Sumitomo Mitsui Trust Group Inc. Sells 56,925 Shares of Fortive Corporation $FTV

Key Points

• Sumitomo Mitsui Trust Group cut its Fortive stake by 6.9% in the first quarter, selling 56,925 shares and ending with 771,336 shares valued at about $42.6 million.
• Fortive beat quarterly earnings expectations, reporting $0.70 EPS versus the $0.64 estimate, while revenue rose 7.7% year over year to $2.14 billion.
• The company also authorized a 20 million-share buyback and pays a quarterly dividend of $0.06 per share, equal to a 0.4% annual yield.

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Fortive Corporation (NYSE:FTV - Free Report) by 6.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 771,336 shares of the technology company's stock after selling 56,925 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.25% of Fortive worth $42,639,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC boosted its position in shares of Fortive by 43.6% during the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company's stock worth $31,000 after acquiring an additional 168 shares in the last quarter. Rothschild Investment LLC increased its stake in shares of Fortive by 20.5% in the 4th quarter. Rothschild Investment LLC now owns 1,113 shares of the technology company's stock valued at $61,000 after purchasing an additional 189 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Fortive by 2.3% during the 4th quarter. Empowered Funds LLC now owns 8,733 shares of the technology company's stock worth $482,000 after buying an additional 197 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of Fortive by 2.5% during the 4th quarter. Park Avenue Securities LLC now owns 8,401 shares of the technology company's stock worth $464,000 after buying an additional 208 shares in the last quarter. Finally, Clearstead Trust LLC lifted its position in shares of Fortive by 29.8% during the 4th quarter. Clearstead Trust LLC now owns 953 shares of the technology company's stock worth $53,000 after buying an additional 219 shares during the last quarter. 94.94% of the stock is owned by institutional investors.

Fortive Stock Performance

NYSE FTV opened at $62.26 on Monday. The company has a market capitalization of $18.98 billion, a price-to-earnings ratio of 37.28 and a beta of 1.06. The company has a quick ratio of 0.57, a current ratio of 0.71 and a debt-to-equity ratio of 0.43. Fortive Corporation has a twelve month low of $46.34 and a twelve month high of $64.33. The stock has a fifty day simple moving average of $60.56 and a 200 day simple moving average of $58.12.

Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $0.70 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.06. The firm had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.04 billion. Fortive had a return on equity of 12.66% and a net margin of 12.84%.The business's revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.85 EPS. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. Sell-side analysts expect that Fortive Corporation will post 2.97 EPS for the current year.

Fortive announced that its board has approved a share buyback plan on Monday, May 4th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Fortive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 22nd were issued a $0.06 dividend. The ex-dividend date was Monday, June 22nd. This represents a $0.24 annualized dividend and a yield of 0.4%. Fortive's dividend payout ratio is presently 14.37%.

Insider Buying and Selling

In other Fortive news, SVP Peter C. Underwood sold 47,557 shares of the stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $60.81, for a total transaction of $2,891,941.17. Following the completion of the sale, the senior vice president owned 87,780 shares of the company's stock, valued at approximately $5,337,901.80. This represents a 35.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.65% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Truist Financial raised their price objective on Fortive from $61.00 to $67.00 and gave the company a "hold" rating in a research note on Thursday, July 2nd. Citigroup increased their target price on shares of Fortive from $64.00 to $65.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Morgan Stanley raised their price target on shares of Fortive from $58.00 to $59.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 3rd. Argus upgraded shares of Fortive from a "hold" rating to a "buy" rating and set a $68.00 price objective for the company in a research report on Monday, May 11th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Fortive in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $61.83.

Fortive Profile

Fortive Corporation NYSE: FTV is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive's activities on higher‑margin instrumentation, software and services.

Fortive's operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.

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