Allstate Corp Has $1.45 Million Holdings in Fortive Corporation $FTV

Key Points

• Allstate Corp increased its stake in Fortive Corporation by 87.2%, acquiring an additional 9,246 shares, bringing its total holdings to 19,847 shares valued at $1,452,000.
• Fortive's stock performance showed inconsistency, with a missed earnings estimate of $0.58 EPS against a consensus of $0.60, and revenue of $1.52 billion, slightly lower than anticipated.
• The company has announced a stock buyback plan allowing the repurchase of 15,630,000 shares, signaling management's belief that the stock is currently undervalued.

Allstate Corp grew its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 87.2% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,847 shares of the technology company's stock after purchasing an additional 9,246 shares during the period. Allstate Corp's holdings in Fortive were worth $1,452,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Redmond Asset Management LLC boosted its position in Fortive by 1.0% during the first quarter. Redmond Asset Management LLC now owns 14,515 shares of the technology company's stock worth $1,062,000 after purchasing an additional 142 shares during the period. Capital Analysts LLC boosted its position in shares of Fortive by 41.0% in the first quarter. Capital Analysts LLC now owns 523 shares of the technology company's stock valued at $38,000 after acquiring an additional 152 shares during the period. Tandem Capital Management Corp ADV boosted its position in shares of Fortive by 0.6% in the first quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company's stock valued at $2,017,000 after acquiring an additional 160 shares during the period. Forum Financial Management LP boosted its position in shares of Fortive by 2.3% in the first quarter. Forum Financial Management LP now owns 7,119 shares of the technology company's stock valued at $521,000 after acquiring an additional 161 shares during the period. Finally, RDA Financial Network boosted its position in shares of 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 acquiring an additional 169 shares during the period. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Fortive Price Performance

NYSE FTV traded up $0.03 during trading on Tuesday, hitting $48.54. 5,215,429 shares of the company's stock were exchanged, compared to its average volume of 5,004,183. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. The company has a market cap of $16.42 billion, a PE ratio of 21.86, a P/E/G ratio of 3.07 and a beta of 1.08. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $83.32. The stock's 50 day moving average price is $53.27 and its two-hundred day moving average price is $65.72.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (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 during the quarter, compared to analyst estimates of $1.54 billion. During the same period in the prior year, the company earned $0.93 EPS. The business's quarterly revenue was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Research analysts expect that Fortive Corporation will post 4.05 EPS for the current year.

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

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Melius cut shares of Fortive from a "buy" rating to a "hold" rating and set a $62.00 target price for the company. in a research report on Tuesday, July 22nd. Wall Street Zen raised shares of Fortive to a "hold" rating in a research report on Saturday, July 5th. Cowen cut shares of Fortive from a "buy" rating to a "hold" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. dropped their price target on Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company dropped their price target on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 1st. Five investment analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average 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.