Select Equity Group L.P. Buys 212,025 Shares of Fortive Corporation $FTV

Key Points

• Select Equity Group L.P. increased its position in Fortive Corporation by 4.9%, acquiring an additional 212,025 shares, making the stock its 25th largest holding.
• Fortive's recent earnings report showed $0.58 earnings per share, missing expectations, with revenue of $1.52 billion for the quarter.
• The company announced a quarterly dividend of $0.06 per share, with an annualized yield of 0.5%, and has authorized a stock repurchase plan for 15.6 million shares.

Select Equity Group L.P. increased its stake in Fortive Corporation (NYSE:FTV - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 4,509,598 shares of the technology company's stock after purchasing an additional 212,025 shares during the quarter. Fortive makes up 1.4% of Select Equity Group L.P.'s investment portfolio, making the stock its 25th largest holding. Select Equity Group L.P. owned approximately 1.33% of Fortive worth $330,012,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of FTV. American National Bank & Trust acquired a new stake in shares of Fortive in the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new stake in shares of Fortive in the 1st quarter valued at approximately $26,000. Global X Japan Co. Ltd. grew its holdings in shares of Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after buying an additional 201 shares during the period. Park Square Financial Group LLC acquired a new position in Fortive in the 4th quarter worth $30,000. Finally, Capital Analysts LLC raised its stake in shares of Fortive by 41.0% in the 1st quarter. Capital Analysts LLC now owns 523 shares of the technology company's stock valued at $38,000 after purchasing an additional 152 shares during the period. 94.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FTV has been the topic of a number of recent research reports. Raymond James Financial dropped their target price on Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price objective for the company. in a report on Tuesday, July 22nd. Wall Street Zen raised Fortive to a "hold" rating in a report on Friday, September 5th. Mizuho dropped their target price on shares of Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Finally, TD Cowen cut shares of 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 report on Tuesday, July 15th. Four research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $62.79.

Fortive Stock Up 0.1%

Shares of NYSE FTV traded up $0.04 during midday trading on Wednesday, hitting $47.75. 4,051,433 shares of the stock traded hands, compared to its average volume of 3,364,533. 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 business has a 50 day moving average price of $49.45 and a two-hundred day moving average price of $63.40. The company has a market cap of $16.15 billion, a PE ratio of 21.51, a P/E/G ratio of 3.05 and a beta of 1.10. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last posted its 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). Fortive had a return on equity of 11.96% and a net margin of 13.62%.The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the previous year, the firm earned $0.93 earnings per share. 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 analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

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

Fortive Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Friday, September 12th. Fortive's dividend payout ratio is presently 14.41%.

About Fortive

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.