Public Sector Pension Investment Board Has $8.25 Million Holdings in Fortive Corporation $FTV

Key Points

• The Public Sector Pension Investment Board increased its stake in Fortive Corporation by 162.2%, acquiring an additional 69,706 shares, bringing its total holdings to 112,672 shares valued at approximately $8.25 million.
• Fortive reported earnings of $0.58 per share for the last quarter, missing estimates and showing a 0.4% revenue decline compared to the previous year.
• Several brokerages, including Wells Fargo and Truist Financial, have adjusted their price targets on Fortive, with an average target of $65.57 and a consensus rating of "hold."

Public Sector Pension Investment Board raised its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 162.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 112,672 shares of the technology company's stock after purchasing an additional 69,706 shares during the quarter. Public Sector Pension Investment Board's holdings in Fortive were worth $8,245,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Parvin Asset Management LLC bought a new position in Fortive in the 4th quarter valued at $26,000. American National Bank & Trust acquired a new stake in shares of Fortive in the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new stake in shares of Fortive in the 1st quarter valued at $26,000. Global X Japan Co. Ltd. increased its stake in shares of Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after buying an additional 201 shares during the period. Finally, Park Square Financial Group LLC acquired a new stake in shares of Fortive in the 4th quarter valued at $30,000. Institutional investors own 94.94% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on FTV. Truist Financial reissued 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. Cowen cut Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. BNP Paribas reissued a "neutral" rating on shares of Fortive in a research note on Thursday, June 12th. JPMorgan Chase & Co. lowered their target price on Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Finally, Wells Fargo & Company lowered their target price on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 1st. Fourteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $65.57.

Fortive Trading Down 0.7%

FTV stock traded down $0.34 during midday trading on Monday, hitting $47.82. 1,905,079 shares of the company's stock were exchanged, compared to its average volume of 3,319,279. The stock's fifty day moving average price is $56.46 and its 200-day moving average price is $67.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98. The company has a market cap of $16.18 billion, a PE ratio of 21.53, a price-to-earnings-growth ratio of 3.05 and a beta of 1.08. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%. The firm's revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.93 EPS. Research analysts predict that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive announced that its board has initiated a stock repurchase program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 outstanding shares. This buyback authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board 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.