Fortive Corporation $FTV Stock Position Lessened by Parsons Capital Management Inc. RI

Key Points

• Parsons Capital Management Inc. RI reduced its holdings in Fortive Corporation by 34.6% in the second quarter, now owning 18,863 shares worth approximately $983,000.
• Several institutional investors have significantly increased their stakes, including Dodge & Cox, which raised its investment by 181.5%, owning over $1.6 billion in shares.
• Fortive's shares are currently rated "Hold" by analysts, with a consensus price target of $62.79, reflecting concerns post its recent earnings miss.

Parsons Capital Management Inc. RI decreased its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 34.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,863 shares of the technology company's stock after selling 10,000 shares during the quarter. Parsons Capital Management Inc. RI's holdings in Fortive were worth $983,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of FTV. Dodge & Cox grew its stake in shares of Fortive by 181.5% in the first quarter. Dodge & Cox now owns 21,900,363 shares of the technology company's stock worth $1,602,669,000 after purchasing an additional 14,120,456 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Fortive by 50.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,112,403 shares of the technology company's stock worth $959,567,000 after purchasing an additional 4,382,242 shares in the last quarter. Invesco Ltd. boosted its stake in Fortive by 96.6% during the first quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company's stock valued at $411,781,000 after buying an additional 2,764,432 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Fortive by 4,854.2% during the first quarter. Pacer Advisors Inc. now owns 1,451,325 shares of the technology company's stock valued at $106,208,000 after buying an additional 1,422,030 shares in the last quarter. Finally, Nuveen LLC bought a new position in Fortive during the first quarter valued at about $76,671,000. Institutional investors own 94.94% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FTV. JPMorgan Chase & Co. decreased their target price on Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Zacks Research raised Fortive from a "strong sell" rating to a "hold" rating in a research note on Monday, September 15th. Truist Financial reaffirmed a "hold" rating and set a $55.00 target price (down previously from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Royal Bank Of Canada decreased their target price on Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a research note on Thursday, July 31st. Finally, BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a research note on Thursday, June 12th. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $62.79.

Fortive Trading Down 0.6%

NYSE:FTV opened at $49.76 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28. Fortive Corporation has a 1-year low of $46.34 and a 1-year high of $83.32. The firm has a market capitalization of $16.84 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 3.18 and a beta of 1.15. The stock has a fifty day simple moving average of $48.37 and a 200 day simple moving average of $60.19.

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

Fortive Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 26th. Investors of record on Friday, September 12th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Friday, September 12th. Fortive's dividend payout ratio is currently 10.81%.

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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