Fortive Corporation $FTV Shares Purchased by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in Fortive Corporation by 3.2%, now owning approximately 435,938 shares valued at $31.9 million.
• Fortive's recent earnings fell short of expectations, reporting $0.58 per share against an estimated $0.60, with a 4% decline in revenue year-over-year.
• The company announced a dividend cut, declaring a quarterly dividend of just $0.06 per share, which translates to an annual yield of 0.5%.

Voya Investment Management LLC boosted its stake in Fortive Corporation (NYSE:FTV - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 435,938 shares of the technology company's stock after buying an additional 13,526 shares during the period. Voya Investment Management LLC owned approximately 0.13% of Fortive worth $31,902,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Dodge & Cox raised its holdings in Fortive by 181.5% in the 1st quarter. Dodge & Cox now owns 21,900,363 shares of the technology company's stock valued at $1,602,669,000 after buying an additional 14,120,456 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Fortive by 50.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,112,403 shares of the technology company's stock valued at $959,567,000 after buying an additional 4,382,242 shares during the period. Invesco Ltd. raised its holdings in Fortive by 96.6% in the 1st quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company's stock valued at $411,781,000 after buying an additional 2,764,432 shares during the period. Select Equity Group L.P. raised its holdings 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 valued at $330,012,000 after buying an additional 212,025 shares during the period. Finally, Northern Trust Corp increased its stake in Fortive by 2.8% during the first quarter. Northern Trust Corp now owns 4,067,929 shares of the technology company's stock worth $297,691,000 after purchasing an additional 109,307 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Stock Up 2.1%

Shares of Fortive stock traded up $1.01 on Thursday, reaching $49.04. 787,187 shares of the company were exchanged, compared to its average volume of 3,380,860. Fortive Corporation has a 1-year low of $46.34 and a 1-year high of $83.32. The company has a market cap of $16.59 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. The stock's 50 day moving average price is $48.92 and its 200-day moving average price is $62.23.

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

Fortive Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Investors of record on Friday, September 12th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Friday, September 12th. Fortive's dividend payout ratio is 10.81%.

Fortive declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that allows the company to repurchase 15,630,000 shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

FTV has been the topic of a number of recent research reports. Barclays set a $54.00 price target on shares of Fortive and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. Morgan Stanley reiterated an "equal weight" rating and set a $50.00 price target (down from $90.00) on shares of Fortive in a research note on Tuesday, September 2nd. Melius lowered shares of Fortive from a "buy" rating to a "hold" rating and set a $62.00 price target on the stock. in a research note on Tuesday, July 22nd. Wall Street Zen upgraded shares of Fortive to a "hold" rating in a research note on Friday, September 5th. Finally, Truist Financial reiterated a "hold" rating and set a $55.00 price target (down from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Four analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, Fortive presently has a consensus rating of "Hold" and an average price target of $62.79.

About Fortive

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.