Fortive Corporation $FTV Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its holdings in Fortive Corporation by 15.1%, selling 7,737 shares and now owning 43,606 shares worth approximately $2.27 million.
• Several hedge funds have also changed their positions, with Brighton Jones LLC increasing its stake in Fortive by 97.1%, while 94.94% of the stock is now owned by institutional investors.
• Fortive reported a quarterly loss with an EPS of $0.58, missing estimates, and has set a FY 2025 guidance of 2.500-2.600 EPS.

Sumitomo Mitsui DS Asset Management Company Ltd lowered its stake in Fortive Corporation (NYSE:FTV - Free Report) by 15.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 43,606 shares of the technology company's stock after selling 7,737 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Fortive were worth $2,273,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of FTV. Dodge & Cox grew its holdings in shares of Fortive by 181.5% during the first quarter. Dodge & Cox now owns 21,900,363 shares of the technology company's stock worth $1,602,669,000 after buying an additional 14,120,456 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Fortive by 50.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 13,112,403 shares of the technology company's stock worth $959,567,000 after buying an additional 4,382,242 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Fortive by 96.6% during the first quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company's stock worth $411,781,000 after buying an additional 2,764,432 shares in the last quarter. Select Equity Group L.P. grew its holdings in shares of Fortive by 4.9% during the first quarter. Select Equity Group L.P. now owns 4,509,598 shares of the technology company's stock worth $330,012,000 after buying an additional 212,025 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Fortive by 2.8% during the first quarter. Northern Trust Corp now owns 4,067,929 shares of the technology company's stock worth $297,691,000 after buying an additional 109,307 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on FTV shares. Melius Research raised shares of Fortive to a "hold" rating in a report on Tuesday, July 22nd. Melius lowered Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target on the stock. in a report on Tuesday, July 22nd. Raymond James Financial reduced their price target on Fortive from $90.00 to $65.00 and set an "outperform" rating on the stock in a report on Tuesday, July 1st. JPMorgan Chase & Co. reduced their price target on Fortive from $87.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Finally, BNP Paribas reiterated a "neutral" rating on shares of Fortive in a report on Thursday, June 12th. Four research analysts have rated the stock with a Buy rating and fourteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $62.79.

Fortive Trading Down 0.6%

FTV traded down $0.31 on Monday, hitting $48.32. The company had a trading volume of 2,731,814 shares, compared to its average volume of 3,815,547. The firm has a market cap of $16.35 billion, a P/E ratio of 13.62, a PEG ratio of 3.09 and a beta of 1.10. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The company's fifty day moving average price is $48.76 and its 200 day moving average price is $61.60. 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 (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). The company had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.54 billion. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The firm's quarterly revenue was down .4% on a year-over-year basis. During the same quarter last year, the firm posted $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. As a group, equities analysts expect that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.5%. The ex-dividend date is Friday, September 12th. Fortive's payout ratio is 10.81%.

Fortive announced that its Board of Directors has initiated a stock 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 purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's management believes its shares are undervalued.

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.