomo Mitsui Trust Group Inc. Buys 45,181 Shares of Fortive Corporation $FTV

Sumitomo Mitsui Trust Group Inc. grew its stake in Fortive Corporation (NYSE:FTV) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 814,210 shares of the technology company’s stock after purchasing an additional 45,181 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Fortive were worth $42,445,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Asset Management One Co. Ltd. lifted its holdings in shares of Fortive by 4.7% in the second quarter. Asset Management One Co. Ltd. now owns 152,412 shares of the technology company’s stock valued at $7,945,000 after purchasing an additional 6,823 shares in the last quarter. Paralel Advisors LLC bought a new stake in Fortive during the second quarter worth $1,903,000. Forum Financial Management LP lifted its holdings in Fortive by 44.2% during the second quarter. Forum Financial Management LP now owns 10,269 shares of the technology company’s stock worth $535,000 after acquiring an additional 3,150 shares during the period. Ethic Inc. lifted its holdings in Fortive by 5.5% during the second quarter. Ethic Inc. now owns 65,805 shares of the technology company’s stock worth $3,430,000 after acquiring an additional 3,451 shares during the period. Finally, Brookstone Capital Management lifted its holdings in Fortive by 5.4% during the second quarter. Brookstone Capital Management now owns 50,996 shares of the technology company’s stock worth $2,658,000 after acquiring an additional 2,600 shares during the period. Institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of NYSE FTV opened at $49.46 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $83.32. The stock has a market cap of $16.73 billion, a PE ratio of 22.28, a price-to-earnings-growth ratio of 3.14 and a beta of 1.15. The stock has a fifty day moving average of $48.67 and a 200-day moving average of $57.44.

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

Fortive Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Friday, September 12th. Fortive’s dividend payout ratio (DPR) is 10.81%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FTV. Weiss Ratings upgraded Fortive from a “sell (d+)” rating to a “hold (c-)” rating in a report on Saturday. Mizuho dropped their price target on Fortive from $65.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Truist Financial reiterated a “hold” rating and set a $55.00 price target (down from $60.00) on shares of Fortive in a report on Thursday, July 31st. TD Cowen lowered Fortive from a “buy” rating to a “hold” rating and dropped their price target for the stock from $85.00 to $50.00 in a report on Tuesday, July 15th. Finally, Wells Fargo & Company lowered their target price on Fortive from $72.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 1st. Three analysts have rated the stock with a Buy rating and sixteen have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $61.14.

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.