Capital Investment Services of America Inc. Reduces Stock Position in Fortive Co. (NYSE:FTV)

Capital Investment Services of America Inc. cut its stake in Fortive Co. (NYSE:FTV) by 5.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 280,317 shares of the technology company’s stock after selling 16,160 shares during the quarter. Fortive comprises about 2.1% of Capital Investment Services of America Inc.’s holdings, making the stock its 23rd largest position. Capital Investment Services of America Inc. owned 0.08% of Fortive worth $22,125,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ridgewood Investments LLC purchased a new position in Fortive during the 2nd quarter valued at about $30,000. International Assets Investment Management LLC bought a new position in shares of Fortive in the second quarter valued at approximately $30,000. Goodman Advisory Group LLC purchased a new position in Fortive during the second quarter valued at approximately $31,000. Advisors Asset Management Inc. bought a new stake in Fortive during the 1st quarter worth approximately $32,000. Finally, Pinnacle Bancorp Inc. increased its stake in Fortive by 71.0% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 424 shares of the technology company’s stock worth $33,000 after acquiring an additional 176 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on FTV. Truist Financial cut their price objective on Fortive from $90.00 to $89.00 and set a “buy” rating for the company in a report on Friday. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Wolfe Research downgraded shares of Fortive from an “outperform” rating to a “peer perform” rating in a report on Friday, September 6th. TD Cowen upgraded shares of Fortive from a “hold” rating to a “buy” rating and upped their target price for the stock from $75.00 to $90.00 in a research report on Monday, July 8th. Finally, Raymond James upgraded Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a research report on Thursday, September 5th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Fortive has a consensus rating of “Moderate Buy” and a consensus price target of $88.20.

Insiders Place Their Bets

In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total transaction of $1,049,657.40. Following the transaction, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at approximately $5,030,281.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of Fortive stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $74.03, for a total transaction of $508,141.92. Following the sale, the chief financial officer now directly owns 73,391 shares of the company’s stock, valued at approximately $5,433,135.73. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the completion of the transaction, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at $5,030,281.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.01% of the company’s stock.

Fortive Trading Down 0.3 %

Fortive stock traded down $0.24 during trading hours on Monday, reaching $71.10. The company had a trading volume of 1,035,216 shares, compared to its average volume of 1,903,608. The firm has a market cap of $24.67 billion, a price-to-earnings ratio of 28.42, a P/E/G ratio of 1.96 and a beta of 1.13. Fortive Co. has a 12-month low of $64.69 and a 12-month high of $87.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.95. The company has a 50-day moving average price of $75.27 and a 200 day moving average price of $74.39.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The company’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 EPS. Equities analysts forecast that Fortive Co. will post 3.85 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Tuesday, September 17th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend was Friday, September 13th. Fortive’s payout ratio is 12.75%.

Fortive Company Profile

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.