T. Rowe Price Investment Management Inc. Has $2.71 Billion Holdings in Fortive Corporation $FTV

Key Points

• T. Rowe Price Investment Management Inc. reduced its holdings in Fortive Corporation by 13.8%, now owning approximately 37 million shares valued at around $2.7 billion, representing about 1.8% of its investment portfolio.
• Fortive's stock has been rated with a consensus of "Hold" by analysts, with a price target averaging $65.57, indicating cautious optimism among market analysts.
• Fortive reported earnings of $0.58 per share for the latest quarter, missing expectations, and anticipates earnings per share for fiscal year 2025 to be between $2.500-$2.600.

T. Rowe Price Investment Management Inc. lessened its holdings in shares of Fortive Corporation (NYSE:FTV - Free Report) by 13.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 37,012,836 shares of the technology company's stock after selling 5,934,299 shares during the quarter. Fortive makes up approximately 1.8% of T. Rowe Price Investment Management Inc.'s investment portfolio, making the stock its 6th largest position. T. Rowe Price Investment Management Inc. owned approximately 10.89% of Fortive worth $2,708,600,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its position in Fortive by 11.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,793 shares of the technology company's stock worth $790,000 after buying an additional 1,076 shares during the last quarter. Drake & Associates LLC increased its position in Fortive by 28.7% during the first quarter. Drake & Associates LLC now owns 22,298 shares of the technology company's stock worth $1,632,000 after buying an additional 4,978 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Fortive by 13.1% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,343 shares of the technology company's stock worth $3,757,000 after buying an additional 5,963 shares during the last quarter. Brookstone Capital Management acquired a new position in Fortive during the first quarter worth approximately $3,542,000. Finally, Perpetual Ltd increased its position in Fortive by 60.0% during the first quarter. Perpetual Ltd now owns 239,735 shares of the technology company's stock worth $17,544,000 after buying an additional 89,891 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company's stock.

Fortive Stock Performance

Shares of NYSE:FTV traded up $1.5150 during trading on Friday, reaching $49.2750. 3,749,728 shares of the stock 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. The firm has a market cap of $16.67 billion, a PE ratio of 22.20, a PEG ratio of 3.03 and a beta of 1.08. The stock has a 50-day moving average price of $54.14 and a 200-day moving average price of $66.24. Fortive Corporation has a 12 month low of $46.34 and a 12 month high of $83.32.

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 (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 the consensus estimate of $1.54 billion. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The company'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. Research analysts expect that Fortive Corporation will post 4.05 EPS for the current fiscal year.

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 shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FTV. Melius downgraded Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target on the stock. in a research report on Tuesday, July 22nd. Wells Fargo & Company reduced their price objective on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a report on Tuesday, July 1st. Wall Street Zen upgraded Fortive to a "hold" rating in a report on Saturday, July 5th. Royal Bank Of Canada reduced their price objective on Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a report on Thursday, July 31st. Finally, Melius Research upgraded Fortive to a "hold" rating in a report on Tuesday, July 22nd. Five research analysts have rated the stock with a Buy rating and thirteen have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $65.57.

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.