Drake & Associates LLC Grows Stake in Fortive Corporation $FTV

Key Points

• Drake & Associates LLC has increased its stake in Fortive Corporation by 71.6% in the second quarter, owning 38,265 shares worth approximately $1,995,000.
• Fortive's recent earnings report revealed an EPS of $0.58, missing analyst expectations, with revenue down 0.4% year-over-year at $1.52 billion.
• The company's dividend has been set at $0.06 quarterly, suggesting a low yield of 0.5% amid changes in institutional ownership, with 94.94% of the stock held by institutional investors.

Drake & Associates LLC increased its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 71.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 38,265 shares of the technology company's stock after purchasing an additional 15,967 shares during the quarter. Drake & Associates LLC's holdings in Fortive were worth $1,995,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FTV. Brighton Jones LLC lifted its position in shares of Fortive by 97.1% during the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock worth $428,000 after buying an additional 2,811 shares during the last quarter. NBC Securities Inc. raised its stake in Fortive by 152,000.0% during the 1st quarter. NBC Securities Inc. now owns 1,521 shares of the technology company's stock worth $111,000 after acquiring an additional 1,520 shares in the last quarter. Merit Financial Group LLC acquired a new stake in Fortive during the 1st quarter worth $209,000. RDA Financial Network lifted its position in Fortive by 3.5% in the first quarter. RDA Financial Network now owns 4,965 shares of the technology company's stock valued at $363,000 after acquiring an additional 169 shares during the last quarter. Finally, Daymark Wealth Partners LLC boosted its stake in Fortive by 9.6% in the first quarter. Daymark Wealth Partners LLC now owns 16,109 shares of the technology company's stock valued at $1,179,000 after acquiring an additional 1,405 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Stock Performance

Shares of FTV opened at $50.06 on Tuesday. The stock has a market capitalization of $16.94 billion, a P/E ratio of 22.55, a P/E/G ratio of 3.20 and a beta of 1.15. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The company's fifty day moving average is $48.32 and its two-hundred day moving average is $59.64.

Fortive (NYSE:FTV - Get Free Report) last released its earnings results on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.02). Fortive had a return on equity of 11.96% and a net margin of 13.62%.The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter last year, the business posted $0.93 EPS. The firm's revenue was down .4% on a year-over-year basis. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, sell-side 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 was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Friday, September 12th. Fortive's payout ratio is currently 10.81%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Barclays set a $54.00 target price on Fortive and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Raymond James Financial reduced their price objective on Fortive from $90.00 to $65.00 and set an "outperform" rating for the company in a research note on Tuesday, July 1st. Wall Street Zen raised Fortive to a "hold" rating in a report on Friday, September 5th. Wells Fargo & Company cut their target price on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 1st. Finally, TD Cowen downgraded shares of Fortive from a "buy" rating to a "hold" rating and reduced their price target for the company from $85.00 to $50.00 in a research report on Tuesday, July 15th. Four investment analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat.com, Fortive presently has an average rating of "Hold" and an average target price of $62.79.

Fortive Company 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.

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