Locust Wood Capital Advisers LLC acquired a new position in shares of Fortive Corporation (NYSE:FTV - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 10,200 shares of the technology company's stock, valued at approximately $746,000.
A number of other institutional investors have also made changes to their positions in the business. Cambridge Investment Research Advisors Inc. grew its holdings in Fortive by 11.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,793 shares of the technology company's stock worth $790,000 after purchasing an additional 1,076 shares during the period. Drake & Associates LLC lifted its holdings in Fortive by 28.7% during the 1st quarter. Drake & Associates LLC now owns 22,298 shares of the technology company's stock valued at $1,632,000 after purchasing an additional 4,978 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Fortive by 13.1% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,343 shares of the technology company's stock worth $3,757,000 after purchasing an additional 5,963 shares during the period. Brookstone Capital Management bought a new position in Fortive during the first quarter worth $3,542,000. Finally, Perpetual Ltd increased its holdings in shares of Fortive by 60.0% in the first quarter. Perpetual Ltd now owns 239,735 shares of the technology company's stock valued at $17,544,000 after purchasing an additional 89,891 shares during the last quarter. Institutional investors own 94.94% of the company's stock.
Fortive Price Performance
Shares of FTV stock traded down $0.34 during trading hours on Friday, reaching $47.11. The company's stock had a trading volume of 3,774,297 shares, compared to its average volume of 4,338,641. Fortive Corporation has a fifty-two week low of $46.35 and a fifty-two week high of $83.32. The firm's 50 day simple moving average is $58.86 and its 200-day simple moving average is $68.40. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $15.94 billion, a price-to-earnings ratio of 21.22, a PEG ratio of 2.98 and a beta of 1.08.
Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.02). Fortive had a return on equity of 11.96% and a net margin of 13.62%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the prior year, the company earned $0.93 earnings per share. Fortive's quarterly revenue was down .4% compared to the same quarter last year. Sell-side analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current year.
Fortive declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 27th that allows the company to repurchase 15,630,000 shares. This repurchase authorization allows 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 of directors believes its shares are undervalued.
Insider Buying and Selling
In other Fortive news, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction dated 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 owned 51,750 shares of the company's stock, valued at $3,823,290. This represents a 21.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO James A. Lico sold 175,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $72.40, for a total value of $12,670,000.00. Following the completion of the transaction, the chief executive officer owned 428,585 shares of the company's stock, valued at $31,029,554. This represents a 28.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.92% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the stock. Truist Financial restated a "hold" rating and set a $55.00 target price (down previously from $60.00) on shares of Fortive in a research note on Thursday, July 31st. TD Cowen downgraded shares of Fortive from a "buy" rating to a "hold" rating and cut their price objective for the stock from $85.00 to $50.00 in a research report on Tuesday, July 15th. BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Cowen lowered Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. Finally, Wells Fargo & Company reduced their price target on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 1st. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $65.86.
View Our Latest Report on Fortive
About Fortive
(
Free Report)
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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