Sumitomo Mitsui Trust Group Inc. Sells 45,454 Shares of Fortive Corporation $FTV

Sumitomo Mitsui Trust Group Inc. lowered its position in Fortive Corporation (NYSE:FTV) by 6.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 635,746 shares of the technology company’s stock after selling 45,454 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.21% of Fortive worth $34,845,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Arrowstreet Capital Limited Partnership purchased a new stake in Fortive in the 1st quarter valued at about $11,854,000. Sterling Investment Management LLC purchased a new position in shares of Fortive in the 3rd quarter worth approximately $1,149,000. First Nebraska Trust Co bought a new position in shares of Fortive in the first quarter valued at approximately $2,453,000. Deutsche Bank AG bought a new position in shares of Fortive in the second quarter valued at approximately $99,326,000. Finally, Handelsbanken Fonder AB bought a new position in shares of Fortive in the second quarter valued at approximately $7,212,000. 94.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on FTV shares. Citigroup increased their price target on Fortive from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Mizuho set a $55.00 price objective on Fortive in a research report on Thursday, October 29th. Royal Bank Of Canada upped their price objective on Fortive from $59.00 to $68.00 and gave the company a “sector perform” rating in a research note on Thursday, October 29th. Truist Financial restated a “hold” rating and issued a $65.00 price objective (up from $63.00) on shares of Fortive in a research note on Thursday, October 29th. Finally, Robert W. Baird set a $75.00 target price on Fortive in a research report on Thursday, October 29th. One equities research analyst has rated the stock with a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $64.36.

Fortive Trading Down 3.9%

Shares of Fortive stock opened at $65.68 on Friday. Fortive Corporation has a 52-week low of $49.99 and a 52-week high of $68.94. The stock’s 50-day simple moving average is $58.31 and its 200 day simple moving average is $58.88. The stock has a market capitalization of $19.55 billion, a P/E ratio of 31.27, a P/E/G ratio of 2.74 and a beta of 1.03. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.98 and a current ratio of 1.23.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 28th. The technology company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. The firm had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.07 billion. Fortive had a net margin of 14.83% and a return on equity of 15.79%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the business earned $0.68 earnings per share. As a group, research analysts anticipate that Fortive Corporation will post 3.12 EPS for the current year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 28th. Investors of record on Friday, November 27th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, November 27th. Fortive’s dividend payout ratio is presently 13.33%.

Insider Buying and Selling

In other Fortive news, SVP Peter Underwood sold 48,442 shares of the business’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $64.60, for a total transaction of $3,129,353.20. Following the sale, the senior vice president owned 79,118 shares of the company’s stock, valued at $5,111,022.80. The trade was a 37.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Christopher M. Mulhall sold 8,093 shares of the firm’s stock in a transaction on Friday, October 30th. The stock was sold at an average price of $65.57, for a total value of $530,658.01. Following the completion of the transaction, the chief accounting officer directly owned 15,597 shares of the company’s stock, valued at $1,022,695.29. The trade was a 34.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 83,159 shares of company stock worth $5,371,093 over the last 90 days. 0.65% of the stock is currently owned by corporate insiders.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company that develops and provides products, software and services designed to improve the productivity, safety, reliability and efficiency of businesses and public-sector organizations. Its offerings support customers in industries including manufacturing, healthcare, utilities, transportation, commercial facilities and government.

The company’s portfolio includes electronic test and measurement equipment, calibration and asset-management solutions, workplace and facility-management software, engineering and infrastructure software, product identification and traceability systems, and healthcare technology.