Fjarde AP Fonden Fourth Swedish National Pension Fund Sells 9,600 Shares of Fortive Corporation $FTV

Key Points

• Fjarde AP Fonden Fourth Swedish National Pension Fund reduced its stake in Fortive Corporation by 20.8% after selling 9,600 shares, now holding a total of 36,519 shares valued at approximately $2.67 million.
• Fortive's stock has been subject to multiple analyst downgrades, with target prices lowered, including Raymond James from $90 to $65 and TD Cowen from $85 to $50, reflecting cautious sentiment in the market.
• In its most recent earnings report, Fortive posted an EPS of $0.58, missing estimates, and saw a 0.4% decline in revenue year-over-year, indicating potential challenges for the company moving forward.

Fjarde AP Fonden Fourth Swedish National Pension Fund lessened its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 20.8% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,519 shares of the technology company's stock after selling 9,600 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund's holdings in Fortive were worth $2,672,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new position in shares of Fortive in the fourth quarter worth $26,000. American National Bank & Trust purchased a new position in Fortive during the first quarter worth about $26,000. Accent Capital Management LLC bought a new position in Fortive in the 1st quarter worth about $26,000. Global X Japan Co. Ltd. increased its stake in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after acquiring an additional 201 shares during the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in shares of Fortive in the 4th quarter valued at about $30,000. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FTV. Mizuho cut their price objective on Fortive from $85.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. BNP Paribas reissued a "neutral" rating on shares of Fortive in a research note on Thursday, June 12th. Robert W. Baird lowered their price objective on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Royal Bank Of Canada dropped their target price on Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a research report on Thursday, July 31st. Finally, Cowen lowered Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. Five research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $65.57.

Fortive Stock Down 0.8%

Shares of Fortive stock traded down $0.3690 during midday trading on Thursday, hitting $47.6710. The company had a trading volume of 3,049,816 shares, compared to its average volume of 3,349,595. The company has a 50 day moving average of $55.00 and a 200 day moving average of $66.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98. The stock has a market capitalization of $16.13 billion, a P/E ratio of 21.50, a P/E/G ratio of 3.05 and a beta of 1.08. Fortive Corporation has a 52-week low of $46.34 and a 52-week high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings data 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 net margin of 13.62% and a return on equity of 11.96%. The firm had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the company posted $0.93 earnings per share. The business's revenue for the quarter was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, equities analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive announced that its Board of Directors has approved a stock buyback program on Tuesday, May 27th that permits the company to repurchase 15,630,000 shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

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.