State of New Jersey Common Pension Fund D Lowers Stock Position in Fortive Corporation $FTV

Key Points

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State of New Jersey Common Pension Fund D cut its holdings in Fortive Corporation (NYSE:FTV - Free Report) by 9.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,194 shares of the technology company's stock after selling 11,245 shares during the period. State of New Jersey Common Pension Fund D's holdings in Fortive were worth $8,137,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FTV. Parvin Asset Management LLC acquired a new stake in Fortive in the fourth quarter valued at $26,000. American National Bank & Trust acquired a new stake in Fortive in the first quarter valued at $26,000. Accent Capital Management LLC acquired a new stake in Fortive in the first quarter valued at $26,000. Global X Japan Co. Ltd. increased its position 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 purchasing an additional 201 shares in the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in shares of Fortive during the fourth quarter worth about $30,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FTV shares. Raymond James Financial cut their target price on Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 1st. Robert W. Baird cut their target price on Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 2nd. Mizuho cut 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, Melius cut Fortive from a "buy" rating to a "hold" rating and set a $62.00 target price on the stock. in a research report on Tuesday, July 22nd. Five investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, Fortive presently has an average rating of "Hold" and a consensus target price of $65.57.

Fortive Stock Performance

Shares of NYSE FTV traded up $1.5150 during midday trading on Friday, reaching $49.2750. 3,749,728 shares of the company were exchanged, compared to its average volume of 4,986,282. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The stock has a fifty day simple moving average of $54.14 and a 200 day simple moving average of $66.24. The stock has a market cap of $16.67 billion, a P/E ratio of 22.20, a PEG ratio of 3.03 and a beta of 1.08.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) 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 company had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the business earned $0.93 EPS. The business's quarterly revenue was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, research analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

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

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.