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Federated Hermes Inc. Boosts Stake in Fortive Corporation (NYSE:FTV)

Fortive logo with Computer and Technology background

Federated Hermes Inc. increased its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 16.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,906 shares of the technology company's stock after buying an additional 5,452 shares during the quarter. Federated Hermes Inc.'s holdings in Fortive were worth $2,847,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FTV. Brighton Jones LLC grew its stake in 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. O Shaughnessy Asset Management LLC grew its stake in Fortive by 12.7% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 14,717 shares of the technology company's stock worth $1,104,000 after buying an additional 1,663 shares during the last quarter. Resona Asset Management Co. Ltd. purchased a new position in Fortive during the 4th quarter worth approximately $7,955,000. Russell Investments Group Ltd. grew its stake in Fortive by 47.3% during the 4th quarter. Russell Investments Group Ltd. now owns 238,861 shares of the technology company's stock worth $17,920,000 after buying an additional 76,740 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd purchased a new position in Fortive during the 4th quarter worth approximately $140,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Wall Street Analysts Forecast Growth

FTV has been the topic of a number of research reports. Royal Bank Of Canada dropped their price target on Fortive from $58.00 to $56.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 31st. BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. TD Cowen lowered shares of Fortive from a "buy" rating to a "hold" rating and lowered their price objective for the company from $85.00 to $50.00 in a research report on Tuesday, July 15th. Barclays lowered their price objective on shares of Fortive from $86.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 9th. Finally, Melius lowered shares of Fortive from a "buy" rating to a "hold" rating and set a $62.00 price objective on the stock. in a research report on Tuesday, July 22nd. Thirteen equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $65.86.

Check Out Our Latest Stock Report on FTV

Insiders Place Their Bets

In related news, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $73.88, for a total value of $1,058,478.76. Following the completion of the transaction, the senior vice president directly owned 51,750 shares in the company, valued at approximately $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO James A. Lico sold 175,000 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $72.40, for a total value of $12,670,000.00. Following the completion of the transaction, the chief executive officer owned 428,585 shares of the company's stock, valued at $31,029,554. The trade was a 28.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.92% of the company's stock.

Fortive Price Performance

Shares of NYSE FTV traded down $0.22 during trading on Friday, reaching $47.23. The company had a trading volume of 2,194,323 shares, compared to its average volume of 3,254,173. Fortive Corporation has a twelve month low of $46.35 and a twelve month high of $83.32. The stock has a market capitalization of $15.98 billion, a PE ratio of 21.28, a price-to-earnings-growth ratio of 3.01 and a beta of 1.08. The stock has a 50-day moving average price of $59.32 and a two-hundred day moving average price of $68.71. 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 released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share 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 during the quarter, compared to analyst estimates of $1.54 billion. During the same period last year, the firm earned $0.93 earnings per share. The business's revenue was down .4% compared to the same quarter last year. As a group, sell-side analysts predict that Fortive Corporation will post 4.05 earnings per share for the current year.

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

About Fortive

(Free Report)

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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Institutional Ownership by Quarter for Fortive (NYSE:FTV)

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