Cinctive Capital Management LP Invests $560,000 in Fortive Corporation $FTV

Key Points

• Cinctive Capital Management LP acquired 7,650 shares of Fortive Corporation valued at approximately $560,000 in the first quarter.
• Fortive reported Q2 earnings of $0.58 per share, missing expectations, and had a revenue of $1.52 billion, slightly below analysts' forecasts.
• The company announced a stock buyback plan allowing the repurchase of 15.63 million shares, indicating the board's belief that the stock is undervalued.

Cinctive Capital Management LP purchased a new stake in shares of Fortive Corporation (NYSE:FTV - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 7,650 shares of the technology company's stock, valued at approximately $560,000.

Several other large investors also recently added to or reduced their stakes in FTV. American National Bank & Trust bought a new stake in shares of Fortive during the 1st quarter valued at $26,000. Accent Capital Management LLC bought a new stake in Fortive during the 1st quarter worth approximately $26,000. Global X Japan Co. Ltd. lifted its holdings in Fortive by 114.2% during the first 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 in the last quarter. Park Square Financial Group LLC purchased a new position in Fortive during the fourth quarter valued at approximately $30,000. Finally, Capital Analysts LLC boosted its position in shares of Fortive by 41.0% in the first quarter. Capital Analysts LLC now owns 523 shares of the technology company's stock worth $38,000 after purchasing an additional 152 shares during the period. 94.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Raymond James Financial decreased their price objective on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. Mizuho decreased their price target on Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Royal Bank Of Canada dropped their price objective on Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a research note on Thursday, July 31st. TD Cowen cut Fortive from a "buy" rating to a "hold" rating and cut their target price for the stock from $85.00 to $50.00 in a research report on Tuesday, July 15th. Finally, BNP Paribas reissued a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Four investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $62.79.

Fortive Trading Up 0.1%

Shares of FTV stock traded up $0.04 during trading hours on Wednesday, reaching $47.75. 3,263,467 shares of the stock were exchanged, compared to its average volume of 3,356,983. The firm has a market capitalization of $16.15 billion, a price-to-earnings ratio of 21.51, a price-to-earnings-growth ratio of 3.05 and a beta of 1.10. Fortive Corporation has a 12-month low of $46.34 and a 12-month high of $83.32. The company's 50-day moving average price is $49.45 and its 200-day moving average price is $63.40. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28.

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

Fortive announced that its board has authorized a stock repurchase program on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

Fortive Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, September 12th. Fortive's dividend payout ratio is 14.41%.

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.