OLD National Bancorp IN Increases Stock Position in Fortive Co. (NYSE:FTV)

OLD National Bancorp IN grew its holdings in Fortive Co. (NYSE:FTV) by 6.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 6,812 shares of the technology company’s stock after buying an additional 393 shares during the period. OLD National Bancorp IN’s holdings in Fortive were worth $502,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. abrdn plc raised its holdings in shares of Fortive by 2.9% in the third quarter. abrdn plc now owns 165,769 shares of the technology company’s stock valued at $12,293,000 after buying an additional 4,660 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Fortive by 34.2% in the fourth quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock valued at $38,828,000 after buying an additional 134,259 shares during the last quarter. Ferguson Wellman Capital Management Inc. raised its holdings in shares of Fortive by 4.5% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock valued at $61,326,000 after buying an additional 35,688 shares during the last quarter. NewEdge Wealth LLC raised its holdings in shares of Fortive by 12.4% in the fourth quarter. NewEdge Wealth LLC now owns 4,816 shares of the technology company’s stock valued at $355,000 after buying an additional 531 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of Fortive by 21.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 302,334 shares of the technology company’s stock valued at $22,096,000 after buying an additional 53,598 shares during the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fortive

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total transaction of $3,523,416.36. Following the transaction, the chief financial officer now directly owns 61,855 shares in the company, valued at approximately $5,336,849.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,937 shares of company stock valued at $5,475,122. Company insiders own 0.95% of the company’s stock.

Fortive Stock Down 5.8 %

FTV stock opened at $76.05 on Thursday. The company’s 50 day simple moving average is $84.16 and its 200-day simple moving average is $76.13. The firm has a market capitalization of $26.77 billion, a PE ratio of 31.17, a P/E/G ratio of 2.47 and a beta of 1.13. Fortive Co. has a 12 month low of $62.70 and a 12 month high of $87.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 1.75.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.93 by $0.05. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.56 billion. Fortive had a net margin of 14.27% and a return on equity of 12.12%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. Equities analysts expect that Fortive Co. will post 3.78 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s payout ratio is 13.11%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on FTV shares. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research note on Friday, January 26th. Citigroup boosted their price target on shares of Fortive from $90.00 to $101.00 and gave the stock a “buy” rating in a research note on Monday, April 8th. Truist Financial initiated coverage on shares of Fortive in a research note on Thursday, March 14th. They set a “buy” rating and a $99.00 price target on the stock. Mizuho upped their target price on shares of Fortive from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. Finally, Royal Bank of Canada upped their target price on shares of Fortive from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 1st. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $86.54.

Fortive 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.