Redwood Investment Management LLC Acquires New Shares in Fortive Corporation $FTV

Key Points

• Redwood Investment Management LLC acquired 18,040 shares of Fortive Corporation in the first quarter, valued at approximately $1.32 million.
• Institutional investors now own nearly 94.94% of Fortive's stock, with significant increases in holdings from firms like Dodge & Cox, which boosted their stake by 181.5%.
• Fortive Corporation recently missed its earnings estimate for the quarter, reporting $0.58 earnings per share, below the consensus estimate of $0.60.

Redwood Investment Management LLC acquired a new stake in shares of Fortive Corporation (NYSE:FTV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 18,040 shares of the technology company's stock, valued at approximately $1,320,000.

A number of other institutional investors and hedge funds have also modified their holdings of FTV. Brighton Jones LLC increased its position in shares of Fortive by 97.1% during the fourth quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after purchasing an additional 2,811 shares during the period. Integrated Wealth Concepts LLC increased its position in shares of Fortive by 6.2% during the fourth quarter. Integrated Wealth Concepts LLC now owns 6,222 shares of the technology company's stock valued at $467,000 after purchasing an additional 363 shares during the period. Nebula Research & Development LLC acquired a new stake in Fortive in the 4th quarter valued at $327,000. Quarry LP boosted its stake in Fortive by 229.6% in the 4th quarter. Quarry LP now owns 501 shares of the technology company's stock valued at $38,000 after buying an additional 349 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Fortive by 10.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 1,501,266 shares of the technology company's stock valued at $112,595,000 after buying an additional 142,197 shares in the last quarter. 94.94% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently commented on FTV shares. JPMorgan Chase & Co. decreased their price target on Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Royal Bank Of Canada decreased their price target on Fortive from $58.00 to $56.00 and set a "sector perform" rating on the stock in a research note on Thursday, July 31st. Mizuho decreased their price target on Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 16th. Truist Financial reaffirmed 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. Finally, Wells Fargo & Company decreased their price target on Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 1st. Five analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $65.57.

Fortive Price Performance

Fortive stock traded down $0.19 on Friday, reaching $47.82. The company's stock had a trading volume of 2,948,731 shares, compared to its average volume of 4,650,919. 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 price-to-earnings ratio of 21.54, a PEG ratio of 3.03 and a beta of 1.08. The business's fifty day moving average price is $51.97 and its 200 day moving average price is $65.05. Fortive Corporation has a twelve month low of $46.34 and a twelve month high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last released its earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share 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 the consensus estimate of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The company's revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 EPS. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Equities analysts expect that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be given 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 dividend yield of 0.5%. Fortive's payout ratio is presently 10.81%.

Fortive announced that its board has authorized a share repurchase program on Tuesday, May 27th that permits the company to buyback 15,630,000 shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership 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.