Short Interest in Fortive Corp (NYSE:FTV) Increases By 5.9%

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Fortive Corp (NYSE:FTV) was the recipient of a large increase in short interest in July. As of July 31st, there was short interest totalling 8,939,900 shares, an increase of 5.9% from the June 30th total of 8,445,400 shares. Based on an average daily trading volume, of 1,670,000 shares, the short-interest ratio is currently 5.4 days. Approximately 3.1% of the shares of the company are sold short.

NYSE FTV traded up $0.03 during trading hours on Thursday, reaching $67.33. The company’s stock had a trading volume of 1,353,300 shares, compared to its average volume of 1,543,966. The firm’s 50-day moving average price is $77.41 and its 200-day moving average price is $80.59. The company has a quick ratio of 0.98, a current ratio of 1.23 and a debt-to-equity ratio of 0.76. Fortive has a 1 year low of $62.89 and a 1 year high of $89.48. The company has a market capitalization of $23.17 billion, a price-to-earnings ratio of 22.00, a PEG ratio of 2.03 and a beta of 1.19.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, July 25th. The technology company reported $0.90 EPS for the quarter, topping the Zacks’ consensus estimate of $0.89 by $0.01. Fortive had a return on equity of 18.43% and a net margin of 38.22%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.93 billion. During the same period in the previous year, the firm earned $0.91 EPS. The firm’s revenue was up 16.4% compared to the same quarter last year. Equities research analysts anticipate that Fortive will post 3.53 EPS for the current fiscal year.

A number of research analysts have recently weighed in on the company. BMO Capital Markets lifted their price objective on Fortive from $96.00 to $99.00 and gave the company an “outperform” rating in a research report on Friday, April 26th. Berenberg Bank assumed coverage on Fortive in a research report on Wednesday, May 15th. They set a “buy” rating and a $96.00 price objective on the stock. Zacks Investment Research cut Fortive from a “buy” rating to a “hold” rating in a research report on Monday, May 20th. Morgan Stanley cut Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 price objective on the stock. in a research report on Wednesday, May 8th. They noted that the move was a valuation call. Finally, Raymond James set a $84.00 price objective on Fortive and gave the company an “outperform” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. Fortive has a consensus rating of “Hold” and a consensus price target of $85.87.

In other news, SVP Stacey A. Walker sold 34,446 shares of Fortive stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $70.70, for a total transaction of $2,435,332.20. Following the transaction, the senior vice president now directly owns 20,015 shares of the company’s stock, valued at approximately $1,415,060.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Emily A. Weaver sold 519 shares of Fortive stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $80.98, for a total value of $42,028.62. Following the transaction, the vice president now directly owns 8,627 shares in the company, valued at $698,614.46. The disclosure for this sale can be found here. 12.70% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FNY Investment Advisers LLC bought a new stake in Fortive in the 1st quarter worth approximately $25,000. Glassman Wealth Services increased its stake in Fortive by 158.8% in the 1st quarter. Glassman Wealth Services now owns 308 shares of the technology company’s stock worth $26,000 after acquiring an additional 189 shares during the last quarter. Baldwin Brothers Inc. MA bought a new stake in Fortive in the 1st quarter worth approximately $29,000. Rational Advisors LLC bought a new stake in Fortive in the 2nd quarter worth approximately $33,000. Finally, Aspire Private Capital LLC increased its stake in Fortive by 514.7% in the 1st quarter. Aspire Private Capital LLC now owns 418 shares of the technology company’s stock worth $35,000 after acquiring an additional 350 shares during the last quarter. 83.64% of the stock is currently owned by institutional investors.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

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