Fortive Corporation $FTV Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. reduced its stake in Fortive Corporation by 4.7%, owning 2,400,839 shares after selling 118,891 shares in the first quarter, which amounts to approximately $175.7 million.
• Fortive recently experienced a dividend cut, declaring a quarterly dividend of $0.06 per share, reflecting a 0.5% yield, while also initiating a stock buyback program for up to 15.6 million shares.
• Research analysts have lowered target prices on Fortive shares, with the average consensus now set at $62.79, and a majority rating the stock as a "Hold".

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. trimmed its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 4.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,400,839 shares of the technology company's stock after selling 118,891 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.71% of Fortive worth $175,658,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cinctive Capital Management LP acquired a new stake in shares of Fortive in the first quarter valued at approximately $560,000. Clark Capital Management Group Inc. grew its holdings in Fortive by 1.7% during the 1st quarter. Clark Capital Management Group Inc. now owns 1,020,895 shares of the technology company's stock valued at $74,709,000 after buying an additional 16,752 shares during the last quarter. Banque Transatlantique SA grew its holdings in Fortive by 92.8% during the 1st quarter. Banque Transatlantique SA now owns 561 shares of the technology company's stock valued at $38,000 after buying an additional 270 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Fortive by 12.4% in the first quarter. AQR Capital Management LLC now owns 98,987 shares of the technology company's stock worth $7,130,000 after acquiring an additional 10,934 shares during the last quarter. Finally, Ancora Advisors LLC lifted its position in shares of Fortive by 166,333.3% in the first quarter. Ancora Advisors LLC now owns 4,993 shares of the technology company's stock valued at $365,000 after acquiring an additional 4,990 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Barclays set a $54.00 price objective on Fortive and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Royal Bank Of Canada cut their price objective on shares of Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a research report on Thursday, July 31st. Melius Research raised shares of Fortive to a "hold" rating in a research note on Tuesday, July 22nd. Truist Financial reaffirmed a "hold" rating and issued a $55.00 target price (down from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Finally, Cowen downgraded Fortive from a "buy" rating to a "hold" rating in a report on Tuesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $62.79.

Fortive Trading Down 0.6%

NYSE:FTV traded down $0.30 during trading hours on Tuesday, reaching $47.68. 3,477,207 shares of the company were exchanged, compared to its average volume of 3,360,160. Fortive Corporation has a 52-week low of $46.34 and a 52-week high of $83.32. The stock has a 50 day simple moving average of $49.56 and a 200 day simple moving average of $63.51. The firm has a market cap of $16.13 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 3.04 and a beta of 1.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82.

Fortive (NYSE:FTV - Get Free Report) last issued its earnings results 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 firm had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.54 billion. During the same period last year, the business posted $0.93 earnings per share. The company's quarterly revenue was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. As a group, analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management believes its shares are undervalued.

Fortive Cuts Dividend

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

Fortive Company 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.