Fortive Corporation $FTV Position Boosted by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its stake in Fortive Corporation by 32.6%, acquiring an additional 73,135 shares, bringing its total to 297,182 shares valued at approximately $21.4 million.
• Fortive's stock has seen a downgrade from various analysts, with TD Cowen reducing its price target from $85 to $50 amidst a consensus "Hold" rating and a new average price target of $65.57.
• The company reported earnings per share of $0.58 for the last quarter, missing estimates, while also announcing a plan to buy back 15.6 million shares, reflecting confidence in its stock valuation.

Aberdeen Group plc grew its stake in shares of Fortive Corporation (NYSE:FTV - Free Report) by 32.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 297,182 shares of the technology company's stock after purchasing an additional 73,135 shares during the period. Aberdeen Group plc owned approximately 0.09% of Fortive worth $21,422,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Parvin Asset Management LLC purchased a new position in Fortive in the 4th quarter valued at approximately $26,000. American National Bank & Trust acquired a new stake in Fortive during the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new stake in Fortive during the 1st quarter valued at $26,000. Global X Japan Co. Ltd. grew its holdings in Fortive by 114.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after buying an additional 201 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in shares of Fortive during the fourth quarter worth $30,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Stock Up 3.2%

Fortive stock traded up $1.5150 during midday trading on Friday, hitting $49.2750. The stock had a trading volume of 3,749,728 shares, compared to its average volume of 4,986,282. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. The stock has a market cap of $16.67 billion, a P/E ratio of 22.20, a P/E/G ratio of 3.03 and a beta of 1.08. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The business has a fifty day moving average price of $54.14 and a 200 day moving average price of $66.24.

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

Fortive announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 outstanding shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. TD Cowen cut Fortive from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $85.00 to $50.00 in a report on Tuesday, July 15th. JPMorgan Chase & Co. decreased their price objective on Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Cowen cut Fortive from a "buy" rating to a "hold" rating in a report on Tuesday, July 15th. Raymond James Financial decreased their price objective on Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, July 1st. Finally, Wall Street Zen upgraded Fortive to a "hold" rating in a report on Saturday, July 5th. Five analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $65.57.

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.