Fortive Co. (NYSE:FTV) recently experienced an increase in trading volume following the announcement of a dividend. On Friday, August 18th, 631,500 shares of Fortive were traded during mid-day trading, representing a decline of 68% compared to the previous session’s volume of 2,004,001 shares. The stock last traded at $76.16 and had closed at $77.38.
The newly announced dividend is set to be paid on Friday, September 29th. Investors who are recorded as shareholders on Friday, September 1st will be issued a dividend of $0.07 per share. This translates into a $0.28 dividend on an annual basis and a yield of 0.37%. Currently, Fortive’s payout ratio stands at 12.44%.
In terms of analyst opinions on the company’s performance, several research analysts have weighed in on Fortive Co.’s prospects. Barclays raised their price target for the stock from $77.00 to $83.00 and gave it an “overweight” rating in a research note released on Thursday, July 27th. Citigroup also raised their price target from $85.00 to $90.00 and assigned Fortive Co. with a “buy” rating in another research note published on July 27th.
Robert W. Baird lifted their target price for Fortive from $82.00 to $85.00 while Mizuho raised theirs from $63.00 to $70.00, both notes being published on Thursday, July 27th as well.. Meanwhile, Wells Fargo & Company increased their price target from $67 to $71 back in July.
At present, two research analysts have given the stock a hold rating while eight others issued buy ratings for Fortive Co.’s shares according to data from Bloomberg.com.
A closer look at institutional investors reveals that a number of hedge funds and other institutional investors have been actively trading Fortive Co.’s shares. For example, Bank Julius Baer & Co. Ltd Zurich significantly grew its position in the company during the second quarter, owning 88,663,752 shares of Fortive’s stock valued at $6,629,389,000 after purchasing an additional 88,571,169 shares.
Similarly, Vanguard Group Inc., BlackRock Inc., FMR LLC and State Street Corp have increased their stakes in Fortive Co. during the second and first quarters respectively.
Fortive Co.’s market capitalization currently stands at $26.79 billion with a price-to-earnings ratio of 34.39 and a PEG ratio of 2.91. The company has a beta value of 1.16 and a debt-to-equity ratio of 0.20.
Furthermore, Fortive Co.’s quick ratio is recorded at 0.74 with a current ratio of 0.96 indicating relatively solid liquidity management practices within the organization.
As for recent trends in share prices, the company has seen its stock maintain a fifty day simple moving average of $74.63 and a two-hundred day simple moving average of $69.20 which reflect price stability and potential upward momentum.
In conclusion, Fortive Co.’s recent announcement regarding its dividend payment has caused an uptick in trading volume for its shares while providing investors with added confidence in the company’s performance and returns on investment. These developments have been supported by positive evaluations from research analysts as well as increased interest from various institutional investors.
Overall, these factors contribute to an optimistic outlook for stakeholders involved in Fortive Co., however it is important for investors to conduct further research and analysis before making any financial decisions related to this particular stock.
Fortive Corporation
FTV
Strong Buy
Updated on: 04/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Neutral
Fortive Gains Attention of Hedge Funds and Institutional Investors with Strong Financial Performance and Investments
Fortive, a leading technology company, has recently garnered the attention of hedge funds and institutional investors. In the second quarter, Bank Julius Baer & Co. Ltd Zurich witnessed an astonishing growth in its position in Fortive, with a staggering increase of 95,666.8%. This translated to the acquisition of 88,571,169 shares of Fortive’s stock, bringing Bank Julius Baer & Co. Ltd Zurich’s total ownership to a remarkable 88,663,752 shares with an estimated value of $6,629,389,000.
Another notable institution that raised its stake in Fortive during the first quarter is Vanguard Group Inc., which now owns 37,557,116 shares of the company’s stock valued at $2,288,355,000. This represents a 2.7% increase from its previous holdings. Similarly, BlackRock Inc., one of the largest investment management firms globally known for its diverse portfolio across various sectors and asset classes, raised its stake in Fortive by 3.7% during the second quarter.
FMR LLC also exhibited confidence in Fortive by raising its stake by 7.3% during the first quarter and now owns approximately $1,249,001,000 worth of shares. State Street Corp joined the fray as well by increasing its stake in Fortive by 1.5%.
From these significant investments by hedge funds and institutional investors alone it can be inferred that there is strong belief in Fortive’s potential for growth and success.
In financial news released on July 26th this year regarding their quarterly earnings data for Q2 results till June end have surpassed expectations as they reported earnings per share (EPS) amounting to $0.85 for the quarter which beat analysts’ consensus estimate of $0.81 EPS – crossing over by an impressive margin of four cents (approximately five percent).
The return on equity (ROE) for Fortive stood at 11.99%, indicating strong performance in generating profitability from shareholders’ investments. Furthermore, the company’s net margin revealed a figure of 13.39%, signifying healthy financial management and cost control measures.
Fortive also recorded an increase in revenue during the quarter, amassing $1.53 billion compared to analysts’ expectations of $1.51 billion. This represented a notable growth rate of 4.3% year-on-year.
Looking ahead, equities research analysts unanimously believe that Fortive will continue its upward trajectory, with expectations of posting an earnings per share (EPS) of 3.41 for the current fiscal year.
In other news related to Fortive, their CFO Charles E. Mclaughlin recently sold 16,911 shares of the company’s stock on July 28th at an average price of $76.66 per share, amounting to a total value of approximately $1,296,397.26. After this transaction, Mclaughlin currently owns 101,319 shares with an estimated worth of $7,767,114.54.
Another prominent executive who sold shares is CAO Christopher M. Mulhall who disposed of 4,700 shares on the same day as CFO Mclaughlin mentioned above; these were sold at an average price of $76.85 per share totaling approximately $361,195.
Insiders have been actively engaged in selling Fortive stocks in recent months resulting in a cumulative sale of 43,404 shares worth approximately $3,324-757.
It is important to highlight that insiders own only a fraction – precisely 0.95% – of the company’s stock as majority ownership rests with institutional investors and hedge funds who have expressed their confidence through substantial investments.
Considering all these developments surrounding Fortive and its outstanding performance in terms of revenue growth and profitability coupled with promising projections put forth by equities research analysts, it appears that this technological company is poised for continued success in the near future.
Investors and industry observers will certainly be keenly watching Fortive’s progression and eagerly awaiting its future announcements, as it continues to make its mark in the technology sector.
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