Fortive Corporation (NYSE:FTV) Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Fortive Corporation (NYSE:FTV - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 51,343 shares of the technology company's stock after buying an additional 5,963 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Fortive were worth $3,757,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FTV. Brighton Jones LLC raised its holdings in Fortive by 97.1% in the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company's stock valued at $428,000 after buying an additional 2,811 shares during the period. Smartleaf Asset Management LLC increased its stake in Fortive by 23.9% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,880 shares of the technology company's stock worth $216,000 after purchasing an additional 555 shares during the period. Jones Financial Companies Lllp increased its stake in Fortive by 23.2% during the fourth quarter. Jones Financial Companies Lllp now owns 5,869 shares of the technology company's stock worth $440,000 after purchasing an additional 1,104 shares during the period. Steward Partners Investment Advisory LLC increased its stake in Fortive by 11.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,836 shares of the technology company's stock worth $213,000 after purchasing an additional 282 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in Fortive by 2.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,014,318 shares of the technology company's stock worth $151,074,000 after purchasing an additional 49,529 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Stock Down 0.0%

Fortive stock traded down $0.01 during mid-day trading on Monday, hitting $53.04. The company had a trading volume of 6,794,426 shares, compared to its average volume of 2,761,362. The stock has a market cap of $18.03 billion, a price-to-earnings ratio of 23.26, a PEG ratio of 2.33 and a beta of 1.09. Fortive Corporation has a 1 year low of $50.00 and a 1 year high of $83.32. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 0.29. The business has a fifty day moving average of $68.55 and a 200 day moving average of $72.77.

Fortive (NYSE:FTV - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, meeting the consensus estimate of $0.85. The company had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Fortive had a net margin of 12.90% and a return on equity of 13.19%. The firm's revenue was down 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.83 earnings per share. On average, sell-side analysts expect that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 27th that allows the company to buyback 15,630,000 outstanding shares. This buyback authorization allows the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Peter C. Underwood sold 14,327 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the transaction, the senior vice president directly owned 51,750 shares in the company, valued at approximately $3,823,290. This trade represents a 21.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James A. Lico sold 175,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the transaction, the chief executive officer owned 428,585 shares in the company, valued at approximately $31,029,554. This trade represents a 28.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.92% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FTV shares. Royal Bank Of Canada boosted their price target on shares of Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research note on Monday, June 9th. Truist Financial cut their price target on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. JPMorgan Chase & Co. cut their price target on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 2nd. Robert W. Baird cut 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, Raymond James Financial cut their price target on shares of Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 1st. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.08.

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.