Bank of New York Mellon Corp Purchases 169,657 Shares of Fortive Corporation $FTV

Key Points

• Bank of New York Mellon increased its Fortive stake by 9.4% in the fourth quarter, buying 169,657 additional shares and bringing its total to 1,972,281 shares worth about $108.9 million.
• Fortive reported strong quarterly results, with earnings per share of $0.70 beating estimates and revenue of $2.14 billion topping expectations, while revenue rose 7.7% year over year.
• The company also authorized a 20 million-share buyback, and analysts currently have a mixed view on the stock, with a consensus rating of “Hold” and an average price target of $61.62.

Bank of New York Mellon Corp lifted its position in Fortive Corporation (NYSE:FTV - Free Report) by 9.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,972,281 shares of the technology company's stock after buying an additional 169,657 shares during the period. Bank of New York Mellon Corp owned approximately 0.62% of Fortive worth $108,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of FTV. Root Financial Partners LLC increased its position in shares of Fortive by 43.6% during 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 during the last quarter. Geneos Wealth Management Inc. increased its holdings in Fortive by 246.2% during the first quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company's stock valued at $37,000 after buying an additional 357 shares during the last quarter. Dorato Capital Management purchased a new stake in Fortive during the fourth quarter valued at approximately $45,000. Hantz Financial Services Inc. raised its position in Fortive by 149.3% in the fourth quarter. Hantz Financial Services Inc. now owns 845 shares of the technology company's stock worth $47,000 after acquiring an additional 506 shares during the period. Finally, Dunhill Financial LLC boosted its stake in shares of Fortive by 8,300.0% during the 3rd quarter. Dunhill Financial LLC now owns 1,008 shares of the technology company's stock worth $49,000 after acquiring an additional 996 shares during the last quarter. Institutional investors own 94.94% of the company's stock.

Fortive Trading Up 0.0%

Shares of FTV opened at $61.30 on Monday. The firm has a market cap of $18.69 billion, a P/E ratio of 36.71 and a beta of 1.06. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.71 and a quick ratio of 0.57. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $73.77. The company has a 50 day simple moving average of $59.21 and a two-hundred day simple moving average of $56.75.

Fortive (NYSE:FTV - Get Free Report) last issued its earnings results on Thursday, April 30th. The technology company reported $0.70 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.06. The firm had revenue of $2.14 billion during the quarter, compared to analyst estimates of $1.04 billion. Fortive had a net margin of 12.84% and a return on equity of 12.66%. Fortive's revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.85 earnings per share. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. On average, equities analysts expect that Fortive Corporation will post 2.97 earnings per share for the current fiscal year.

Fortive announced that its Board of Directors has initiated a stock buyback program on Monday, May 4th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts have issued reports on FTV shares. Barclays boosted their price target on Fortive from $56.00 to $63.00 and gave the company an "equal weight" rating in a report on Monday, February 9th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Fortive in a research report on Friday, May 22nd. JPMorgan Chase & Co. boosted their price objective on Fortive from $63.00 to $64.00 and gave the company an "underweight" rating in a research note on Tuesday, May 12th. Morgan Stanley increased their target price on shares of Fortive from $58.00 to $59.00 and gave the stock an "equal weight" rating in a report on Wednesday. Finally, Argus upgraded shares of Fortive from a "hold" rating to a "buy" rating and set a $68.00 target price on the stock in a research note on Monday, May 11th. Three research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Fortive has an average rating of "Hold" and a consensus price target of $61.62.

Insider Buying and Selling at Fortive

In other news, SVP Peter C. Underwood sold 47,557 shares of Fortive stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $60.81, for a total value of $2,891,941.17. Following the sale, the senior vice president directly owned 87,780 shares of the company's stock, valued at approximately $5,337,901.80. The trade was a 35.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.65% of the stock is currently owned by insiders.

Fortive Company Profile

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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