Russell Investments Group Ltd. Acquires 139,270 Shares of Fortive Corporation $FTV

Key Points

• Russell Investments Group Ltd. increased its stake in Fortive Corporation by 58.3%, acquiring an additional 139,270 shares, bringing its total holdings to 378,131 shares worth approximately $27.55 million.
• Fortive's quarterly performance showed a net revenue of $1.52 billion, falling short of estimates, with earnings per share of $0.58, missing the consensus by $0.02.
• Several institutional investors, including Price T Rowe Associates and Invesco, significantly increased their holdings, with 94.94% of Fortive shares owned by institutional investors.

Russell Investments Group Ltd. lifted its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 58.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 378,131 shares of the technology company's stock after purchasing an additional 139,270 shares during the quarter. Russell Investments Group Ltd. owned about 0.11% of Fortive worth $27,550,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Parvin Asset Management LLC acquired a new stake in shares of Fortive during the fourth quarter worth $26,000. American National Bank & Trust acquired a new position in shares of Fortive during the 1st quarter worth $26,000. Accent Capital Management LLC acquired a new position in shares of Fortive during the 1st quarter worth $26,000. Global X Japan Co. Ltd. grew its position in Fortive by 114.2% during the first quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after buying an additional 201 shares during the period. Finally, Park Square Financial Group LLC acquired a new position in Fortive during the fourth quarter worth about $30,000. Institutional investors and hedge funds own 94.94% of the company's stock.

Fortive Stock Up 0.3%

NYSE FTV traded up $0.15 during trading on Wednesday, reaching $48.31. 3,164,633 shares of the company's stock were exchanged, compared to its average volume of 3,322,449. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $83.32. The firm has a market capitalization of $16.35 billion, a PE ratio of 21.74, a P/E/G ratio of 3.02 and a beta of 1.08. 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 company's fifty day simple moving average is $55.47 and its 200-day simple moving average is $66.80.

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 business had revenue of $1.52 billion during 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%.Fortive's revenue for the quarter was down .4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.93 EPS. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Sell-side analysts predict that Fortive Corporation will post 4.05 EPS for the current year.

Fortive declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that permits the company to buyback 15,630,000 outstanding shares. This buyback authorization permits the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have commented on FTV shares. Raymond James Financial lowered their price target on Fortive from $90.00 to $65.00 and set an "outperform" rating for the company in a report on Tuesday, July 1st. Melius cut Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target for the company. in a report on Tuesday, July 22nd. Wall Street Zen raised Fortive to a "hold" rating in a research report on Saturday, July 5th. Mizuho dropped their target price on Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company dropped their target price on Fortive from $72.00 to $55.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 1st. Five analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $65.57.

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.