S Bank Fund Management Ltd Takes Position in Fortive Corporation (NYSE:FTV)

Key Points

• S Bank Fund Management Ltd has acquired a new stake in Fortive Corporation, purchasing 19,719 shares valued at approximately $1.44 million.
• Fortive reported Q2 earnings of $0.58 per share, missing estimates, and a quarterly revenue of $1.52 billion, down 0.4% year-over-year.
• The company's board has approved a stock buyback plan allowing for the repurchase of up to 15,630,000 shares, indicating a belief that the stock is undervalued.

S Bank Fund Management Ltd bought a new position in Fortive Corporation (NYSE:FTV - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 19,719 shares of the technology company's stock, valued at approximately $1,443,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parvin Asset Management LLC acquired a new position in shares of Fortive during the fourth quarter worth approximately $26,000. American National Bank & Trust acquired a new position in shares of Fortive during the first quarter worth approximately $26,000. Accent Capital Management LLC acquired a new position in shares of Fortive during the first quarter worth approximately $26,000. Global X Japan Co. Ltd. lifted its holdings in shares of 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 last quarter. Finally, Park Square Financial Group LLC acquired a new position in shares of Fortive during the fourth quarter worth approximately $30,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Fortive Price Performance

NYSE:FTV traded up $0.31 during trading hours on Friday, reaching $48.11. The company had a trading volume of 5,626,771 shares, compared to its average volume of 4,537,815. The stock has a 50-day moving average of $56.46 and a two-hundred day moving average of $67.27. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32. The firm has a market capitalization of $16.28 billion, a PE ratio of 21.67, a PEG ratio of 3.05 and a beta of 1.08. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28.

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. Analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive declared that its board has approved a share repurchase program on Tuesday, May 27th that allows the company to repurchase 15,630,000 outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on FTV shares. Melius lowered 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. BNP Paribas restated a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Royal Bank Of Canada lowered their price objective on Fortive from $58.00 to $56.00 and set a "sector perform" rating on the stock in a research report on Thursday, July 31st. Melius Research upgraded Fortive to a "hold" rating in a research report on Tuesday, July 22nd. Finally, Cowen cut Fortive from a "buy" rating to a "hold" rating in a research report on Tuesday, July 15th. Fourteen research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $65.57.

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.