State of Michigan Retirement System Sells 200 Shares of Fortive Co. (NYSE:FTV)

State of Michigan Retirement System reduced its position in shares of Fortive Co. (NYSE:FTV) by 0.2% during the 1st quarter, HoldingsChannel.com reports. The fund owned 96,060 shares of the technology company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Fortive were worth $8,263,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Indiana Trust & Investment Management CO bought a new stake in Fortive during the first quarter worth $26,000. Cetera Trust Company N.A bought a new position in shares of Fortive in the fourth quarter valued at about $28,000. Spire Wealth Management raised its position in shares of Fortive by 69.3% in the fourth quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock valued at $37,000 after purchasing an additional 208 shares during the period. Fortitude Family Office LLC bought a new position in shares of Fortive in the fourth quarter valued at about $38,000. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its position in shares of Fortive by 1,162.8% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 543 shares of the technology company’s stock valued at $40,000 after purchasing an additional 500 shares during the period. 94.94% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FTV has been the topic of several research analyst reports. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Wells Fargo & Company dropped their price objective on shares of Fortive from $92.00 to $84.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 25th. Royal Bank of Canada dropped their price objective on shares of Fortive from $93.00 to $83.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 25th. Truist Financial decreased their price target on shares of Fortive from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Citigroup decreased their price target on shares of Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.69.

Fortive Price Performance

Fortive stock traded up $0.18 during trading hours on Tuesday, reaching $72.30. 1,940,465 shares of the stock were exchanged, compared to its average volume of 1,660,008. The company has a market cap of $25.45 billion, a P/E ratio of 28.58, a price-to-earnings-growth ratio of 2.17 and a beta of 1.12. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.38. Fortive Co. has a twelve month low of $63.05 and a twelve month high of $87.10. The stock has a 50 day moving average of $75.04 and a two-hundred day moving average of $78.21.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. Equities analysts expect that Fortive Co. will post 3.8 EPS for the current fiscal year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. Fortive’s payout ratio is 12.65%.

About Fortive

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.