United Services Automobile Association Makes New Investment in Fortive Corporation $FTV

Key Points

• United Services Automobile Association acquired a new stake in Fortive Corporation, purchasing 9,253 shares valued at approximately $672,000 in the first quarter.
• Fortive's latest earnings report showed $0.58 earnings per share, missing analysts' expectations, with revenue down by 0.4% year-over-year.
• The company recently announced a dividend of $0.06 per share along with a share buyback program for up to 15.63 million shares, signaling potential undervaluation of its stock.

United Services Automobile Association purchased a new stake in shares of Fortive Corporation (NYSE:FTV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 9,253 shares of the technology company's stock, valued at approximately $672,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FTV. Redmond Asset Management LLC grew its stake in Fortive by 1.0% during the first quarter. Redmond Asset Management LLC now owns 14,515 shares of the technology company's stock worth $1,062,000 after purchasing an additional 142 shares during the period. Capital Analysts LLC boosted its holdings in shares of Fortive by 41.0% during the 1st quarter. Capital Analysts LLC now owns 523 shares of the technology company's stock worth $38,000 after buying an additional 152 shares in the last quarter. Tandem Capital Management Corp ADV grew 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 buying an additional 160 shares during the period. Forum Financial Management LP increased its stake in shares of Fortive by 2.3% in the 1st quarter. Forum Financial Management LP now owns 7,119 shares of the technology company's stock valued at $521,000 after acquiring an additional 161 shares in the last quarter. Finally, RDA Financial Network lifted 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 valued at $363,000 after acquiring an additional 169 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Stock Performance

FTV traded down $0.69 during trading on Friday, hitting $48.88. 4,988,351 shares of the company traded hands, compared to its average volume of 3,725,116. Fortive Corporation has a one year low of $46.34 and a one year high of $83.32. The stock's fifty day moving average is $49.19 and its 200 day moving average is $62.87. The firm has a market cap of $16.54 billion, a P/E ratio of 22.02, a price-to-earnings-growth ratio of 3.15 and a beta of 1.10. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28.

Fortive (NYSE:FTV - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing analysts' consensus estimates of $0.60 by ($0.02). Fortive had a return on equity of 11.96% and a net margin of 13.62%.The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the firm posted $0.93 EPS. The company's revenue for the quarter was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. As a group, equities analysts predict that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive declared that its board has authorized a stock repurchase program on Tuesday, May 27th that allows the company to repurchase 15,630,000 shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Fortive Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Stockholders of record on Friday, September 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, September 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. Fortive's dividend payout ratio is presently 14.41%.

Analyst Ratings Changes

Several equities research analysts have weighed in on FTV shares. JPMorgan Chase & Co. decreased their price target on shares of Fortive from $87.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Morgan Stanley reissued an "equal weight" rating and issued a $50.00 price objective (down previously from $90.00) on shares of Fortive in a research note on Tuesday, September 2nd. Raymond James Financial decreased their price objective on Fortive from $90.00 to $65.00 and set an "outperform" rating for the company in a report on Tuesday, July 1st. Melius cut Fortive from a "buy" rating to a "hold" rating and set a $62.00 target price on the stock. in a report on Tuesday, July 22nd. Finally, Truist Financial reaffirmed a "hold" rating and issued a $55.00 price objective (down from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Four investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fortive has a consensus rating of "Hold" and a consensus target price of $62.79.

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.