Fortive Corporation (NYSE:FTV) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas decreased its position in Fortive Corporation (NYSE:FTV - Free Report) by 53.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,753 shares of the technology company's stock after selling 57,761 shares during the period. Teacher Retirement System of Texas' holdings in Fortive were worth $3,714,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FTV. Brown Brothers Harriman & Co. boosted its position in shares of Fortive by 5.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 2,554 shares of the technology company's stock worth $192,000 after purchasing an additional 127 shares during the period. Tandem Capital Management Corp ADV boosted its position in shares of Fortive by 0.6% during the 1st quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company's stock worth $2,017,000 after purchasing an additional 160 shares during the period. RDA Financial Network boosted its position in shares of Fortive by 3.5% during the 1st quarter. RDA Financial Network now owns 4,965 shares of the technology company's stock worth $363,000 after purchasing an additional 169 shares during the period. Tritonpoint Wealth LLC boosted its position in shares of Fortive by 3.1% during the 1st quarter. Tritonpoint Wealth LLC now owns 6,208 shares of the technology company's stock worth $454,000 after purchasing an additional 187 shares during the period. Finally, Exchange Traded Concepts LLC boosted its position in shares of Fortive by 37.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 686 shares of the technology company's stock worth $50,000 after purchasing an additional 187 shares during the period. Hedge funds and other institutional investors own 94.94% of the company's stock.

Insiders Place Their Bets

In other news, SVP Peter C. Underwood sold 14,327 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James A. Lico sold 175,000 shares of Fortive stock in a transaction 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 sale, the chief executive officer owned 428,585 shares in the company, valued at $31,029,554. This represents a 28.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.92% of the stock is currently owned by company insiders.

Fortive Stock Down 0.8%

Shares of FTV traded down $0.40 during midday trading on Friday, reaching $52.66. The stock had a trading volume of 3,538,992 shares, compared to its average volume of 2,806,106. Fortive Corporation has a 1-year low of $50.00 and a 1-year high of $83.32. The company's fifty day simple moving average is $67.32 and its two-hundred day simple moving average is $72.19. The company has a market cap of $17.90 billion, a price-to-earnings ratio of 23.10, a PEG ratio of 2.61 and a beta of 1.09. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.99 and a quick ratio of 0.78.

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

Fortive announced that its Board of Directors has approved a stock buyback program on Tuesday, May 27th that authorizes the company to buyback 15,630,000 outstanding shares. This buyback authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FTV. Royal Bank Of Canada increased their price objective on shares of Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research report on Monday, June 9th. Wells Fargo & Company lowered their price objective on shares of Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 1st. Citigroup lowered their price objective on shares of Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Truist Financial reduced their target price on shares of Fortive from $90.00 to $81.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Finally, Robert W. Baird reduced their target price on shares of Fortive from $88.00 to $82.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, Fortive has a consensus rating of "Hold" and an average target price of $73.67.

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.