Arrowstreet Capital Limited Partnership Buys 529,579 Shares of Fortive Corporation $FTV

Arrowstreet Capital Limited Partnership boosted its position in Fortive Corporation (NYSE:FTV) by 356.0% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 678,326 shares of the technology company’s stock after purchasing an additional 529,579 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.20% of Fortive worth $35,361,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. Whittier Trust Co. increased its holdings in Fortive by 6.8% in the 2nd quarter. Whittier Trust Co. now owns 354,784 shares of the technology company’s stock worth $18,494,000 after acquiring an additional 22,443 shares during the last quarter. FORA Capital LLC bought a new position in Fortive during the first quarter worth about $1,434,000. JPMorgan Chase & Co. increased its stake in shares of Fortive by 49.3% in the first quarter. JPMorgan Chase & Co. now owns 2,530,596 shares of the technology company’s stock worth $185,189,000 after purchasing an additional 835,277 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Fortive by 2.2% in the second quarter. Vanguard Group Inc. now owns 39,413,849 shares of the technology company’s stock valued at $2,054,644,000 after purchasing an additional 839,321 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of Fortive by 38.3% in the first quarter. Ameriprise Financial Inc. now owns 761,405 shares of the technology company’s stock valued at $55,717,000 after purchasing an additional 211,036 shares during the period. Institutional investors own 94.94% of the company’s stock.

Insider Activity

In other news, SVP Stacey A. Walker sold 2,192 shares of Fortive stock in a transaction on Friday, October 31st. The shares were sold at an average price of $50.35, for a total transaction of $110,367.20. Following the transaction, the senior vice president owned 59,488 shares in the company, valued at $2,995,220.80. This trade represents a 3.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.92% of the company’s stock.

Fortive Stock Up 0.8%

FTV opened at $53.79 on Friday. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The company has a current ratio of 0.70, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. The business’s 50-day moving average price is $50.71 and its 200-day moving average price is $54.16. The company has a market cap of $17.08 billion, a P/E ratio of 30.73, a P/E/G ratio of 3.21 and a beta of 1.13.

Fortive (NYSE:FTV) last released its quarterly earnings results on Monday, June 9th. The technology company reported $0.80 EPS for the quarter. Fortive had a return on equity of 12.04% and a net margin of 11.72%.The business had revenue of $1.07 billion during the quarter. On average, equities analysts expect that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, November 28th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, November 28th. Fortive’s dividend payout ratio is presently 13.71%.

Analysts Set New Price Targets

FTV has been the subject of several recent research reports. Zacks Research upgraded Fortive from a “strong sell” rating to a “hold” rating in a research report on Monday, September 15th. Truist Financial reaffirmed a “hold” rating and set a $58.00 target price (up previously from $55.00) on shares of Fortive in a report on Thursday, October 30th. Citigroup increased their price target on shares of Fortive from $56.00 to $57.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. Morgan Stanley raised their price objective on shares of Fortive from $50.00 to $53.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Finally, Barclays upped their target price on shares of Fortive from $54.00 to $56.00 and gave the stock an “equal weight” rating 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 assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $57.38.

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.