Rakuten Investment Management Inc. acquired a new stake in Fortive Corporation (NYSE:FTV – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm acquired 48,707 shares of the technology company’s stock, valued at approximately $2,955,000.
Several other hedge funds have also recently modified their holdings of the company. North Star Asset Management Inc. purchased a new position in shares of Fortive in the 2nd quarter worth approximately $357,000. Empowered Funds LLC purchased a new stake in shares of Fortive during the second quarter valued at approximately $1,150,000. United Capital Financial Advisors LLC bought a new stake in Fortive during the second quarter worth $598,000. Jefferies Financial Group Inc. bought a new stake in Fortive during the second quarter worth $2,109,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Fortive during the second quarter worth $5,726,000. Institutional investors own 94.94% of the company’s stock.
Insider Transactions at Fortive
In other Fortive news, SVP Peter C. Underwood sold 8,662 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $61.59, for a total transaction of $533,492.58. Following the sale, the senior vice president directly owned 79,118 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.65% of the company’s stock.
Fortive Price Performance
Fortive (NYSE:FTV – Get Free Report) last issued its earnings results on Wednesday, July 29th. The technology company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.03. Fortive had a return on equity of 15.33% and a net margin of 12.38%.The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The business’s revenue was up 8.0% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. Sell-side analysts forecast that Fortive Corporation will post 3.02 EPS for the current year.
Fortive announced that its board has initiated a stock repurchase plan on Monday, May 4th that allows the company to repurchase 20,000,000 outstanding shares. This repurchase authorization allows the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.
Fortive Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 4th will be paid a $0.07 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.28 dividend on an annualized basis and a yield of 0.5%. This is an increase from Fortive’s previous quarterly dividend of $0.06. Fortive’s dividend payout ratio (DPR) is presently 14.20%.
Analyst Ratings Changes
A number of research analysts have issued reports on FTV shares. Weiss Ratings downgraded Fortive from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. Wells Fargo & Company lifted their target price on Fortive from $58.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Argus reissued a “buy” rating and issued a $68.00 price target on shares of Fortive in a report on Wednesday, August 19th. Morgan Stanley increased their price target on shares of Fortive from $58.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 3rd. Finally, Truist Financial restated a “hold” rating and set a $68.00 price target (up from $67.00) on shares of Fortive in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Fortive currently has a consensus rating of “Hold” and an average price target of $63.10.
Check Out Our Latest Stock Report on Fortive
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.
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