Fortive Corporation (NYSE:FTV) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its position in Fortive Corporation (NYSE:FTV - Free Report) by 13.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 251,116 shares of the technology company's stock after selling 38,785 shares during the quarter. New York State Teachers Retirement System owned 0.07% of Fortive worth $18,377,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Amalgamated Bank raised its holdings in shares of Fortive by 0.5% in the 1st quarter. Amalgamated Bank now owns 67,018 shares of the technology company's stock valued at $4,904,000 after purchasing an additional 313 shares in the last quarter. KBC Group NV increased its holdings in Fortive by 9.5% during the first quarter. KBC Group NV now owns 222,783 shares of the technology company's stock valued at $16,303,000 after buying an additional 19,357 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Fortive by 12.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,207 shares of the technology company's stock valued at $3,065,000 after buying an additional 4,705 shares during the period. Transcend Capital Advisors LLC raised its stake in Fortive by 26.6% in the first quarter. Transcend Capital Advisors LLC now owns 4,905 shares of the technology company's stock worth $359,000 after buying an additional 1,031 shares in the last quarter. Finally, CNB Bank lifted its holdings in Fortive by 11.8% during the first quarter. CNB Bank now owns 7,307 shares of the technology company's stock worth $535,000 after buying an additional 774 shares during the period. 94.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FTV has been the topic of a number of analyst reports. Barclays reiterated an "overweight" rating and issued a $86.00 price target (up from $84.00) on shares of Fortive in a report on Tuesday, June 3rd. Robert W. Baird dropped their price objective on Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Truist Financial reduced their target price on shares of Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a report on Tuesday, April 8th. Citigroup lowered their price target 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, JPMorgan Chase & Co. cut their price objective on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.08.

Insiders Place Their Bets

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

Fortive Stock Performance

Shares of FTV traded down $0.33 during trading hours on Thursday, reaching $53.01. 2,484,750 shares of the company traded hands, compared to its average volume of 2,730,832. The stock has a market capitalization of $18.02 billion, a P/E ratio of 23.25, a P/E/G ratio of 2.20 and a beta of 1.09. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 0.29. The business has a fifty day moving average price of $69.51 and a 200-day moving average price of $73.25. Fortive Corporation has a 12-month low of $50.00 and a 12-month high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.85. The firm had revenue of $1.47 billion during the quarter, compared to analysts' expectations of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The company's revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period last year, the business posted $0.83 earnings per share. Equities analysts anticipate that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive declared that its board has authorized a share repurchase 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 usually a sign that the company's board believes its shares are undervalued.

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.