1ST Source Bank Has $1.87 Million Position in Fortive Co. (NYSE:FTV)

1ST Source Bank lowered its holdings in shares of Fortive Co. (NYSE:FTV) by 3.2% during the third quarter, HoldingsChannel reports. The firm owned 23,652 shares of the technology company’s stock after selling 778 shares during the quarter. 1ST Source Bank’s holdings in Fortive were worth $1,867,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Mizuho Securities USA LLC grew its stake in Fortive by 14,635.7% in the third quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company’s stock valued at $315,720,000 after purchasing an additional 3,972,855 shares in the last quarter. Point72 Asset Management L.P. grew its stake in Fortive by 1,005.9% in the third quarter. Point72 Asset Management L.P. now owns 1,937,153 shares of the technology company’s stock valued at $152,899,000 after purchasing an additional 1,761,983 shares in the last quarter. Janus Henderson Group PLC grew its stake in Fortive by 13.8% in the third quarter. Janus Henderson Group PLC now owns 8,041,324 shares of the technology company’s stock valued at $634,701,000 after purchasing an additional 977,428 shares in the last quarter. Holocene Advisors LP grew its stake in Fortive by 1,014.1% in the third quarter. Holocene Advisors LP now owns 924,671 shares of the technology company’s stock valued at $72,984,000 after purchasing an additional 841,671 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Fortive by 59.3% in the third quarter. The Manufacturers Life Insurance Company now owns 1,359,069 shares of the technology company’s stock valued at $107,271,000 after buying an additional 505,882 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FTV has been the subject of a number of recent analyst reports. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $80.00 to $90.00 in a research report on Friday, September 6th. Royal Bank of Canada cut their price objective on Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a research report on Thursday, October 31st. Argus reaffirmed a “hold” rating on shares of Fortive in a research report on Monday, November 18th. Truist Financial cut their price objective on Fortive from $90.00 to $89.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, UBS Group assumed coverage on Fortive in a report on Wednesday, November 13th. They set a “neutral” rating and a $84.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.73.

Fortive Price Performance

Fortive stock traded down $0.68 during mid-day trading on Friday, hitting $76.15. The stock had a trading volume of 267,701 shares, compared to its average volume of 1,993,878. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average is $76.39 and its 200 day moving average is $74.36. The firm has a market capitalization of $26.42 billion, a P/E ratio of 30.61, a P/E/G ratio of 2.15 and a beta of 1.14. Fortive Co. has a one year low of $66.15 and a one year high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.04. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.85 EPS. On average, sell-side analysts forecast that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date is Friday, November 29th. Fortive’s payout ratio is currently 12.75%.

Insider Buying and Selling at Fortive

In related news, SVP Peter C. Underwood sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the transaction, the senior vice president now owns 48,346 shares of the company’s stock, valued at approximately $3,702,336.68. This trade represents a 9.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stacey A. Walker sold 171,808 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $71.71, for a total value of $12,320,351.68. Following the sale, the senior vice president now directly owns 42,651 shares in the company, valued at $3,058,503.21. The trade was a 80.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

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.