JPMorgan Chase & Co. Has $185.19 Million Stock Position in Fortive Corporation (NYSE:FTV)

Key Points

• JPMorgan Chase & Co. increased its stake in Fortive Corporation by 49.3%, acquiring a total of 2,530,596 shares valued at approximately $185.19 million by the end of the first quarter.
• Fortive reported $0.58 EPS in its latest quarterly earnings, missing analyst expectations and showing a year-over-year revenue decline of 0.4%.
• Analysts have set varying price targets for Fortive, with the average being $65.57; the stock is currently rated with mostly "hold" ratings by research analysts.

JPMorgan Chase & Co. grew its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 49.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,530,596 shares of the technology company's stock after buying an additional 835,277 shares during the quarter. JPMorgan Chase & Co. owned 0.74% of Fortive worth $185,189,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in FTV. Brighton Jones LLC grew its holdings in shares of Fortive by 97.1% during the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after buying an additional 2,811 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Fortive during the fourth quarter worth about $22,412,000. Gabelli Funds LLC purchased a new position in Fortive during the fourth quarter worth about $266,000. Gamco Investors INC. ET AL purchased a new position in Fortive during the fourth quarter worth about $384,000. Finally, United Capital Financial Advisors LLC boosted its holdings in Fortive by 4.8% during the fourth quarter. United Capital Financial Advisors LLC now owns 9,139 shares of the technology company's stock worth $685,000 after purchasing an additional 416 shares during the last quarter. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Fortive Stock Performance

Shares of FTV stock opened at $47.81 on Friday. The firm has a market cap of $16.18 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 3.09 and a beta of 1.08. 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 Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The firm's 50-day simple moving average is $56.96 and its two-hundred day simple moving average is $67.58.

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

Fortive announced that its board has initiated a stock repurchase plan on Tuesday, May 27th that allows the company to repurchase 15,630,000 outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Barclays set a $54.00 price target on shares of Fortive and gave the stock an "equal weight" rating in a report on Thursday. Mizuho cut their price target on shares of Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Truist Financial restated a "hold" rating and set a $55.00 price target (down from $60.00) on shares of Fortive in a report on Thursday, July 31st. Melius Research upgraded shares of Fortive to a "hold" rating in a report on Tuesday, July 22nd. Finally, BNP Paribas restated a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Fourteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Fortive has an average rating of "Hold" and a consensus price target of $65.57.

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.

Want to see what other hedge funds are holding FTV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortive Corporation (NYSE:FTV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.