Brookstone Capital Management Invests $3.54 Million in Fortive Corporation (NYSE:FTV)

Brookstone Capital Management purchased a new stake in Fortive Corporation (NYSE:FTV - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 48,396 shares of the technology company's stock, valued at approximately $3,542,000.

Other institutional investors also recently bought and sold shares of the company. Parvin Asset Management LLC acquired a new position in Fortive in the 4th quarter valued at $26,000. American National Bank & Trust purchased a new position in Fortive during the first quarter worth about $26,000. Global X Japan Co. Ltd. lifted its position in Fortive by 114.2% during the first quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after buying an additional 201 shares during the period. Park Square Financial Group LLC acquired a new position in shares of Fortive during the 4th quarter valued at about $30,000. Finally, Quarry LP increased its stake in shares of Fortive by 229.6% during the 4th quarter. Quarry LP now owns 501 shares of the technology company's stock valued at $38,000 after acquiring an additional 349 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday. Wall Street Zen raised Fortive to a "hold" rating in a research report on Saturday. Royal Bank Of Canada upped their price target on Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research note on Monday, June 9th. Citigroup dropped their price target on Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a research note on Monday, April 14th. Finally, Truist Financial dropped their price target on Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $77.08.

Fortive Stock Down 0.6%

NYSE:FTV traded down $0.33 during trading hours on Friday, hitting $53.01. The stock had a trading volume of 2,484,750 shares, compared to its average volume of 2,745,152. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. Fortive Corporation has a 1-year low of $50.00 and a 1-year high of $83.32. The business has a 50 day simple moving average of $68.87 and a two-hundred day simple moving average of $72.92. The company has a market cap of $18.02 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 2.33 and a beta of 1.09.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, meeting analysts' consensus estimates of $0.85. The business had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.49 billion. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The business's revenue was down 3.3% on a year-over-year basis. During the same period last year, the business earned $0.83 EPS. Analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other news, SVP Peter C. Underwood sold 14,327 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the completion of the sale, the senior vice president owned 51,750 shares of the company's stock, valued at approximately $3,823,290. This trade represents a 21.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO James A. Lico sold 175,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the sale, the chief executive officer directly owned 428,585 shares of the company's stock, valued at $31,029,554. The trade was a 28.99% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

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.