Bank Julius Baer & Co. Ltd Zurich Trims Stock Position in Fortive Corporation $FTV

Bank Julius Baer & Co. Ltd Zurich cut its holdings in shares of Fortive Corporation (NYSE:FTV) by 16.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 106,704 shares of the technology company’s stock after selling 21,327 shares during the period. Bank Julius Baer & Co. Ltd Zurich’s holdings in Fortive were worth $5,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Fortive by 97.1% in the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company’s stock valued at $428,000 after buying an additional 2,811 shares during the period. Private Advisor Group LLC acquired a new stake in Fortive during the first quarter worth about $876,000. Kestra Private Wealth Services LLC purchased a new position in Fortive during the first quarter valued at approximately $334,000. Choreo LLC lifted its holdings in Fortive by 26.9% in the first quarter. Choreo LLC now owns 12,878 shares of the technology company’s stock valued at $942,000 after acquiring an additional 2,730 shares during the period. Finally, Oak Thistle LLC purchased a new stake in Fortive in the 1st quarter worth approximately $652,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Stacey A. Walker sold 2,192 shares of the stock in a transaction on Friday, October 31st. The stock was sold at an average price of $50.35, for a total value of $110,367.20. Following the completion of the transaction, the senior vice president directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.92% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Fortive from $54.00 to $56.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Morgan Stanley lifted their price objective on shares of Fortive from $50.00 to $53.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Weiss Ratings reissued a “sell (d+)” rating on shares of Fortive in a research note on Wednesday. Mizuho dropped their target price on Fortive from $65.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. Finally, Truist Financial reaffirmed a “hold” rating and issued a $58.00 price target (up previously from $55.00) on shares of Fortive in a report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $57.38.

Fortive Stock Up 3.9%

FTV stock opened at $52.84 on Friday. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The company has a quick ratio of 0.58, a current ratio of 0.70 and a debt-to-equity ratio of 0.33. The firm has a 50-day simple moving average of $49.74 and a 200-day simple moving average of $55.42. The stock has a market capitalization of $16.78 billion, a P/E ratio of 30.19, a P/E/G ratio of 3.06 and a beta of 1.16.

Fortive (NYSE:FTV) last posted 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 12.04% and a net margin of 11.72%.The company had revenue of $1.07 billion for the quarter. Equities analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Dividend Announcement

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

About Fortive

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.