Quintet Private Bank Europe S.A. Sells 275,009 Shares of Fortive Corporation $FTV

Key Points

• Quintet Private Bank Europe S.A. has significantly decreased its stake in Fortive Corporation by 99.3%, resulting in ownership of just 1,813 shares after selling 275,009 shares.
• Fortive's recent earnings report showed EPS of $0.58, missing estimates, and a net revenue decrease of 0.4% from the previous year.
• The company has authorized a stock buyback program for 15.63 million shares, indicating management's belief that the stock is undervalued.

Quintet Private Bank Europe S.A. reduced its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 99.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,813 shares of the technology company's stock after selling 275,009 shares during the period. Quintet Private Bank Europe S.A.'s holdings in Fortive were worth $95,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. RDA Financial Network grew its stake in shares of Fortive by 10.9% during the second quarter. RDA Financial Network now owns 5,504 shares of the technology company's stock worth $287,000 after buying an additional 539 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in shares of Fortive by 57.0% in the second quarter. Central Pacific Bank Trust Division now owns 9,645 shares of the technology company's stock worth $503,000 after purchasing an additional 3,500 shares during the last quarter. AG2R LA Mondiale Gestion D Actifs bought a new stake in shares of Fortive in the first quarter worth $1,101,000. Voya Investment Management LLC grew its stake in shares of Fortive by 3.2% in the first quarter. Voya Investment Management LLC now owns 435,938 shares of the technology company's stock worth $31,902,000 after purchasing an additional 13,526 shares during the last quarter. Finally, First Hawaiian Bank lifted its holdings in Fortive by 90.8% in the first quarter. First Hawaiian Bank now owns 29,126 shares of the technology company's stock valued at $2,131,000 after buying an additional 13,862 shares during the period. Institutional investors own 94.94% of the company's stock.

Fortive Stock Performance

NYSE:FTV traded up $0.91 during trading hours on Thursday, reaching $48.94. The stock had a trading volume of 2,874,238 shares, compared to its average volume of 3,392,917. 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 stock has a 50 day simple moving average of $48.92 and a 200 day simple moving average of $62.23. Fortive Corporation has a 12-month low of $46.34 and a 12-month high of $83.32. The stock has a market cap of $16.56 billion, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10.

Fortive (NYSE:FTV - Get Free Report) last released its earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.02). The firm had revenue of $1.52 billion during 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 business's quarterly revenue was down .4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, research analysts forecast that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive declared that its board has approved a stock buyback program on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Fortive Cuts Dividend

The firm also recently announced 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 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, September 12th. Fortive's payout ratio is presently 10.81%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Zacks Research upgraded shares of Fortive from a "strong sell" rating to a "hold" rating in a report on Monday. TD Cowen lowered shares of Fortive from a "buy" rating to a "hold" rating and dropped their target price for the company from $85.00 to $50.00 in a report on Tuesday, July 15th. Morgan Stanley reiterated an "equal weight" rating and set a $50.00 price objective (down previously from $90.00) on shares of Fortive in a report on Tuesday, September 2nd. BNP Paribas reiterated a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Finally, Wells Fargo & Company dropped their price target on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 1st. Four investment analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $62.79.

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.