Bank of America Corp DE Takes Position in Fortive Corporation $FTV

Key Points

• Bank of America acquired 1.43 million Fortive shares during the second quarter, valued at approximately $87.3 million and representing about 0.47% of the company.
• Fortive attracted several other major institutional investors, including BlackRock, Flossbach von Storch and Barrow Hanley; institutional investors collectively own 94.94% of the stock.
• Analysts maintain a consensus “Hold” rating with an average price target of $63.10. Fortive also exceeded quarterly earnings and revenue estimates and raised its quarterly dividend from $0.06 to $0.07 per share.

Bank of America Corp DE bought a new position in shares of Fortive Corporation (NYSE:FTV - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,428,386 shares of the technology company's stock, valued at approximately $87,260,000. Bank of America Corp DE owned approximately 0.47% of Fortive as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in Fortive during the 2nd quarter worth $1,626,463,000. Flossbach Von Storch SE purchased a new stake in Fortive during the 2nd quarter valued at about $739,668,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Fortive in the 2nd quarter valued at about $527,526,000. Norges Bank purchased a new position in Fortive in the 4th quarter worth approximately $491,928,000. Finally, Geode Capital Management LLC lifted its stake in Fortive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 8,787,747 shares of the technology company's stock worth $483,327,000 after purchasing an additional 116,939 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analysts Set New Price Targets

FTV has been the subject of a number of analyst reports. Truist Financial restated a "hold" rating and issued a $68.00 price target (up from $67.00) on shares of Fortive in a research report on Thursday, July 30th. Morgan Stanley boosted their price objective on Fortive from $58.00 to $59.00 and gave the stock an "equal weight" rating in a research note on Wednesday, June 3rd. Argus reaffirmed a "buy" rating and issued a $68.00 target price on shares of Fortive in a research note on Wednesday, August 19th. Finally, Weiss Ratings lowered Fortive from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, August 27th. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Fortive has a consensus rating of "Hold" and an average price target of $63.10.

Insider Activity at Fortive

In other news, SVP Peter C. Underwood sold 8,662 shares of Fortive stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $61.59, for a total value of $533,492.58. Following the transaction, the senior vice president directly owned 79,118 shares of the company's stock, valued at $4,872,877.62. The trade was a 9.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.65% of the stock is currently owned by company insiders.

Fortive Price Performance

Shares of NYSE:FTV opened at $55.02 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.00 and a current ratio of 1.24. The stock has a market cap of $16.62 billion, a PE ratio of 32.56, a price-to-earnings-growth ratio of 2.28 and a beta of 1.05. Fortive Corporation has a one year low of $47.31 and a one year high of $64.56. The business's fifty day moving average price is $59.40 and its two-hundred day moving average price is $59.25.

Fortive (NYSE:FTV - Get Free Report) last issued 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. Fortive had a net margin of 12.38% and a return on equity of 15.33%. The business had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the firm posted $0.90 earnings per share. The company's quarterly revenue was up 8.0% compared to the same quarter last year. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. On average, analysts forecast that Fortive Corporation will post 3.02 EPS for the current fiscal year.

Fortive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be issued a $0.07 dividend. The ex-dividend date is Friday, September 4th. This is an increase from Fortive's previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 0.5%. Fortive's payout ratio is 16.57%.

Fortive Profile

Fortive Corporation NYSE: FTV is a diversified industrial technology company that develops and provides essential products, software and services for customers in healthcare, manufacturing, utilities, commercial facilities and other professional markets. Its businesses focus on improving workplace productivity, safety, compliance, asset performance and operational efficiency.

Fortive's portfolio has included brands such as Fluke, Tektronix, Industrial Scientific, Accruent, Gordian, Provation and ASP.

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