Canoe Financial LP Lowers Position in Fortive Co. (NYSE:FTV)

Canoe Financial LP trimmed its holdings in shares of Fortive Co. (NYSE:FTV) by 1.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 291,638 shares of the technology company’s stock after selling 5,421 shares during the quarter. Canoe Financial LP owned 0.08% of Fortive worth $21,873,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Mizuho Securities USA LLC boosted its stake in Fortive by 14,635.7% during the third quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company’s stock worth $315,720,000 after buying an additional 3,972,855 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Fortive by 1,005.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,937,153 shares of the technology company’s stock worth $152,899,000 after purchasing an additional 1,761,983 shares during the period. Janus Henderson Group PLC increased its holdings in Fortive by 13.8% in the 3rd 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 during the last quarter. Holocene Advisors LP raised its position 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 during the period. Finally, The Manufacturers Life Insurance Company raised its position in 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 purchasing an additional 505,882 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Price Performance

Shares of FTV opened at $79.00 on Friday. The firm has a market capitalization of $27.41 billion, a price-to-earnings ratio of 31.47, a PEG ratio of 1.92 and a beta of 1.14. The firm’s fifty day simple moving average is $76.61 and its 200-day simple moving average is $74.76. Fortive Co. has a twelve month low of $66.15 and a twelve month high of $87.10. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33.

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, beating analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. Fortive’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the firm earned $0.85 earnings per share. Equities analysts forecast that Fortive Co. will post 3.84 EPS for the current fiscal year.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 27th. Investors of record on Friday, November 29th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date was Friday, November 29th. Fortive’s dividend payout ratio (DPR) is 12.75%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FTV shares. UBS Group started coverage on Fortive in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price objective for the company. Truist Financial lifted their target price on Fortive from $89.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Wells Fargo & Company increased their price target on shares of Fortive from $77.00 to $80.00 and gave the stock an “equal weight” rating in a research report on Tuesday, January 7th. Royal Bank of Canada dropped their price objective on shares of Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a report on Thursday, October 31st. Finally, Barclays cut their target price on shares of Fortive from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $86.45.

Insider Buying and Selling at Fortive

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