Rafferty Asset Management LLC Sells 6,930 Shares of Fortive Corporation $FTV

Key Points

• Rafferty Asset Management LLC reduced its stake in Fortive Corporation by 21.4%, selling 6,930 shares and holding 25,481 shares valued at approximately $1.87 million at the end of the reporting period.
• Several hedge funds, including Dodge & Cox and Price T Rowe Associates Inc., significantly increased their positions in Fortive, showcasing strong institutional interest with 94.94% of the stock held by institutional investors.
• Fortive recently updated its dividend policy, declaring a quarterly dividend of $0.06 per share, reflecting a 0.5% yield, while also initiating a share repurchase plan to buy back up to 15.63 million shares.

Rafferty Asset Management LLC cut its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 21.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,481 shares of the technology company's stock after selling 6,930 shares during the quarter. Rafferty Asset Management LLC's holdings in Fortive were worth $1,865,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. American National Bank & Trust acquired a new position in shares of Fortive in the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new stake in Fortive during the 1st quarter valued at approximately $26,000. Global X Japan Co. Ltd. grew its holdings in Fortive by 114.2% during the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after acquiring an additional 201 shares in the last quarter. Park Square Financial Group LLC acquired a new position in Fortive in the fourth quarter worth about $30,000. Finally, Quarry LP grew its position in shares of Fortive by 229.6% in the 4th quarter. Quarry LP now owns 501 shares of the technology company's stock worth $38,000 after acquiring an additional 349 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Fortive Stock Performance

FTV traded up $0.21 during trading on Thursday, hitting $47.24. The stock had a trading volume of 1,272,659 shares, compared to its average volume of 3,351,123. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. The firm has a market cap of $15.98 billion, a PE ratio of 21.28, a P/E/G ratio of 3.03 and a beta of 1.10. The company has a 50 day simple moving average of $50.59 and a 200-day simple moving average of $64.46.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings results 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 business had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The firm's quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Analysts expect that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Cuts Dividend

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

Fortive announced that its board has authorized a share repurchase plan on Tuesday, May 27th that authorizes the company to buyback 15,630,000 outstanding shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FTV shares. Wall Street Zen upgraded shares of Fortive to a "hold" rating in a research note on Saturday, July 5th. BNP Paribas reiterated a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Melius Research upgraded Fortive to a "hold" rating in a research report on Tuesday, July 22nd. Mizuho dropped their target price on shares of Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a report on Wednesday, July 16th. Finally, Cowen downgraded Fortive from a "buy" rating to a "hold" rating in a report on Tuesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average 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.