BNP PARIBAS ASSET MANAGEMENT Holding S.A. Cuts Stock Position in Fortive Corporation $FTV

Key Points

• BNP PARIBAS ASSET MANAGEMENT Holding S.A. reduced its holdings in Fortive Corporation by 15.7%, owning $56.77 million in shares after selling 144,334 shares during the first quarter.
• Fortive's price target estimates from various analysts have decreased, with Mizuho lowering it from $85.00 to $65.00 and Truist Financial adjusting their target to $55.00.
• The company reported $1.52 billion in revenue for the quarter, a decrease of 0.4% compared to the same quarter last year, with EPS missing analyst expectations by $0.02.

BNP PARIBAS ASSET MANAGEMENT Holding S.A. reduced its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 15.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 775,948 shares of the technology company's stock after selling 144,334 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. owned approximately 0.23% of Fortive worth $56,773,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in FTV. Brighton Jones LLC lifted its holdings 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 purchasing an additional 2,811 shares during the last quarter. Gabelli Funds LLC acquired a new position in Fortive in the 4th quarter valued at $266,000. Gamco Investors INC. ET AL acquired a new position in Fortive in the 4th quarter valued at $384,000. United Capital Financial Advisors LLC raised its holdings in Fortive by 4.8% in the 4th quarter. United Capital Financial Advisors LLC now owns 9,139 shares of the technology company's stock valued at $685,000 after acquiring an additional 416 shares in the last quarter. Finally, PEAK6 LLC acquired a new position in Fortive in the 4th quarter valued at $276,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Trading Up 3.2%

Shares of NYSE FTV traded up $1.5150 during midday trading on Friday, reaching $49.2750. The company had a trading volume of 3,702,896 shares, compared to its average volume of 3,359,655. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32. 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's fifty day moving average price is $54.54 and its 200-day moving average price is $66.45. The stock has a market cap of $16.67 billion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 3.04 and a beta of 1.08.

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

Fortive declared that its board has authorized a share repurchase program on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTV. Cowen cut Fortive from a "buy" rating to a "hold" rating in a report on Tuesday, July 15th. BNP Paribas restated a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target on the stock. in a research note on Tuesday, July 22nd. Mizuho lowered their price objective on Fortive from $85.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, Robert W. Baird dropped their price target on Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Five research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $65.57.

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.