Family Legacy Financial Solutions LLC Acquires New Position in Fortive Corporation $FTV

Key Points

• Family Legacy Financial Solutions LLC purchased a new stake in Fortive Corporation during Q2, acquiring 11,505 shares valued at approximately $608,000.
• Fortive's stock has seen multiple analyst rating adjustments, with Cowen downgrading it from "buy" to "hold" and several others lowering their price targets significantly.
• The company declared a dividend of $0.06 per share for its upcoming payment on September 26, with a total annualized dividend yield of 0.5%.

Family Legacy Financial Solutions LLC acquired a new position in shares of Fortive Corporation (NYSE:FTV - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,505 shares of the technology company's stock, valued at approximately $608,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Brighton Jones LLC increased 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 acquiring an additional 2,811 shares during the period. Man Group plc increased its position in Fortive by 292.2% during the fourth quarter. Man Group plc now owns 69,906 shares of the technology company's stock worth $5,243,000 after purchasing an additional 52,082 shares during the last quarter. Tidal Investments LLC lifted its stake in Fortive by 286.8% in the fourth quarter. Tidal Investments LLC now owns 63,876 shares of the technology company's stock worth $4,791,000 after acquiring an additional 47,363 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new position in Fortive in the 4th quarter valued at $20,869,000. Finally, USS Investment Management Ltd raised its stake in Fortive by 533.3% in the 4th quarter. USS Investment Management Ltd now owns 87,402 shares of the technology company's stock valued at $6,556,000 after purchasing an additional 73,602 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Raymond James Financial decreased their price target on Fortive from $90.00 to $65.00 and set an "outperform" rating for the company in a research report on Tuesday, July 1st. Cowen downgraded Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. Barclays set a $54.00 target price on Fortive and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. BNP Paribas restated a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Finally, Wall Street Zen raised shares of Fortive to a "hold" rating in a report on Friday, September 5th. Four research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. According to data from MarketBeat.com, Fortive currently has an average rating of "Hold" and a consensus price target of $62.79.

Fortive Stock Down 0.4%

FTV stock traded down $0.21 during midday trading on Friday, hitting $48.62. The company's stock had a trading volume of 9,949,870 shares, compared to its average volume of 3,505,540. 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 firm has a market capitalization of $16.45 billion, a P/E ratio of 21.90, a PEG ratio of 3.09 and a beta of 1.10. Fortive Corporation has a 52-week low of $46.34 and a 52-week high of $83.32. The firm has a 50-day simple moving average of $48.76 and a 200-day simple moving average of $61.71.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly 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). The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The business's revenue for the quarter was down .4% on a year-over-year basis. During the same period last year, the company posted $0.93 EPS. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. As a group, equities analysts forecast that Fortive Corporation will post 4.05 EPS for the current year.

Fortive declared that its board has initiated a stock buyback plan on Tuesday, May 27th that permits the company to repurchase 15,630,000 shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Fortive Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, September 12th. Fortive's dividend payout ratio (DPR) is 10.81%.

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.