Bank of New York Mellon Corp Has $152.64 Million Stock Holdings in Fortive Corporation (NYSE:FTV)

Bank of New York Mellon Corp cut its position in Fortive Corporation (NYSE:FTV - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,085,837 shares of the technology company's stock after selling 122,609 shares during the quarter. Bank of New York Mellon Corp owned about 0.61% of Fortive worth $152,642,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new stake in shares of Fortive during the 4th quarter worth about $26,000. American National Bank & Trust bought a new stake in shares of Fortive during the 1st quarter worth about $26,000. Global X Japan Co. Ltd. raised its position in shares of Fortive by 114.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after buying an additional 201 shares in the last quarter. Park Square Financial Group LLC bought a new stake in shares of Fortive during the 4th quarter worth about $30,000. Finally, Quarry LP raised its position in shares of Fortive by 229.6% during the 4th quarter. Quarry LP now owns 501 shares of the technology company's stock worth $38,000 after buying an additional 349 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 2nd. Barclays dropped their price target on shares of Fortive from $86.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday. Royal Bank Of Canada boosted their price target on shares of Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research report on Monday, June 9th. Citigroup dropped their target price on shares of Fortive from $84.00 to $69.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Finally, Truist Financial cut their target price on shares of Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $73.67.

Fortive Trading Up 0.7%

Shares of NYSE:FTV traded up $0.39 during mid-day trading on Thursday, hitting $53.38. The stock had a trading volume of 1,123,226 shares, compared to its average volume of 3,065,375. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.99. The company has a market cap of $18.14 billion, a PE ratio of 23.41, a P/E/G ratio of 2.62 and a beta of 1.09. Fortive Corporation has a 12-month low of $50.00 and a 12-month high of $83.32. The company's 50 day moving average is $67.89 and its 200-day moving average is $72.49.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, meeting the consensus estimate of $0.85. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The firm's quarterly revenue was down 3.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.83 EPS. On average, sell-side analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

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

Insider Activity at Fortive

In related news, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the completion of the sale, the senior vice president owned 51,750 shares in the company, valued at approximately $3,823,290. This represents a 21.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO James A. Lico sold 175,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the completion of the sale, the chief executive officer owned 428,585 shares of the company's stock, valued at approximately $31,029,554. This trade represents a 28.99% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by corporate insiders.

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.