Fortive Corporation $FTV Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP has reduced its holdings in Fortive Corporation by 6.5%, now owning approximately 0.08% of the company, worth $20.4 million.
• Several institutional investors have increased their positions in Fortive, with notable increases from Brighton Jones LLC by 97.1% and First Trust Advisors LP by 59.5%.
• Fortive's stock price has faced recent downgrades, with analysts at JPMorgan and Mizuho lowering their price targets to $65, reflecting a cautious outlook.

Korea Investment CORP trimmed its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 6.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 278,677 shares of the technology company's stock after selling 19,429 shares during the period. Korea Investment CORP owned about 0.08% of Fortive worth $20,394,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in FTV. Brighton Jones LLC raised its position in shares of Fortive by 97.1% in the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after purchasing an additional 2,811 shares in the last quarter. First Trust Advisors LP raised its position in shares of Fortive by 59.5% in the 4th quarter. First Trust Advisors LP now owns 195,042 shares of the technology company's stock valued at $14,628,000 after purchasing an additional 72,787 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Fortive by 3.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,788,595 shares of the technology company's stock valued at $209,152,000 after acquiring an additional 88,657 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Fortive by 0.8% in the 4th quarter. MetLife Investment Management LLC now owns 91,824 shares of the technology company's stock valued at $6,887,000 after acquiring an additional 704 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Fortive by 62.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 22,561 shares of the technology company's stock valued at $1,692,000 after acquiring an additional 8,660 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FTV. JPMorgan Chase & Co. lowered their price target on Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. 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. Robert W. Baird lowered their price target on Fortive from $88.00 to $82.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Cowen downgraded Fortive from a "buy" rating to a "hold" rating in a report on Tuesday, July 15th. Finally, Truist Financial reiterated a "hold" rating and issued a $55.00 price target (down from $60.00) on shares of Fortive in a report on Thursday, July 31st. Five investment analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $65.57.

Fortive Price Performance

Shares of FTV opened at $48.0740 on Thursday. The company has a market cap of $16.27 billion, a P/E ratio of 21.65, a PEG ratio of 3.05 and a beta of 1.08. The stock has a fifty day moving average price of $55.00 and a 200 day moving average price of $66.67. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.02). The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.Fortive's quarterly revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, research analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive declared that its Board of Directors has approved a share buyback program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 shares. This buyback authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are 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.

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