Parallax Volatility Advisers L.P. Makes New $833,000 Investment in Fortive Corporation $FTV

Key Points

• Parallax Volatility Advisers L.P. has invested $833,000 in Fortive Corporation by acquiring 11,385 shares during the first quarter of 2023.
• Fortive's recent earnings report revealed an EPS of $0.58, which missed analyst expectations, and the company has projected FY 2025 EPS guidance of 2.500-2.600.
• The company has authorized a share repurchase program for 15.63 million shares, indicating that leadership believes its stock is undervalued.

Parallax Volatility Advisers L.P. bought a new position in Fortive Corporation (NYSE:FTV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 11,385 shares of the technology company's stock, valued at approximately $833,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Redmond Asset Management LLC boosted its holdings in Fortive by 1.0% in the first quarter. Redmond Asset Management LLC now owns 14,515 shares of the technology company's stock worth $1,062,000 after acquiring an additional 142 shares in the last quarter. Capital Analysts LLC boosted its holdings in Fortive by 41.0% in the first quarter. Capital Analysts LLC now owns 523 shares of the technology company's stock worth $38,000 after acquiring an additional 152 shares in the last quarter. Tandem Capital Management Corp ADV boosted its holdings in Fortive by 0.6% in the first quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company's stock worth $2,017,000 after acquiring an additional 160 shares in the last quarter. Forum Financial Management LP boosted its holdings in Fortive by 2.3% in the first quarter. Forum Financial Management LP now owns 7,119 shares of the technology company's stock worth $521,000 after acquiring an additional 161 shares in the last quarter. Finally, RDA Financial Network boosted its holdings in 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 in the last quarter. 94.94% of the stock is owned by institutional investors.

Fortive Stock Up 0.5%

Fortive stock opened at $47.80 on Monday. The stock has a market cap of $16.17 billion, a PE ratio of 21.53, a price-to-earnings-growth ratio of 3.04 and a beta of 1.10. 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 stock has a fifty day moving average of $49.64 and a 200 day moving average of $63.74.

Fortive (NYSE:FTV - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.02). The firm had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.54 billion. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The firm's revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 EPS. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. As a group, sell-side analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, September 12th. Fortive's dividend payout ratio is 14.41%.

Fortive announced that its Board of Directors has approved a share repurchase program on Tuesday, May 27th that authorizes the company to repurchase 15,630,000 shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

FTV has been the subject of several recent analyst reports. Wall Street Zen upgraded Fortive to a "hold" rating in a research note on Friday. Truist Financial restated a "hold" rating and issued a $55.00 price target (down previously from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Raymond James Financial decreased their price target on Fortive from $90.00 to $65.00 and set an "outperform" rating for the company in a research note on Tuesday, July 1st. Mizuho decreased their price target on Fortive from $85.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, July 16th. Finally, Cowen cut Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Fortive presently has a consensus rating of "Hold" and an average price target of $62.79.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.