Canoe Financial LP Buys 48,789 Shares of Fortive Corporation $FTV

Key Points

• Canoe Financial LP increased its stake in Fortive Corporation by 17.0%, acquiring an additional 48,789 shares during the second quarter, bringing its total ownership to 336,574 shares valued at approximately $17.5 million.
• Multiple institutional investors, including Moody National Bank and Baader Bank, also increased their holdings in Fortive, highlighting a general trend of growing institutional interest in the company.
• Fortive is facing pressure from analysts, with stock price targets being lowered by firms such as Raymond James and Mizuho, with a current consensus rating of "Hold" and an average price target of about $62.79.

Canoe Financial LP lifted its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 17.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 336,574 shares of the technology company's stock after purchasing an additional 48,789 shares during the quarter. Canoe Financial LP owned 0.10% of Fortive worth $17,546,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. American National Bank & Trust acquired a new position in shares of Fortive in the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new position in shares of Fortive in the 1st quarter valued at $26,000. Global X Japan Co. Ltd. boosted its position in shares of Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after purchasing an additional 201 shares during the period. Park Square Financial Group LLC acquired a new position in shares of Fortive in the 4th quarter valued at $30,000. Finally, Geneos Wealth Management Inc. boosted its position in Fortive by 246.2% during the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company's stock worth $37,000 after acquiring an additional 357 shares during the period. Institutional investors and hedge funds own 94.94% of the company's stock.

Wall Street Analyst Weigh In

FTV has been the subject of a number of recent research reports. Melius Research raised Fortive to a "hold" rating in a research note on Tuesday, July 22nd. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target for the company. in a research note on Tuesday, July 22nd. Cowen downgraded Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. TD Cowen downgraded Fortive from a "buy" rating to a "hold" rating and cut their price target for the stock from $85.00 to $50.00 in a research note on Tuesday, July 15th. Finally, Barclays set a $54.00 price target on Fortive and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $62.79.

Fortive Trading Up 0.0%

NYSE FTV traded up $0.01 on Tuesday, reaching $48.33. The company had a trading volume of 708,949 shares, compared to its average volume of 3,410,490. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28. The stock has a market cap of $16.35 billion, a price-to-earnings ratio of 21.78, a PEG ratio of 3.09 and a beta of 1.10. The stock's 50 day moving average is $48.69 and its 200-day moving average is $61.40.

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

Fortive Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Friday, September 12th. Fortive's dividend payout ratio (DPR) is presently 10.81%.

Fortive declared that its Board of Directors has authorized a share buyback program on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Fortive Profile

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.