Fortive Corporation (NYSE:FTV) Shares Sold by Keybank National Association OH

Keybank National Association OH reduced its stake in shares of Fortive Corporation (NYSE:FTV) by 7.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,486 shares of the technology company’s stock after selling 4,502 shares during the quarter. Keybank National Association OH’s holdings in Fortive were worth $4,280,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Perpetual Ltd increased its holdings in shares of Fortive by 60.0% during the 1st quarter. Perpetual Ltd now owns 239,735 shares of the technology company’s stock valued at $17,544,000 after purchasing an additional 89,891 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Fortive during the first quarter valued at $738,000. Avantra Family Wealth Inc. purchased a new position in Fortive in the first quarter valued at $352,000. Bessemer Group Inc. raised its position in shares of Fortive by 46.7% in the first quarter. Bessemer Group Inc. now owns 7,571 shares of the technology company’s stock worth $554,000 after acquiring an additional 2,410 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in shares of Fortive during the 4th quarter worth about $17,750,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FTV has been the subject of several recent analyst reports. Truist Financial cut their price target on Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Citigroup cut their price objective on Fortive from $84.00 to $69.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Robert W. Baird decreased their target price on Fortive from $88.00 to $82.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on shares of Fortive from $87.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Royal Bank Of Canada upped 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. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Fortive has an average rating of “Moderate Buy” and an average price target of $77.08.

Fortive Stock Performance

NYSE:FTV opened at $53.01 on Friday. Fortive Corporation has a twelve month low of $50.00 and a twelve month high of $83.32. The company has a market cap of $18.02 billion, a P/E ratio of 23.25, a P/E/G ratio of 2.21 and a beta of 1.09. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The company’s 50-day moving average price is $69.19 and its 200-day moving average price is $73.08.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 EPS for the quarter, hitting the consensus estimate of $0.85. The business had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The company’s quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 EPS. On average, sell-side analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

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

Insider Buying and Selling at Fortive

In other Fortive news, SVP Peter C. Underwood sold 14,327 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president owned 51,750 shares of the company’s stock, valued at $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO James A. Lico sold 175,000 shares of Fortive stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the completion of the sale, the chief executive officer owned 428,585 shares of the company’s stock, valued at $31,029,554. This trade represents a 28.99% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

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.