Northern Trust Corp Purchases 109,307 Shares of Fortive Corporation $FTV

Key Points

• Northern Trust Corp has increased its stake in Fortive Corporation by 2.8%, holding approximately 4.1 million shares valued at $297.7 million as per their latest SEC filing.
• Fortive's most recent quarterly earnings revealed an EPS of $0.58, missing estimates, and a revenue of $1.52 billion, which also fell short of expectations.
• Equities analysts have mixed sentiments on Fortive's stock, with a consensus rating of "Hold" and an average price target of $65.57 following several recent ratings adjustments.

Northern Trust Corp lifted its position in Fortive Corporation (NYSE:FTV - Free Report) by 2.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,067,929 shares of the technology company's stock after buying an additional 109,307 shares during the quarter. Northern Trust Corp owned approximately 1.20% of Fortive worth $297,691,000 at the end of the most recent quarter.

Other institutional investors and 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 worth about $26,000. American National Bank & Trust purchased a new stake in shares of Fortive in the first quarter worth about $26,000. Accent Capital Management LLC purchased a new stake in shares of Fortive in the first quarter worth about $26,000. Global X Japan Co. Ltd. lifted 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 worth $28,000 after buying an additional 201 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in shares of Fortive in the fourth quarter worth about $30,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Price Performance

Shares of FTV stock traded up $0.03 during trading hours on Tuesday, hitting $48.54. 5,215,429 shares of the company's stock were exchanged, compared to its average volume of 5,004,183. The company has a market capitalization of $16.42 billion, a PE ratio of 21.86, a PEG ratio of 3.07 and a beta of 1.08. Fortive Corporation has a 12-month low of $46.34 and a 12-month high of $83.32. The business's 50 day simple moving average is $53.27 and its 200-day simple moving average is $65.72. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28.

Fortive (NYSE:FTV - Get Free Report) last posted its quarterly earnings results 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 business had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The company's revenue was down .4% compared to the same quarter last year. During the same period last year, the business posted $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, equities research analysts anticipate that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 27th that permits the company to repurchase 15,630,000 outstanding shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

FTV has been the topic of a number of recent analyst reports. 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. TD Cowen downgraded shares of Fortive from a "buy" rating to a "hold" rating and lowered their target price for the company from $85.00 to $50.00 in a research note on Tuesday, July 15th. BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a research note on Thursday, June 12th. Melius Research raised shares of Fortive to a "hold" rating in a research note on Tuesday, July 22nd. Finally, Wells Fargo & Company lowered 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 note on Tuesday, July 1st. Five analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the company's stock. According to MarketBeat, Fortive currently has an average rating of "Hold" and a consensus price target of $65.57.

About Fortive

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.