EFG Asset Management Americas Corp. Decreases Stock Holdings in Fortive Co. (NYSE:FTV)

EFG Asset Management Americas Corp. lessened its stake in shares of Fortive Co. (NYSE:FTV) by 2.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 81,766 shares of the technology company’s stock after selling 2,047 shares during the quarter. Fortive makes up approximately 1.2% of EFG Asset Management Americas Corp.’s investment portfolio, making the stock its 25th biggest holding. EFG Asset Management Americas Corp.’s holdings in Fortive were worth $6,132,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Callan Family Office LLC purchased a new stake in Fortive during the 4th quarter valued at $241,000. Raymond James Financial Inc. purchased a new stake in Fortive during the 4th quarter valued at $22,412,000. Cullen Frost Bankers Inc. raised its holdings in Fortive by 1.2% during the 4th quarter. Cullen Frost Bankers Inc. now owns 13,628 shares of the technology company’s stock valued at $1,022,000 after buying an additional 168 shares during the period. Arizona State Retirement System raised its holdings in Fortive by 0.9% during the 4th quarter. Arizona State Retirement System now owns 101,745 shares of the technology company’s stock valued at $7,631,000 after buying an additional 890 shares during the period. Finally, Proficio Capital Partners LLC purchased a new stake in Fortive during the 4th quarter valued at $5,847,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of FTV stock opened at $77.19 on Friday. Fortive Co. has a 1-year low of $66.15 and a 1-year high of $87.10. The stock’s 50-day moving average is $78.93 and its 200 day moving average is $76.72. The company has a market cap of $26.27 billion, a P/E ratio of 32.71, a PEG ratio of 2.68 and a beta of 1.15. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.16 and a quick ratio of 0.91.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share for the quarter, topping the consensus estimate 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 prior year, the firm earned $0.98 earnings per share. Research analysts predict that Fortive Co. will post 4.05 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, February 28th. Fortive’s dividend payout ratio is presently 13.56%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Truist Financial increased their target price on Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Citigroup lowered Fortive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $92.00 to $86.00 in a research note on Monday, December 9th. JPMorgan Chase & Co. reduced their target price on Fortive from $92.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 15th. Argus reiterated a “hold” rating on shares of Fortive in a research note on Monday, November 18th. Finally, UBS Group began coverage on Fortive in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 target price on the stock. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Fortive presently has a consensus rating of “Moderate Buy” and an average price target of $87.64.

Insiders Place Their Bets

In other news, CAO Christopher M. Mulhall sold 6,493 shares of the firm’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 directly owns 24,283 shares in the company, valued at $1,941,425.85. This trade represents a 21.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Charles E. Mclaughlin sold 32,085 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $78.86, for a total value of $2,530,223.10. Following the completion of the transaction, the chief financial officer now owns 76,126 shares of the company’s stock, valued at approximately $6,003,296.36. The trade was a 29.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 243,385 shares of company stock valued at $19,508,529. 1.01% of the stock is currently owned by corporate insiders.

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.