Mutual of America Capital Management LLC Reduces Stock Holdings in Fortive Corporation (NYSE:FTV)

Mutual of America Capital Management LLC decreased its holdings in Fortive Corporation (NYSE:FTV) by 4.5% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,686 shares of the technology company’s stock after selling 1,883 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Fortive were worth $2,904,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brown Brothers Harriman & Co. lifted its position in Fortive by 5.2% during the fourth quarter. Brown Brothers Harriman & Co. now owns 2,554 shares of the technology company’s stock valued at $192,000 after buying an additional 127 shares during the period. Tandem Capital Management Corp ADV lifted its position in Fortive by 0.6% during the first quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company’s stock valued at $2,017,000 after buying an additional 160 shares during the period. RDA Financial Network lifted its position in Fortive by 3.5% during the first quarter. RDA Financial Network now owns 4,965 shares of the technology company’s stock valued at $363,000 after buying an additional 169 shares during the period. Tritonpoint Wealth LLC lifted its position in Fortive by 3.1% during the first quarter. Tritonpoint Wealth LLC now owns 6,208 shares of the technology company’s stock valued at $454,000 after buying an additional 187 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in Fortive by 37.5% during the first quarter. Exchange Traded Concepts LLC now owns 686 shares of the technology company’s stock valued at $50,000 after buying an additional 187 shares during the period. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Transactions at Fortive

In other Fortive news, CEO James A. Lico sold 175,000 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $72.40, for a total value of $12,670,000.00. Following the completion of the transaction, the chief executive officer owned 428,585 shares of the company’s stock, valued at approximately $31,029,554. The trade was a 28.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Peter C. Underwood sold 14,327 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $73.88, for a total value of $1,058,478.76. Following the completion of the transaction, the senior vice president directly owned 51,750 shares of the company’s stock, valued at approximately $3,823,290. This trade represents a 21.68% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Mizuho lowered their price objective on Fortive from $85.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday. Robert W. Baird lowered their price objective on Fortive from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Royal Bank Of Canada raised their price objective on Fortive from $78.00 to $79.00 and gave the company a “sector perform” rating in a research report on Monday, June 9th. Wells Fargo & Company lowered their price objective on Fortive from $72.00 to $55.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 1st. Finally, Cowen lowered Fortive from a “buy” rating to a “hold” rating in a research report on Tuesday. Ten research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $69.92.

Fortive Price Performance

FTV opened at $50.49 on Friday. Fortive Corporation has a 1 year low of $50.00 and a 1 year high of $83.32. The stock has a 50-day moving average price of $65.56 and a 200-day moving average price of $71.36. The firm has a market cap of $17.16 billion, a PE ratio of 22.14, a P/E/G ratio of 3.16 and a beta of 1.09. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.99 and a quick ratio of 0.78.

Fortive (NYSE:FTV) last issued its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. Fortive’s revenue was down 3.3% on a year-over-year basis. Sell-side analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive announced that its board has approved a stock buyback plan on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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.