Prudential PLC decreased its holdings in shares of Fortive Corporation (NYSE:FTV – Free Report) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 169,655 shares of the technology company’s stock after selling 11,621 shares during the quarter. Prudential PLC owned 0.05% of Fortive worth $9,367,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of FTV. Root Financial Partners LLC lifted its position in Fortive by 43.6% in the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company’s stock worth $31,000 after buying an additional 168 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Fortive by 246.2% in the 1st quarter. Geneos Wealth Management Inc. now owns 502 shares of the technology company’s stock worth $37,000 after buying an additional 357 shares during the last quarter. Dorato Capital Management bought a new stake in Fortive in the 4th quarter worth approximately $45,000. Hantz Financial Services Inc. lifted its position in Fortive by 149.3% in the 4th quarter. Hantz Financial Services Inc. now owns 845 shares of the technology company’s stock worth $47,000 after buying an additional 506 shares during the last quarter. Finally, Dunhill Financial LLC lifted its position in Fortive by 8,300.0% in the 3rd quarter. Dunhill Financial LLC now owns 1,008 shares of the technology company’s stock worth $49,000 after buying an additional 996 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.
Fortive Stock Performance
Shares of FTV stock opened at $61.30 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.57 and a current ratio of 0.71. Fortive Corporation has a fifty-two week low of $46.34 and a fifty-two week high of $73.77. The stock has a 50 day moving average price of $59.21 and a two-hundred day moving average price of $56.71. The company has a market capitalization of $18.69 billion, a P/E ratio of 36.71, a PEG ratio of 3.30 and a beta of 1.06.
Fortive declared that its board has initiated a stock buyback plan on Monday, May 4th that allows the company to buyback 20,000,000 outstanding shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
Insiders Place Their Bets
In other Fortive news, SVP Peter C. Underwood sold 47,557 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $60.81, for a total value of $2,891,941.17. Following the completion of the sale, the senior vice president owned 87,780 shares in the company, valued at approximately $5,337,901.80. The trade was a 35.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.65% of the company’s stock.
Wall Street Analyst Weigh In
FTV has been the subject of a number of recent research reports. Zacks Research downgraded Fortive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Morgan Stanley boosted their target price on Fortive from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Truist Financial restated a “hold” rating and issued a $61.00 target price (up from $56.00) on shares of Fortive in a research report on Monday, May 4th. Wells Fargo & Company boosted their target price on Fortive from $58.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Monday, May 4th. Finally, Royal Bank Of Canada boosted their target price on Fortive from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $61.62.
Read Our Latest Research Report on Fortive
Fortive Profile
Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.
Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.
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