Bank of Nova Scotia purchased a new stake in Fortive Corporation (NYSE:FTV - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 215,455 shares of the technology company's stock, valued at approximately $13,162,000. Bank of Nova Scotia owned about 0.07% of Fortive as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently made changes to their positions in FTV. BlackRock Inc. bought a new position in shares of Fortive in the second quarter worth $1,626,463,000. Flossbach Von Storch SE bought a new position in Fortive in the second quarter valued at about $739,668,000. Norges Bank acquired a new position in Fortive in the 4th quarter valued at approximately $491,928,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Fortive by 102,687.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 7,487,060 shares of the technology company's stock worth $413,361,000 after purchasing an additional 7,479,776 shares during the period. Finally, Viking Global Investors LP grew its position in shares of Fortive by 28.7% in the 3rd quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company's stock valued at $1,003,495,000 after buying an additional 4,571,056 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Fortive
In related news, SVP Peter C. Underwood sold 8,662 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $61.59, for a total transaction of $533,492.58. Following the transaction, the senior vice president directly owned 79,118 shares in the company, valued at $4,872,877.62. This trade represents a 9.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.65% of the company's stock.
Fortive Stock Performance
NYSE:FTV opened at $60.45 on Tuesday. The business's 50-day moving average price is $61.16 and its two-hundred day moving average price is $59.48. The stock has a market cap of $18.26 billion, a P/E ratio of 35.77, a PEG ratio of 2.49 and a beta of 1.06. The company has a quick ratio of 1.00, a current ratio of 1.24 and a debt-to-equity ratio of 0.58. Fortive Corporation has a twelve month low of $46.54 and a twelve month high of $64.56.
Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.71 by $0.03. The business had revenue of $1.10 billion during the quarter, compared to analysts' expectations of $1.07 billion. Fortive had a net margin of 12.38% and a return on equity of 15.33%. The business's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.90 EPS. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. As a group, equities analysts predict that Fortive Corporation will post 3.02 EPS for the current fiscal year.
Fortive announced that its Board of Directors has authorized a share repurchase plan on Monday, May 4th that authorizes the company to buyback 20,000,000 outstanding shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.
Fortive Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be paid a $0.07 dividend. This is a boost from Fortive's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, September 4th. Fortive's payout ratio is presently 14.20%.
Wall Street Analyst Weigh In
Several research firms have recently weighed in on FTV. Citigroup increased their price objective on shares of Fortive from $64.00 to $65.00 and gave the stock a "neutral" rating in a research report on Friday, May 1st. Weiss Ratings raised shares of Fortive from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, August 12th. JPMorgan Chase & Co. raised their target price on Fortive from $63.00 to $64.00 and gave the company an "underweight" rating in a report on Tuesday, May 12th. Truist Financial reaffirmed a "hold" rating and issued a $68.00 price objective (up from $67.00) on shares of Fortive in a research report on Thursday, July 30th. Finally, Morgan Stanley raised their target price on Fortive from $58.00 to $59.00 and gave the company an "equal weight" rating in a research report on Wednesday, June 3rd. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Fortive has a consensus rating of "Hold" and an average target price of $63.10.
Read Our Latest Report on FTV
Fortive Profile
(
Free Report)
Fortive Corporation NYSE: FTV is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive's activities on higher‑margin instrumentation, software and services.
Fortive's operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.
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