508,081 Shares in Fortive Corporation $FTV Bought by Kodai Capital Management LP

Key Points

• Kodai Capital Management LP acquired 508,081 shares of Fortive Corporation, valued at approximately $37.2 million, making it the firm's 21st largest position.
• Fortive's earnings for the recent quarter were reported at $0.58 per share, missing estimates, while the company announced a cut in its quarterly dividend to $0.06 per share.
• Several analysts have downgraded their price targets for Fortive, with a consensus target price now at $65.57, indicating a mixed outlook among Wall Street analysts.

Kodai Capital Management LP purchased a new position in Fortive Corporation (NYSE:FTV - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 508,081 shares of the technology company's stock, valued at approximately $37,181,000. Fortive makes up about 1.5% of Kodai Capital Management LP's investment portfolio, making the stock its 21st largest holding. Kodai Capital Management LP owned 0.15% of Fortive as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Parvin Asset Management LLC bought a new stake in Fortive in the 4th quarter worth approximately $26,000. American National Bank & Trust bought a new position in Fortive in the 1st quarter valued at $26,000. Accent Capital Management LLC purchased a new stake in shares of Fortive in the 1st quarter worth $26,000. Global X Japan Co. Ltd. lifted its stake in shares of Fortive by 114.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after purchasing an additional 201 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new position in Fortive during the 4th quarter valued at about $30,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Stock Performance

NYSE FTV traded down $0.55 during trading hours on Tuesday, reaching $47.32. The company's stock had a trading volume of 4,127,693 shares, compared to its average volume of 3,367,232. The business has a 50-day simple moving average of $51.52 and a 200 day simple moving average of $64.70. The stock has a market cap of $16.01 billion, a PE ratio of 21.31, a PEG ratio of 3.03 and a beta of 1.10. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32.

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

Fortive declared that its Board of Directors has authorized a stock buyback plan on Tuesday, May 27th that authorizes the company to repurchase 15,630,000 shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Fortive Cuts Dividend

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

Analyst Upgrades and Downgrades

FTV has been the topic of several analyst reports. Wells Fargo & Company dropped their target price on Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 1st. Cowen cut Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. Melius Research raised Fortive to a "hold" rating in a research note on Tuesday, July 22nd. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target for the company. in a report on Tuesday, July 22nd. Finally, BNP Paribas reissued a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently 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.