SouthState Corp Buys 6,028 Shares of Fortive Corporation (NYSE:FTV)

Key Points

• SouthState Corp increased its stake in Fortive Corporation by 40.3%, purchasing 6,028 additional shares, bringing its total holdings to 20,990 shares worth approximately $1.54 million.
• CEO James A. Lico sold 175,000 shares of Fortive stock, equivalent to a 28.99% decrease in his position, for a total of about $12.67 million.
• Fortive announced a share repurchase plan to buy back 15.63 million shares, indicating management's belief that its stock is undervalued.

SouthState Corp grew its stake in Fortive Corporation (NYSE:FTV - Free Report) by 40.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,990 shares of the technology company's stock after purchasing an additional 6,028 shares during the quarter. SouthState Corp's holdings in Fortive were worth $1,536,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FTV. Parvin Asset Management LLC bought a new position in shares of Fortive in the fourth quarter valued at about $26,000. American National Bank & Trust bought a new position in shares of Fortive in the first quarter valued at about $26,000. Accent Capital Management LLC bought a new position in shares of Fortive in the first quarter valued at about $26,000. Global X Japan Co. Ltd. raised its position in shares of Fortive by 114.2% in the first quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after purchasing an additional 201 shares during the period. Finally, Park Square Financial Group LLC bought a new position in shares of Fortive in the fourth quarter valued at about $30,000. 94.94% of the stock is owned by institutional investors.

Insider Buying and Selling at Fortive

In other news, CEO James A. Lico sold 175,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $72.40, for a total value of $12,670,000.00. Following the sale, the chief executive officer directly owned 428,585 shares in the company, valued at approximately $31,029,554. This trade represents a 28.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.92% of the company's stock.

Fortive Stock Performance

Shares of Fortive stock opened at $47.11 on Monday. The company has a 50 day moving average of $58.86 and a 200-day moving average of $68.31. Fortive Corporation has a 1-year low of $46.35 and a 1-year 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 company has a market cap of $15.94 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 2.98 and a beta of 1.08.

Fortive (NYSE:FTV - Get Free Report) last issued its quarterly 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). Fortive had a return on equity of 11.96% and a net margin of 13.62%. The firm had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the company posted $0.93 EPS. The business's revenue was down .4% on a year-over-year basis. As a group, equities research analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on FTV. Melius Research upgraded shares of Fortive to a "hold" rating in a research note on Tuesday, July 22nd. TD Cowen downgraded shares of Fortive from a "buy" rating to a "hold" rating and decreased their price target for the company from $85.00 to $50.00 in a research note on Tuesday, July 15th. Truist Financial restated a "hold" rating and issued a $55.00 price target (down from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Robert W. Baird decreased their price target on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. Finally, Cowen downgraded shares of Fortive from a "buy" rating to a "hold" rating in a research note on Tuesday, July 15th. Thirteen analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $65.86.

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.

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