Magnetar Financial LLC Acquires 150,428 Shares of Fortive Corporation $FTV

by · The Cerbat Gem

Magnetar Financial LLC lifted its holdings in Fortive Corporation (NYSE:FTV – Free Report) by 4,385.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 153,858 shares of the technology company’s stock after buying an additional 150,428 shares during the period. Magnetar Financial LLC’s holdings in Fortive were worth $8,021,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Dodge & Cox grew its position in Fortive by 181.5% in the first quarter. Dodge & Cox now owns 21,900,363 shares of the technology company’s stock worth $1,602,669,000 after acquiring an additional 14,120,456 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Fortive by 50.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,112,403 shares of the technology company’s stock valued at $959,567,000 after purchasing an additional 4,382,242 shares during the period. Invesco Ltd. lifted its stake in shares of Fortive by 96.6% in the 1st quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company’s stock valued at $411,781,000 after purchasing an additional 2,764,432 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Fortive by 4,854.2% in the 1st quarter. Pacer Advisors Inc. now owns 1,451,325 shares of the technology company’s stock worth $106,208,000 after purchasing an additional 1,422,030 shares during the period. Finally, Nuveen LLC bought a new position in shares of Fortive during the 1st quarter valued at approximately $76,671,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Fortive

In related news, SVP Stacey A. Walker sold 2,192 shares of the stock in a transaction that occurred on Friday, October 31st. The stock was sold at an average price of $50.35, for a total value of $110,367.20. Following the transaction, the senior vice president owned 59,488 shares of the company’s stock, valued at $2,995,220.80. This represents a 3.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.92% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on FTV. Mizuho decreased their price target on Fortive from $65.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Barclays increased their target price on shares of Fortive from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. Royal Bank Of Canada lowered their target price on shares of Fortive from $58.00 to $56.00 and set a “sector perform” rating for the company in a report on Thursday, July 31st. Robert W. Baird upped their price target on shares of Fortive from $57.00 to $58.00 and gave the company an “outperform” rating in a report on Tuesday, November 4th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Fortive from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $57.38.

Read Our Latest Analysis on FTV

Fortive Trading Up 3.9%

NYSE FTV opened at $52.84 on Friday. The company’s 50-day moving average price is $49.74 and its 200-day moving average price is $55.42. The company has a current ratio of 0.70, a quick ratio of 0.58 and a debt-to-equity ratio of 0.33. The stock has a market cap of $16.78 billion, a PE ratio of 30.19, a PEG ratio of 3.06 and a beta of 1.16. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32.

Fortive (NYSE:FTV – Get Free Report) last announced its quarterly earnings data on Monday, June 9th. The technology company reported $0.80 earnings per share for the quarter. The company had revenue of $1.07 billion during the quarter. Fortive had a net margin of 11.72% and a return on equity of 12.04%. Equities research analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 26th. Investors of record on Friday, November 28th will be issued a $0.06 dividend. The ex-dividend date is Friday, November 28th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. Fortive’s payout ratio is presently 13.71%.

About Fortive

(Free Report)

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.

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