Nordea Investment Management AB Increases Holdings in Fortive Corporation $FTV

Key Points

• Nordea Investment Management AB has increased its holdings in Fortive Corporation by 18.9%, acquiring an additional 270,730 shares, bringing its total ownership to about 1.7 million shares valued at roughly $87.9 million.
• Fortive's recent quarterly earnings report showed an EPS of $0.80 and a net margin of 13.62%, with anticipated earnings of 4.05 EPS for the current fiscal year.
• Several equity analysts have lowered their price targets for Fortive, with estimates now ranging from $53.00 to $55.00, reflecting a generally cautious outlook on the stock.

Nordea Investment Management AB increased its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 18.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,701,657 shares of the technology company's stock after purchasing an additional 270,730 shares during the period. Nordea Investment Management AB owned 0.50% of Fortive worth $87,925,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. boosted its position in Fortive by 11.1% during the 1st 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 boosted its position in Fortive by 28.7% during the 1st quarter. Drake & Associates LLC now owns 22,298 shares of the technology company's stock worth $1,632,000 after purchasing an additional 4,978 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Fortive by 13.1% during the 1st 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 purchased a new stake in Fortive during the 1st quarter worth $3,542,000. Finally, Perpetual Ltd boosted its position in Fortive by 60.0% during the 1st quarter. Perpetual Ltd now owns 239,735 shares of the technology company's stock worth $17,544,000 after purchasing an additional 89,891 shares during the period. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Stock Performance

Shares of FTV stock opened at $48.69 on Friday. 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 one year low of $46.34 and a one year high of $83.32. The company's 50-day simple moving average is $48.47 and its 200-day simple moving average is $58.15. The stock has a market capitalization of $16.47 billion, a price-to-earnings ratio of 21.93, a PEG ratio of 3.08 and a beta of 1.15.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings results on Monday, June 9th. The technology company reported $0.80 EPS for the quarter. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The business had revenue of $1.07 billion for the quarter. Equities analysts anticipate that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, September 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. Fortive's dividend payout ratio (DPR) is presently 10.81%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Wells Fargo & Company decreased their price objective on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 1st. Royal Bank Of Canada decreased 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. Truist Financial reissued a "hold" rating and issued a $55.00 price objective (down from $60.00) on shares of Fortive in a research report on Thursday, July 31st. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $53.00 price objective (down from $58.00) on shares of Fortive in a research report on Wednesday. Finally, Mizuho decreased their price objective on shares of Fortive from $65.00 to $54.00 and set an "outperform" rating for the company in a research report on Friday. Three analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $61.14.

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.

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