Element Capital Management LLC Takes $2.65 Million Position in Fortive Corporation $FTV

Key Points

• Element Capital Management LLC acquired 36,271 shares of Fortive Corporation, valued at approximately $2.65 million, during the first quarter of the year.
• Fortive recently reported a missed earnings estimate with $0.58 EPS compared to the consensus of $0.60, and revenue of $1.52 billion, slightly below analysts' expectations.
• Analysts have varied opinions on Fortive’s stock, with the average rating of "Hold" and a price target of $65.57, reflecting mixed sentiment in the market.

Element Capital Management LLC acquired a new stake in Fortive Corporation (NYSE:FTV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 36,271 shares of the technology company's stock, valued at approximately $2,654,000.

A number of other hedge funds also recently made changes to their positions in FTV. Brighton Jones LLC lifted its position in shares of Fortive by 97.1% in the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after buying an additional 2,811 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Fortive in the fourth quarter valued at approximately $22,412,000. Gabelli Funds LLC acquired a new stake in shares of Fortive in the fourth quarter valued at approximately $266,000. Gamco Investors INC. ET AL acquired a new stake in shares of Fortive in the fourth quarter valued at approximately $384,000. Finally, United Capital Financial Advisors LLC lifted its holdings in Fortive by 4.8% during the 4th quarter. United Capital Financial Advisors LLC now owns 9,139 shares of the technology company's stock worth $685,000 after purchasing an additional 416 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Price Performance

Fortive stock traded up $0.31 during mid-day trading on Wednesday, reaching $48.47. 3,925,082 shares of the company were exchanged, compared to its average volume of 3,327,593. The company has a fifty day simple moving average of $55.47 and a 200-day simple moving average of $66.80. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. The firm has a market cap of $16.40 billion, a PE ratio of 21.84, a PEG ratio of 3.02 and a beta of 1.08.

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

Fortive declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 27th that allows the company to repurchase 15,630,000 outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

FTV has been the subject of several research reports. Melius cut Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target for the company. in a report on Tuesday, July 22nd. Wells Fargo & Company dropped their price target on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, July 1st. Raymond James Financial dropped their price target on Fortive from $90.00 to $65.00 and set an "outperform" rating for the company in a report on Tuesday, July 1st. Barclays set a $54.00 price target on Fortive and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Finally, Wall Street Zen raised Fortive to a "hold" rating in a report on Saturday, July 5th. Five equities research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. Based on data from MarketBeat, Fortive currently has an average rating of "Hold" and a consensus target price of $65.57.

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.