Nisa Investment Advisors LLC Reduces Stock Holdings in Fortive Corporation (NYSE:FTV)

Nisa Investment Advisors LLC lowered its position in Fortive Corporation (NYSE:FTV - Free Report) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 91,122 shares of the technology company's stock after selling 5,492 shares during the quarter. Nisa Investment Advisors LLC's holdings in Fortive were worth $6,668,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Parvin Asset Management LLC purchased a new stake in shares of Fortive in the fourth quarter valued at about $26,000. American National Bank & Trust purchased a new stake in shares of Fortive in the first quarter valued at about $26,000. Global X Japan Co. Ltd. grew its holdings in shares of Fortive by 114.2% in the first quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after purchasing an additional 201 shares during the period. Park Square Financial Group LLC purchased a new stake in shares of Fortive in the fourth quarter valued at about $30,000. Finally, Quarry LP grew its holdings in shares of Fortive by 229.6% in the fourth quarter. Quarry LP now owns 501 shares of the technology company's stock valued at $38,000 after purchasing an additional 349 shares during the period. Hedge funds and other institutional investors own 94.94% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FTV shares. BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Truist Financial decreased their target price on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Wall Street Zen raised shares of Fortive to a "hold" rating in a research report on Saturday, July 5th. Raymond James Financial decreased their target price on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company decreased their target price on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 1st. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $73.67.

Insider Activity at Fortive

In other Fortive news, CEO James A. Lico sold 175,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer directly owned 428,585 shares in the company, valued at $31,029,554. This represents a 28.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Peter C. Underwood sold 14,327 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the completion of the transaction, the senior vice president owned 51,750 shares in the company, valued at $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Fortive Stock Down 0.8%

Shares of NYSE:FTV opened at $52.66 on Friday. The firm's 50 day moving average price is $67.32 and its 200 day moving average price is $72.19. The stock has a market cap of $17.90 billion, a price-to-earnings ratio of 23.10, a price-to-earnings-growth ratio of 2.63 and a beta of 1.09. Fortive Corporation has a fifty-two week low of $50.00 and a fifty-two week high of $83.32. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 0.29.

Fortive (NYSE:FTV - Get Free Report) last issued its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, meeting the consensus estimate of $0.85. The firm had revenue of $1.47 billion for the quarter, compared to analysts' expectations of $1.49 billion. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The firm's revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 earnings per share. As a group, equities research analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive declared that its Board of Directors has approved a stock buyback plan on Tuesday, May 27th that authorizes the company to repurchase 15,630,000 outstanding shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is 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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