CX Institutional Boosts Stock Position in Fortive Corporation $FTV

CX Institutional boosted its holdings in shares of Fortive Corporation (NYSE:FTV) by 31.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,397 shares of the technology company’s stock after purchasing an additional 808 shares during the quarter. CX Institutional’s holdings in Fortive were worth $177,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Redmond Asset Management LLC increased its holdings in Fortive by 1.0% during the 1st quarter. Redmond Asset Management LLC now owns 14,515 shares of the technology company’s stock worth $1,062,000 after purchasing an additional 142 shares during the last quarter. Capital Analysts LLC increased its holdings in Fortive by 41.0% during the 1st quarter. Capital Analysts LLC now owns 523 shares of the technology company’s stock worth $38,000 after purchasing an additional 152 shares during the last quarter. Tandem Capital Management Corp ADV increased its holdings in Fortive by 0.6% during the 1st quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company’s stock worth $2,017,000 after purchasing an additional 160 shares during the last quarter. Forum Financial Management LP increased its holdings in Fortive by 2.3% during the 1st quarter. Forum Financial Management LP now owns 7,119 shares of the technology company’s stock worth $521,000 after purchasing an additional 161 shares during the last quarter. Finally, RDA Financial Network increased its holdings in Fortive by 3.5% during the 1st quarter. RDA Financial Network now owns 4,965 shares of the technology company’s stock worth $363,000 after purchasing an additional 169 shares during the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Trading Up 0.1%

NYSE:FTV opened at $48.37 on Wednesday. Fortive Corporation has a 12-month low of $46.34 and a 12-month high of $83.32. The firm has a market capitalization of $16.36 billion, a P/E ratio of 21.79, a P/E/G ratio of 3.07 and a beta of 1.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. The business has a 50 day simple moving average of $48.63 and a 200 day simple moving average of $61.31.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). Fortive had a net margin of 13.62% and a return on equity of 11.96%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the firm earned $0.93 EPS. The company’s revenue for the quarter was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Equities research analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.24 annualized dividend and a yield of 0.5%. Fortive’s payout ratio is presently 10.81%.

Fortive announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 27th that allows the company to buyback 15,630,000 outstanding 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 board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

FTV has been the subject of several research reports. Melius Research upgraded Fortive to a “hold” rating in a research report on Tuesday, July 22nd. Morgan Stanley reiterated an “equal weight” rating and issued a $50.00 target price (down previously from $90.00) on shares of Fortive in a research report on Tuesday, September 2nd. Zacks Research upgraded Fortive from a “strong sell” rating to a “hold” rating in a research report on Monday, September 15th. Raymond James Financial decreased their target price on Fortive from $90.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. decreased their target price on Fortive from $87.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, July 2nd. Four analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $62.79.

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.