Palisade Capital Management LP Has $11.95 Million Stake in Fortive Corporation (NYSE:FTV)

Palisade Capital Management LP trimmed its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 3.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,322 shares of the technology company's stock after selling 5,539 shares during the period. Palisade Capital Management LP's holdings in Fortive were worth $11,952,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Brown Brothers Harriman & Co. boosted its stake in Fortive by 5.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 2,554 shares of the technology company's stock valued at $192,000 after purchasing an additional 127 shares during the period. Tandem Capital Management Corp ADV lifted its holdings in shares of Fortive by 0.6% during the first quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company's stock worth $2,017,000 after buying an additional 160 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in shares of Fortive by 1.2% in the fourth quarter. Cullen Frost Bankers Inc. now owns 13,628 shares of the technology company's stock valued at $1,022,000 after acquiring an additional 168 shares during the period. RDA Financial Network grew its stake in shares of Fortive by 3.5% in the first quarter. RDA Financial Network now owns 4,965 shares of the technology company's stock worth $363,000 after acquiring an additional 169 shares during the last quarter. Finally, Tritonpoint Wealth LLC grew its stake in shares of Fortive by 3.1% in the first quarter. Tritonpoint Wealth LLC now owns 6,208 shares of the technology company's stock worth $454,000 after acquiring an additional 187 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on FTV. Citigroup reduced their price target on shares of Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Truist Financial reduced their target price on shares of Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a research note on Tuesday, April 8th. Robert W. Baird decreased their target price on Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Barclays reaffirmed an "overweight" rating and issued a $86.00 price target (up previously from $84.00) on shares of Fortive in a report on Tuesday, June 3rd. Finally, Wells Fargo & Company decreased their price objective on Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Fortive presently has an average rating of "Moderate Buy" and a consensus target price of $77.08.

Insider Transactions at Fortive

In other 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 transaction of $12,670,000.00. Following the sale, the chief executive officer directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Peter C. Underwood sold 14,327 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was 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 of the company's stock, valued at $3,823,290. This trade represents a 21.68% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by corporate insiders.

Fortive Price Performance

Fortive stock traded down $0.33 during mid-day trading on Friday, hitting $53.01. 2,484,750 shares of the company were exchanged, compared to its average volume of 2,738,491. The company has a market capitalization of $18.02 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 2.21 and a beta of 1.09. The business has a fifty day moving average of $69.19 and a 200 day moving average of $73.08. Fortive Corporation has a 1-year low of $50.00 and a 1-year 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 released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, hitting analysts' consensus estimates of $0.85. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the prior year, the company earned $0.83 EPS. Fortive's revenue for the quarter was down 3.3% on a year-over-year basis. As a group, sell-side analysts expect 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 plan on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.