IFM Investors Pty Ltd Acquires 7,499 Shares of Fortive Corporation (NYSE:FTV)

IFM Investors Pty Ltd grew its position in Fortive Corporation (NYSE:FTV - Free Report) by 18.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 48,040 shares of the technology company's stock after purchasing an additional 7,499 shares during the period. IFM Investors Pty Ltd's holdings in Fortive were worth $3,792,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new position in Fortive in the 4th quarter worth about $26,000. American National Bank & Trust bought a new position in Fortive in 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. Institutional investors own 94.94% of the company's stock.

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 Price Performance

FTV stock traded up $0.10 on Tuesday, hitting $53.10. 390,550 shares of the company's stock traded hands, compared to its average volume of 3,054,978. Fortive Corporation has a 1-year low of $50.00 and a 1-year high of $83.32. The stock has a market cap of $18.05 billion, a price-to-earnings ratio of 23.28, a P/E/G ratio of 2.33 and a beta of 1.09. The stock has a fifty day moving average of $68.55 and a 200-day moving average of $72.77. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29.

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, analysts forecast that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive announced that its board has initiated a share repurchase program on Tuesday, May 27th that authorizes the company to repurchase 15,630,000 shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

FTV has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price objective on shares of Fortive from $78.00 to $79.00 and gave the company a "sector perform" rating in a report on Monday, June 9th. Truist Financial decreased their price objective 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. JPMorgan Chase & Co. decreased their price objective on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, July 2nd. Wells Fargo & Company decreased their price objective on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, July 1st. Finally, Robert W. Baird decreased their price objective on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $77.08.

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.