Sumitomo Mitsui Trust Group Inc. Sells 8,264 Shares of Fortive Co. (NYSE:FTV)

Sumitomo Mitsui Trust Group Inc. cut its stake in Fortive Co. (NYSE:FTV) by 1.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 790,543 shares of the technology company’s stock after selling 8,264 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Fortive worth $59,291,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Private Advisor Group LLC grew its holdings in Fortive by 3.6% during the 3rd quarter. Private Advisor Group LLC now owns 3,899 shares of the technology company’s stock valued at $308,000 after purchasing an additional 135 shares during the last quarter. Wedmont Private Capital boosted its position in shares of Fortive by 4.3% during the fourth quarter. Wedmont Private Capital now owns 3,346 shares of the technology company’s stock valued at $252,000 after buying an additional 137 shares during the period. Patton Albertson Miller Group LLC grew its stake in shares of Fortive by 1.7% during the third quarter. Patton Albertson Miller Group LLC now owns 8,854 shares of the technology company’s stock valued at $699,000 after buying an additional 150 shares during the last quarter. Andina Capital Management LLC raised its holdings in shares of Fortive by 3.4% in the third quarter. Andina Capital Management LLC now owns 4,585 shares of the technology company’s stock worth $362,000 after buying an additional 152 shares during the period. Finally, Atria Investments Inc lifted its stake in shares of Fortive by 1.6% during the 3rd quarter. Atria Investments Inc now owns 10,591 shares of the technology company’s stock worth $836,000 after acquiring an additional 163 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Fortive Trading Down 0.9 %

FTV opened at $79.12 on Monday. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33. The firm has a market cap of $27.45 billion, a price-to-earnings ratio of 31.52, a PEG ratio of 2.14 and a beta of 1.15. Fortive Co. has a 12 month low of $66.15 and a 12 month high of $87.10. The stock has a fifty day moving average price of $77.65 and a 200-day moving average price of $75.36.

Fortive (NYSE:FTV) last announced its earnings results on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.05. Fortive had a net margin of 14.35% and a return on equity of 12.56%. During the same period in the prior year, the firm earned $0.98 earnings per share. As a group, equities research analysts anticipate that Fortive Co. will post 3.84 earnings per share for the current fiscal year.

Fortive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, February 28th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.40%. The ex-dividend date of this dividend is Friday, February 28th. Fortive’s dividend payout ratio is currently 12.75%.

Wall Street Analyst Weigh In

Several equities analysts have commented on FTV shares. Citigroup downgraded Fortive from a “buy” rating to a “neutral” rating and cut their price objective for the company from $92.00 to $86.00 in a research report on Monday, December 9th. Truist Financial raised their price target on shares of Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. JPMorgan Chase & Co. lowered their price objective on shares of Fortive from $92.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, January 15th. Argus reaffirmed a “hold” rating on shares of Fortive in a research report on Monday, November 18th. Finally, Royal Bank of Canada lowered their price target on Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a report on Thursday, October 31st. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $86.45.

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.