PNC Financial Services Group Inc. Sells 2,735 Shares of Fortive Corporation $FTV

PNC Financial Services Group Inc. cut its stake in Fortive Corporation (NYSE:FTV) by 2.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 137,364 shares of the technology company’s stock after selling 2,735 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Fortive were worth $7,161,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. True Wealth Design LLC grew its holdings in Fortive by 815.4% during the second quarter. True Wealth Design LLC now owns 476 shares of the technology company’s stock worth $25,000 after buying an additional 424 shares in the last quarter. Accent Capital Management LLC bought a new position in Fortive during the 1st quarter valued at $26,000. Geneos Wealth Management Inc. boosted its holdings in Fortive by 246.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock worth $37,000 after acquiring an additional 357 shares during the last quarter. Capital Analysts LLC grew its stake in shares of Fortive by 41.0% in the 1st quarter. Capital Analysts LLC now owns 523 shares of the technology company’s stock worth $38,000 after acquiring an additional 152 shares in the last quarter. Finally, Banque Transatlantique SA grew its stake in shares of Fortive by 92.8% in the 1st quarter. Banque Transatlantique SA now owns 561 shares of the technology company’s stock worth $38,000 after acquiring an additional 270 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.

Analysts Set New Price Targets

FTV has been the topic of a number of recent analyst reports. Robert W. Baird raised their price target on shares of Fortive from $57.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, November 4th. Truist Financial reiterated a “hold” rating and issued a $58.00 price objective (up previously from $55.00) on shares of Fortive in a research note on Thursday, October 30th. Barclays lifted their target price on shares of Fortive from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Mizuho reduced their target price on Fortive from $65.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Finally, JPMorgan Chase & Co. increased their price target on Fortive from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $57.38.

Insider Activity

In related news, SVP Stacey A. Walker sold 2,192 shares of the stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $50.35, for a total transaction of $110,367.20. Following the sale, the senior vice president owned 59,488 shares of the company’s stock, valued at approximately $2,995,220.80. This represents a 3.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Fortive Price Performance

Fortive stock opened at $51.62 on Monday. The business’s 50 day simple moving average is $49.48 and its 200 day simple moving average is $55.83. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The company has a market cap of $16.40 billion, a price-to-earnings ratio of 29.50, a PEG ratio of 3.11 and a beta of 1.16. The company has a current ratio of 0.70, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV) last issued its earnings results on Monday, June 9th. The technology company reported $0.80 earnings per share (EPS) for the quarter. Fortive had a return on equity of 12.04% and a net margin of 11.72%.The firm had revenue of $1.07 billion for the quarter. Sell-side analysts forecast that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, November 28th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, November 28th. Fortive’s dividend payout ratio is presently 13.71%.

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.