Bank of New York Mellon Corp purchased a new stake in Fortive Corporation (NYSE:FTV - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,897,437 shares of the technology company's stock, valued at approximately $115,914,000. Bank of New York Mellon Corp owned approximately 0.63% of Fortive at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in FTV. Root Financial Partners LLC raised its holdings in shares of Fortive by 43.6% in the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company's stock valued at $31,000 after purchasing an additional 168 shares in the last quarter. Arkadios Wealth Advisors grew its stake in shares of Fortive by 2.1% during the first quarter. Arkadios Wealth Advisors now owns 9,047 shares of the technology company's stock worth $500,000 after purchasing an additional 187 shares in the last quarter. Rothschild Investment LLC grew its stake in shares of Fortive by 20.5% during the fourth quarter. Rothschild Investment LLC now owns 1,113 shares of the technology company's stock worth $61,000 after purchasing an additional 189 shares in the last quarter. Empowered Funds LLC increased its holdings in Fortive by 2.3% in the fourth quarter. Empowered Funds LLC now owns 8,733 shares of the technology company's stock valued at $482,000 after buying an additional 197 shares during the last quarter. Finally, Clearstead Trust LLC increased its holdings in Fortive by 29.8% in the fourth quarter. Clearstead Trust LLC now owns 953 shares of the technology company's stock valued at $53,000 after buying an additional 219 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on FTV shares. Morgan Stanley increased their price objective on Fortive from $58.00 to $59.00 and gave the company an "equal weight" rating in a report on Wednesday, June 3rd. JPMorgan Chase & Co. boosted their target price on Fortive from $63.00 to $64.00 and gave the stock an "underweight" rating in a research note on Tuesday, May 12th. Argus reaffirmed a "buy" rating and issued a $68.00 price target on shares of Fortive in a report on Wednesday, August 19th. Weiss Ratings raised Fortive from a "hold (c-)" rating to a "hold (c)" rating in a report on Wednesday, August 12th. Finally, Citigroup increased their price target on shares of Fortive from $64.00 to $65.00 and gave the company a "neutral" rating in a research note on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $63.10.
View Our Latest Analysis on FTV
Fortive Price Performance
FTV stock opened at $60.14 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $18.16 billion, a P/E ratio of 35.59, a PEG ratio of 2.49 and a beta of 1.06. The business has a 50 day simple moving average of $61.16 and a 200-day simple moving average of $59.43. 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.71 by $0.03. Fortive had a return on equity of 15.33% and a net margin of 12.38%.The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the company posted $0.90 earnings per share. The business's revenue was up 8.0% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. As a group, equities analysts anticipate that Fortive Corporation will post 3.02 EPS for the current year.
Fortive Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.28 dividend on an annualized basis and a yield of 0.5%. This is a boost from Fortive's previous quarterly dividend of $0.06. Fortive's dividend payout ratio is presently 14.20%.
Fortive announced that its board has initiated a share buyback plan on Monday, May 4th that authorizes the company to buyback 20,000,000 shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.
Insiders Place Their Bets
In other news, SVP Peter C. Underwood sold 8,662 shares of the 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 completion of the transaction, the senior vice president directly owned 79,118 shares of the company's stock, valued at approximately $4,872,877.62. This represents a 9.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.65% of the company's stock.
About Fortive
(
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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