1832 Asset Management L.P. Reduces Holdings in Fortive Co. (NYSE:FTV)

1832 Asset Management L.P. lessened its position in shares of Fortive Co. (NYSE:FTV) by 2.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 344,283 shares of the technology company’s stock after selling 8,868 shares during the period. 1832 Asset Management L.P. owned 0.10% of Fortive worth $29,615,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in FTV. Indiana Trust & Investment Management CO purchased a new position in shares of Fortive during the 1st quarter valued at $26,000. Cetera Trust Company N.A purchased a new stake in Fortive during the 4th quarter worth about $28,000. Advisors Asset Management Inc. purchased a new stake in Fortive during the 1st quarter worth about $32,000. Spire Wealth Management lifted its holdings in Fortive by 69.3% during the 4th quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock worth $37,000 after purchasing an additional 208 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Fortive by 1,162.8% during the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 543 shares of the technology company’s stock worth $40,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of Fortive stock traded up $1.00 during trading on Friday, hitting $70.99. 2,623,728 shares of the stock traded hands, compared to its average volume of 1,814,860. The firm’s fifty day moving average is $74.03 and its 200-day moving average is $78.39. The company has a quick ratio of 1.17, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. Fortive Co. has a 52 week low of $63.05 and a 52 week high of $87.10. The stock has a market cap of $24.87 billion, a price-to-earnings ratio of 28.06, a PEG ratio of 2.04 and a beta of 1.12.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.01. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The business had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter last year, the business posted $0.85 EPS. The business’s revenue was up 1.7% on a year-over-year basis. Research analysts expect that Fortive Co. will post 3.81 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on FTV. JPMorgan Chase & Co. cut Fortive from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Royal Bank of Canada dropped their price objective on Fortive from $83.00 to $77.00 and set a “sector perform” rating on the stock in a report on Thursday. Wells Fargo & Company dropped their price objective on Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Citigroup lowered their price target on Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, Truist Financial lowered their price target on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $84.92.

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.