Forsta AP Fonden Decreases Stock Holdings in Fortive Corporation (NYSE:FTV)

Key Points

• Forsta AP Fonden reduced its stake in Fortive Corporation by 7.4%, holding 71,000 shares worth approximately $5.2 million after selling 5,700 shares in Q1 2023.
• CEO James A. Lico sold 175,000 shares for $12.67 million, marking a 28.99% decrease in his ownership of the company's stock.
• Fortive's board has approved a share buyback program allowing the repurchase of up to 15.63 million shares, signaling confidence in the stock's value.

Forsta AP Fonden lowered its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 7.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 71,000 shares of the technology company's stock after selling 5,700 shares during the period. Forsta AP Fonden's holdings in Fortive were worth $5,196,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FTV. Tandem Capital Management Corp ADV boosted its stake in shares of Fortive by 0.6% during the 1st quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company's stock worth $2,017,000 after acquiring an additional 160 shares in the last quarter. Forum Financial Management LP boosted its position in Fortive by 2.3% during the first quarter. Forum Financial Management LP now owns 7,119 shares of the technology company's stock worth $521,000 after purchasing an additional 161 shares in the last quarter. RDA Financial Network grew its holdings 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 purchasing an additional 169 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its position in shares of Fortive by 19.1% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 1,092 shares of the technology company's stock valued at $80,000 after buying an additional 175 shares in the last quarter. Finally, Tritonpoint Wealth LLC raised its stake in shares of Fortive by 3.1% during the 1st quarter. Tritonpoint Wealth LLC now owns 6,208 shares of the technology company's stock worth $454,000 after buying an additional 187 shares during the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Stock Down 1.9%

NYSE:FTV traded down $0.92 during trading hours on Thursday, reaching $47.81. The company's stock had a trading volume of 4,438,581 shares, compared to its average volume of 3,304,502. The stock has a 50 day moving average price of $57.44 and a two-hundred day moving average price of $67.80. 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 12 month low of $46.34 and a 12 month high of $83.32. The company has a market capitalization of $16.18 billion, a P/E ratio of 21.54, a price-to-earnings-growth ratio of 3.02 and a beta of 1.08.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.02). The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.54 billion. Fortive had a net margin of 13.62% and a return on equity of 11.96%. Fortive's revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.93 EPS. Equities analysts predict that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive declared that its board has initiated a stock buyback program on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wall Street Zen upgraded shares of Fortive to a "hold" rating in a report on Saturday, July 5th. Mizuho lowered their price target on Fortive from $85.00 to $65.00 and set an "outperform" rating for the company in a report on Wednesday, July 16th. TD Cowen downgraded Fortive from a "buy" rating to a "hold" rating and lowered their price target for the company from $85.00 to $50.00 in a research report on Tuesday, July 15th. Barclays set a $54.00 price target on Fortive and gave the stock an "equal weight" rating in a report on Thursday. Finally, Raymond James Financial reduced their price objective on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 1st. Fourteen investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $65.57.

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.