Korea Investment CORP bought a new stake in Fortive Corporation (NYSE:FTV – Free Report) during the 2nd quarter, HoldingsChannel reports. The fund bought 135,669 shares of the technology company’s stock, valued at approximately $8,288,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Fortive during the 4th quarter worth approximately $20,387,000. WINTON GROUP Ltd acquired a new position in Fortive during the fourth quarter valued at approximately $6,729,000. ABN Amro Investment Solutions acquired a new position in Fortive during the fourth quarter valued at approximately $1,229,000. Hsbc Holdings PLC lifted its stake in Fortive by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 2,026,810 shares of the technology company’s stock worth $112,066,000 after purchasing an additional 133,447 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Fortive during the first quarter worth $11,854,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
FTV has been the topic of several recent analyst reports. Argus reiterated a “buy” rating and issued a $68.00 price target on shares of Fortive in a research note on Wednesday, August 19th. Citigroup upped their price objective on Fortive from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Weiss Ratings raised Fortive from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 12th. Wells Fargo & Company lifted their target price on Fortive from $58.00 to $65.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Finally, 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 note on Wednesday, June 3rd. Two analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $63.10.
Fortive Stock Performance
Fortive stock opened at $60.45 on Tuesday. The business has a 50 day moving average of $61.16 and a 200-day moving average of $59.48. The company has a market capitalization of $18.26 billion, a P/E ratio of 35.77, a P/E/G ratio of 2.49 and a beta of 1.06. Fortive Corporation has a 1 year low of $46.54 and a 1 year high of $64.56. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.24 and a quick ratio of 1.00.
Fortive (NYSE:FTV – Get Free Report) last posted its earnings results on Wednesday, July 29th. The technology company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.71 by $0.03. Fortive had a net margin of 12.38% and a return on equity of 15.33%. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the company earned $0.90 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. On average, equities research analysts predict that Fortive Corporation will post 3.02 earnings per share for the current year.
Fortive Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be issued a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from Fortive’s previous quarterly dividend of $0.06. The ex-dividend date is Friday, September 4th. Fortive’s dividend payout ratio (DPR) is presently 14.20%.
Fortive announced that its board has approved a share repurchase plan on Monday, May 4th that authorizes the company to repurchase 20,000,000 outstanding shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Insider Buying and Selling at Fortive
In related news, SVP Peter C. Underwood sold 8,662 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $61.59, for a total value of $533,492.58. Following the completion of the sale, the senior vice president directly owned 79,118 shares in the company, valued at $4,872,877.62. This represents a 9.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.65% of the stock is currently owned by corporate insiders.
About Fortive
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.
Read More
- Five stocks we like better than Fortive
- Visa Just Put Hims & Hers in the Penalty Box—Here’s Why It Matters
- Treasury Yields Are Surging Again: 3 Stocks That Could Feel the Pain
- Snowflake Could Be Headed for New Highs Despite Insider Selling
- MongoDB Is Surging—And the Next Catalyst Is Almost Here
Want to see what other hedge funds are holding FTV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortive Corporation (NYSE:FTV – Free Report).
Receive News & Ratings for Fortive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortive and related companies with MarketBeat.com's FREE daily email newsletter.
