Parkwood LLC Purchases New Shares in Fortive Corporation $FTV

Key Points

• Parkwood LLC acquired 190,390 shares of Fortive Corporation, valued at approximately $13.93 million, during the first quarter, representing around 0.06% of the company.
• Fortive's quarterly earnings fell short of estimates, reporting $0.58 earnings per share versus a forecast of $0.60, with a slight revenue decline compared to the previous year.
• The company's board has authorized a stock repurchase program for 15.63 million outstanding shares, which often indicates a belief that the stock is undervalued.

Parkwood LLC bought a new stake in shares of Fortive Corporation (NYSE:FTV - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 190,390 shares of the technology company's stock, valued at approximately $13,933,000. Parkwood LLC owned about 0.06% of Fortive as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FTV. Brighton Jones LLC lifted its position in Fortive by 97.1% during the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after acquiring an additional 2,811 shares during the last quarter. Ameriprise Financial Inc. raised its position in shares of Fortive by 77.9% in the 4th quarter. Ameriprise Financial Inc. now owns 550,369 shares of the technology company's stock valued at $41,278,000 after purchasing an additional 240,976 shares during the last quarter. Baird Financial Group Inc. raised its position in shares of Fortive by 3.4% in the 4th quarter. Baird Financial Group Inc. now owns 42,281 shares of the technology company's stock valued at $3,171,000 after purchasing an additional 1,372 shares during the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Fortive in the 4th quarter valued at approximately $231,000. Finally, Captrust Financial Advisors raised its position in shares of Fortive by 10.7% in the 4th quarter. Captrust Financial Advisors now owns 17,875 shares of the technology company's stock valued at $1,341,000 after purchasing an additional 1,729 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analyst Ratings Changes

FTV has been the subject of a number of research analyst reports. Morgan Stanley reaffirmed an "equal weight" rating and issued a $50.00 price target (down previously from $90.00) on shares of Fortive in a report on Tuesday, September 2nd. JPMorgan Chase & Co. decreased their price target on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Wells Fargo & Company decreased their price target on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, July 1st. Finally, Barclays set a $54.00 price target on shares of Fortive and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Four research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to data from MarketBeat.com, Fortive presently has a consensus rating of "Hold" and an average price target of $62.79.

Fortive Stock Performance

Shares of Fortive stock traded down $0.30 during trading on Tuesday, hitting $47.68. 3,477,207 shares of the company's stock were exchanged, compared to its average volume of 3,864,951. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98. The business has a 50-day simple moving average of $49.45 and a 200-day simple moving average of $63.40. Fortive Corporation has a 52-week low of $46.34 and a 52-week high of $83.32. The stock has a market capitalization of $16.13 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 3.05 and a beta of 1.10.

Fortive (NYSE:FTV - Get Free Report) last issued its earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). Fortive had a return on equity of 11.96% and a net margin of 13.62%.The business had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the business earned $0.93 EPS. The company's revenue for the quarter was down .4% on a year-over-year basis. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, research analysts forecast that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, September 12th. Fortive's dividend payout ratio (DPR) is currently 14.41%.

Fortive announced that its board has approved a stock buyback plan on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

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.