Texas Permanent School Fund Corp Lowers Holdings in Fortive Corporation $FTV

Texas Permanent School Fund Corp decreased its position in Fortive Corporation (NYSE:FTV) by 36.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,925 shares of the technology company’s stock after selling 13,748 shares during the period. Texas Permanent School Fund Corp’s holdings in Fortive were worth $1,247,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FTV. True Wealth Design LLC raised its holdings in Fortive by 815.4% in the second quarter. True Wealth Design LLC now owns 476 shares of the technology company’s stock worth $25,000 after buying an additional 424 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Fortive by 246.2% during the first quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock valued at $37,000 after acquiring an additional 357 shares in the last quarter. Banque Transatlantique SA increased its position in shares of Fortive by 92.8% during the first quarter. Banque Transatlantique SA now owns 561 shares of the technology company’s stock valued at $38,000 after acquiring an additional 270 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new position in Fortive in the 2nd quarter worth approximately $48,000. Finally, Andra AP fonden bought a new position in Fortive in the 2nd quarter valued at approximately $57,000. 94.94% of the stock is currently owned by institutional investors.

Fortive Trading Down 0.0%

Fortive stock opened at $55.67 on Wednesday. Fortive Corporation has a 52-week low of $46.34 and a 52-week high of $83.32. The company has a market cap of $17.68 billion, a P/E ratio of 31.81, a P/E/G ratio of 3.35 and a beta of 1.13. 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 business has a 50-day simple moving average of $52.04 and a two-hundred day simple moving average of $52.56.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. The firm had revenue of $1.07 billion for the quarter. Fortive had a net margin of 11.72% and a return on equity of 12.04%. Analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Stockholders of record on Friday, November 28th will be paid 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 is Friday, November 28th. Fortive’s dividend payout ratio (DPR) is currently 13.71%.

Wall Street Analyst Weigh In

A number of analysts have commented on FTV shares. Zacks Research raised Fortive from a “strong sell” rating to a “hold” rating in a report on Monday, September 15th. Wells Fargo & Company upped their price target on Fortive from $55.00 to $59.00 and gave the company an “equal weight” rating in a report on Monday. Barclays lifted their price objective on Fortive from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Truist Financial restated a “hold” rating and set a $58.00 target price (up previously from $55.00) on shares of Fortive in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Fortive from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $57.85.

Insider Activity

In other news, SVP Stacey A. Walker sold 2,192 shares of the company’s 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 sale, the senior vice president directly owned 59,488 shares in the company, valued at $2,995,220.80. This represents a 3.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.92% of the stock is currently owned by insiders.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin?off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin?off of Vontier, concentrating Fortive’s activities on higher?margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software?enabled solutions, and lifecycle services that support industrial and commercial customers.