Atlantic Union Bankshares Corp Takes Position in Fortive Co. (NYSE:FTV)

Atlantic Union Bankshares Corp bought a new position in shares of Fortive Co. (NYSE:FTV) during the 1st quarter, HoldingsChannel.com reports. The fund bought 2,588 shares of the technology company’s stock, valued at approximately $223,000.

A number of other hedge funds have also bought and sold shares of FTV. LPL Financial LLC raised its stake in Fortive by 36.4% in the 3rd quarter. LPL Financial LLC now owns 97,806 shares of the technology company’s stock worth $7,253,000 after acquiring an additional 26,122 shares during the last quarter. Mariner LLC lifted its holdings in shares of Fortive by 16.5% during the third quarter. Mariner LLC now owns 34,829 shares of the technology company’s stock worth $2,583,000 after purchasing an additional 4,927 shares during the period. Natixis Advisors L.P. lifted its holdings in shares of Fortive by 16.9% during the third quarter. Natixis Advisors L.P. now owns 56,457 shares of the technology company’s stock worth $4,187,000 after purchasing an additional 8,158 shares during the period. O Shaughnessy Asset Management LLC boosted its position in Fortive by 131.7% in the third quarter. O Shaughnessy Asset Management LLC now owns 9,069 shares of the technology company’s stock valued at $673,000 after buying an additional 5,155 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in Fortive by 0.5% in the 3rd quarter. Treasurer of the State of North Carolina now owns 160,357 shares of the technology company’s stock worth $11,892,000 after buying an additional 801 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Fortive Price Performance

Fortive stock traded up $0.53 during trading on Friday, reaching $74.10. The company had a trading volume of 3,195,214 shares, compared to its average volume of 1,654,839. The firm has a market capitalization of $26.09 billion, a PE ratio of 29.29, a price-to-earnings-growth ratio of 2.14 and a beta of 1.13. The firm’s 50-day simple moving average is $75.20 and its 200 day simple moving average is $78.12. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. Fortive Co. has a 1-year low of $63.05 and a 1-year high of $87.10.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. As a group, equities research analysts anticipate that Fortive Co. will post 3.8 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. Shareholders of record on Friday, May 31st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.43%. Fortive’s dividend payout ratio (DPR) is currently 12.65%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FTV. Citigroup dropped their price objective on shares of Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Truist Financial assumed coverage on shares of Fortive in a report on Thursday, March 14th. They issued a “buy” rating and a $99.00 price target on the stock. Royal Bank of Canada reduced their price objective on Fortive from $93.00 to $83.00 and set a “sector perform” rating for the company in a research note on Thursday, April 25th. JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Finally, StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research report on Monday, May 13th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.46.

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.