New York State Common Retirement Fund Has $21.64 Million Stock Holdings in Fortive Co. (NYSE:FTV)

New York State Common Retirement Fund trimmed its holdings in shares of Fortive Co. (NYSE:FTV) by 40.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 293,896 shares of the technology company’s stock after selling 195,828 shares during the period. New York State Common Retirement Fund owned about 0.08% of Fortive worth $21,640,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. abrdn plc boosted its stake in shares of Fortive by 2.9% during the 3rd quarter. abrdn plc now owns 165,769 shares of the technology company’s stock worth $12,293,000 after buying an additional 4,660 shares during the last quarter. Nordea Investment Management AB lifted its stake in Fortive by 34.2% in the 4th quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock valued at $38,828,000 after purchasing an additional 134,259 shares during the last quarter. Ferguson Wellman Capital Management Inc. lifted its stake in Fortive by 4.5% in the 4th quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock valued at $61,326,000 after purchasing an additional 35,688 shares during the last quarter. NewEdge Wealth LLC lifted its stake in Fortive by 12.4% in the 4th quarter. NewEdge Wealth LLC now owns 4,816 shares of the technology company’s stock valued at $355,000 after purchasing an additional 531 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in Fortive by 111.7% in the 4th quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock valued at $86,637,000 after purchasing an additional 620,866 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Fortive from $92.00 to $84.00 and set an “equal weight” rating for the company in a research note on Thursday. Truist Financial assumed coverage on shares of Fortive in a research note on Thursday, March 14th. They issued a “buy” rating and a $99.00 target price for the company. Mizuho raised their target price on shares of Fortive from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, February 1st. JPMorgan Chase & Co. cut shares of Fortive from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Finally, Citigroup lowered their price target on shares of Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $86.46.

Insider Buying and Selling

In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the transaction, the chief executive officer now directly owns 55,017 shares in the company, valued at $4,676,445. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Fortive news, CEO Tamara S. Newcombe sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $85.00, for a total transaction of $425,000.00. Following the completion of the transaction, the chief executive officer now directly owns 55,017 shares in the company, valued at $4,676,445. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the transaction, the chief financial officer now owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,937 shares of company stock worth $5,475,122. Corporate insiders own 0.95% of the company’s stock.

Fortive Stock Down 0.3 %

Shares of FTV opened at $75.97 on Friday. Fortive Co. has a 12 month low of $62.77 and a 12 month high of $87.10. The firm’s 50 day moving average is $83.83 and its 200-day moving average is $76.13. The stock has a market capitalization of $26.74 billion, a PE ratio of 30.03, a P/E/G ratio of 2.31 and a beta of 1.13. The company has a current ratio of 1.50, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.79 by $0.04. Fortive had a net margin of 14.68% and a return on equity of 12.22%. The company had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Equities research analysts forecast that Fortive Co. will post 3.8 EPS for the current year.

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be given a dividend of $0.08 per share. The ex-dividend date is Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s dividend payout ratio is 12.65%.

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.