Cibc World Markets Corp Grows Stake in Fortive Co. (NYSE:FTV)

Cibc World Markets Corp boosted its position in Fortive Co. (NYSE:FTV) by 15.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 54,896 shares of the technology company’s stock after buying an additional 7,289 shares during the period. Cibc World Markets Corp’s holdings in Fortive were worth $4,117,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of FTV. Victory Capital Management Inc. increased its position in Fortive by 1.5% during the third quarter. Victory Capital Management Inc. now owns 150,553 shares of the technology company’s stock worth $11,883,000 after buying an additional 2,156 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in Fortive during the third quarter worth $426,000. Empowered Funds LLC increased its position in Fortive by 3.3% during the third quarter. Empowered Funds LLC now owns 5,410 shares of the technology company’s stock worth $427,000 after buying an additional 174 shares in the last quarter. Natixis Advisors LLC increased its position in Fortive by 1.7% during the third quarter. Natixis Advisors LLC now owns 43,593 shares of the technology company’s stock worth $3,441,000 after buying an additional 737 shares in the last quarter. Finally, SouthState Corp increased its position in Fortive by 3.2% during the third quarter. SouthState Corp now owns 15,666 shares of the technology company’s stock worth $1,237,000 after buying an additional 484 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of Fortive stock opened at $75.24 on Thursday. Fortive Co. has a twelve month low of $66.15 and a twelve month high of $87.10. The stock has a market capitalization of $25.60 billion, a P/E ratio of 31.88, a PEG ratio of 2.68 and a beta of 1.16. 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 business’s fifty day moving average price is $78.70 and its 200 day moving average price is $76.85.

Fortive (NYSE:FTV) last issued its earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the company earned $0.98 EPS. As a group, research analysts anticipate that Fortive Co. will post 4.05 earnings per share for the current year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, February 28th. Fortive’s dividend payout ratio is presently 13.56%.

Insiders Place Their Bets

In other Fortive news, CFO Charles E. Mclaughlin sold 32,085 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $78.86, for a total transaction of $2,530,223.10. Following the transaction, the chief financial officer now owns 76,126 shares in the company, valued at $6,003,296.36. The trade was a 29.65 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Christopher M. Mulhall sold 6,493 shares of the business’s stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $79.95, for a total value of $519,115.35. Following the completion of the transaction, the chief accounting officer now owns 24,283 shares in the company, valued at approximately $1,941,425.85. This trade represents a 21.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 243,385 shares of company stock worth $19,508,529 over the last quarter. 1.01% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Barclays dropped their price target on Fortive from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Royal Bank of Canada lifted their price objective on Fortive from $77.00 to $85.00 and gave the company a “sector perform” rating in a research report on Monday, February 10th. StockNews.com downgraded Fortive from a “buy” rating to a “hold” rating in a research report on Monday, February 10th. JPMorgan Chase & Co. lowered their price objective on Fortive from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Finally, Truist Financial lifted their price objective on Fortive from $89.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Fortive currently has an average rating of “Moderate Buy” and an average price target of $87.64.

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.