Point72 Hong Kong Ltd Cuts Holdings in Fortive Co. (NYSE:FTV)

Point72 Hong Kong Ltd lowered its stake in Fortive Co. (NYSE:FTV) by 4.8% during the third quarter, Holdings Channel.com reports. The firm owned 9,027 shares of the technology company’s stock after selling 452 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Fortive were worth $713,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in FTV. Mizuho Securities USA LLC raised its holdings in Fortive by 14,635.7% in the third quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company’s stock valued at $315,720,000 after acquiring an additional 3,972,855 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Fortive by 59.3% in the 3rd 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 last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Fortive by 1,053.5% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 382,707 shares of the technology company’s stock valued at $28,359,000 after purchasing an additional 349,530 shares in the last quarter. Clarkston Capital Partners LLC purchased a new stake in shares of Fortive during the 3rd quarter worth $25,930,000. Finally, Panagora Asset Management Inc. lifted its position in shares of Fortive by 27.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 1,269,103 shares of the technology company’s stock worth $94,041,000 after purchasing an additional 273,168 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of NYSE:FTV opened at $78.96 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 1.25. Fortive Co. has a one year low of $66.15 and a one year high of $87.10. The company has a 50-day simple moving average of $76.23 and a 200-day simple moving average of $74.22. The stock has a market capitalization of $27.40 billion, a price-to-earnings ratio of 31.46, a PEG ratio of 2.18 and a beta of 1.13.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.53 billion during 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%. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the firm earned $0.85 EPS. On average, analysts predict that Fortive Co. will post 3.85 EPS for the current year.

Fortive Announces Dividend

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

Analyst Upgrades and Downgrades

FTV has been the topic of a number of analyst reports. Royal Bank of Canada cut their price target on Fortive from $85.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 31st. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $80.00 to $90.00 in a research report on Friday, September 6th. JPMorgan Chase & Co. raised shares of Fortive from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $90.00 to $92.00 in a report on Thursday, October 10th. Truist Financial reduced their price objective on shares of Fortive from $90.00 to $89.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Raymond James raised shares of Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 target price on the stock in a research report on Thursday, September 5th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.82.

Insider Buying and Selling at Fortive

In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the business’s 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 transaction, the chief financial officer now owns 73,391 shares in the company, valued at approximately $5,433,135.73. The trade was a 8.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $73.80, for a total value of $1,049,657.40. Following the completion of the sale, the senior vice president now directly owns 68,161 shares of the company’s stock, valued at $5,030,281.80. This represents a 17.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 197,895 shares of company stock valued at $14,261,051. 1.01% of the stock is owned by company insiders.

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.