IFM Investors Pty Ltd Raises Holdings in Fortive Corporation $FTV

Key Points

• IFM Investors Pty Ltd increased its stake in Fortive Corporation by 13.4%, now holding 47,957 shares valued at approximately $2.5 million.
• Analysts have lowered their price objectives for Fortive, with JPMorgan revising it down from $87 to $65 and Morgan Stanley adjusting it from $90 to $50, reflecting a cautious outlook on the stock.
• Fortive announced a cut to its quarterly dividend to $0.06 per share, resulting in an annualized dividend of $0.24 and a yield of 0.5%.

IFM Investors Pty Ltd boosted its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 13.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 47,957 shares of the technology company's stock after buying an additional 5,654 shares during the quarter. IFM Investors Pty Ltd's holdings in Fortive were worth $2,500,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Dodge & Cox grew its holdings in 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 during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Fortive by 50.2% in the 1st 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 position in shares of Fortive by 96.6% in the 1st quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company's stock worth $411,781,000 after purchasing an additional 2,764,432 shares in the last quarter. Select Equity Group L.P. boosted its position in shares of Fortive by 4.9% in the 1st quarter. Select Equity Group L.P. now owns 4,509,598 shares of the technology company's stock worth $330,012,000 after purchasing an additional 212,025 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Fortive by 2.8% in the 1st quarter. Northern Trust Corp now owns 4,067,929 shares of the technology company's stock worth $297,691,000 after purchasing an additional 109,307 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, July 2nd. Truist Financial reissued a "hold" rating and issued a $55.00 price objective (down previously from $60.00) on shares of Fortive in a research report on Thursday, July 31st. Royal Bank Of Canada lowered their price objective on Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a research report on Thursday, July 31st. Morgan Stanley reiterated an "equal weight" rating and set a $50.00 price objective (down from $90.00) on shares of Fortive in a research note on Tuesday, September 2nd. Finally, Barclays set a $54.00 price objective on shares of Fortive and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company's stock. According to data from MarketBeat, Fortive presently has a consensus rating of "Hold" and an average target price of $62.79.

Fortive Trading Down 0.6%

Shares of Fortive stock opened at $48.32 on Tuesday. The firm has a 50-day simple moving average of $48.69 and a two-hundred day simple moving average of $61.40. The company has a market cap of $16.35 billion, a P/E ratio of 21.77, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $83.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98.

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

Fortive Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. Fortive's payout ratio is currently 10.81%.

Fortive announced that its board has approved a share repurchase program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 shares. This buyback authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company's leadership 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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