USS Investment Management Ltd Sells 15,600 Shares of Fortive Corporation $FTV

Key Points

• USS Investment Management Ltd has reduced its stake in Fortive Corporation by 17.8%, selling 15,600 shares and now holds 71,802 shares valued at approximately $5.26 million.
• Recent analyst ratings have resulted in various target price revisions for Fortive, with TD Cowen downgrading the stock to a "hold" and setting a price objective of $50.00, down from $85.00.
• Fortive announced a quarterly dividend of $0.06, which translates to an annualized dividend yield of 0.5%, while also initiating a stock repurchase plan allowing for the buyback of 15.63 million shares.

USS Investment Management Ltd lessened its stake in Fortive Corporation (NYSE:FTV - Free Report) by 17.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,802 shares of the technology company's stock after selling 15,600 shares during the period. USS Investment Management Ltd's holdings in Fortive were worth $5,256,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. UniSuper Management Pty Ltd raised its position in Fortive by 3.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 37,709 shares of the technology company's stock worth $2,760,000 after purchasing an additional 1,300 shares during the last quarter. Scientech Research LLC bought a new position in Fortive in the 1st quarter worth approximately $644,000. Select Equity Group L.P. raised its position in Fortive by 4.9% in the 1st quarter. Select Equity Group L.P. now owns 4,509,598 shares of the technology company's stock worth $330,012,000 after purchasing an additional 212,025 shares during the last quarter. Paradoxiom Capital L.P. bought a new position in Fortive in the 1st quarter worth approximately $4,513,000. Finally, Parallax Volatility Advisers L.P. bought a new position in Fortive in the 1st quarter worth approximately $833,000. Institutional investors own 94.94% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. TD Cowen cut shares of Fortive from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $85.00 to $50.00 in a research report on Tuesday, July 15th. Royal Bank Of Canada dropped their price objective on shares of Fortive from $58.00 to $56.00 and set a "sector perform" rating for the company in a research report on Thursday, July 31st. Barclays set a $54.00 price objective on shares of Fortive and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Mizuho dropped their target price on shares of Fortive from $85.00 to $65.00 and set an "outperform" rating for the company in a research report on Wednesday, July 16th. Finally, Morgan Stanley reiterated an "equal weight" rating and set a $50.00 target price (down previously from $90.00) on shares of Fortive in a research report on Tuesday, September 2nd. Four analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $62.79.

Fortive Stock Performance

Shares of Fortive stock opened at $47.80 on Monday. The firm has a fifty day moving average of $49.64 and a two-hundred day moving average of $63.74. The stock has a market capitalization of $16.17 billion, a price-to-earnings ratio of 21.53, a PEG ratio of 3.04 and a beta of 1.10. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98.

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

Fortive declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that permits the company to repurchase 15,630,000 shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are often 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 issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, September 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. Fortive's payout ratio is 14.41%.

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.

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