State Board of Administration of Florida Retirement System Cuts Stock Holdings in Fortive Co. (NYSE:FTV)

State Board of Administration of Florida Retirement System cut its stake in Fortive Co. (NYSE:FTV) by 1.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 361,139 shares of the technology company’s stock after selling 3,578 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of Fortive worth $31,065,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FTV. Quadrant Capital Group LLC boosted its stake in shares of Fortive by 4.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,724 shares of the technology company’s stock valued at $201,000 after buying an additional 126 shares during the period. Lipe & Dalton raised its holdings in Fortive by 1.9% in the first quarter. Lipe & Dalton now owns 7,096 shares of the technology company’s stock valued at $610,000 after acquiring an additional 130 shares in the last quarter. Edgemoor Investment Advisors Inc. lifted its stake in Fortive by 4.8% in the fourth quarter. Edgemoor Investment Advisors Inc. now owns 3,249 shares of the technology company’s stock worth $239,000 after acquiring an additional 150 shares during the last quarter. Fulton Bank N.A. grew its holdings in Fortive by 3.4% during the 1st quarter. Fulton Bank N.A. now owns 4,580 shares of the technology company’s stock worth $394,000 after acquiring an additional 151 shares in the last quarter. Finally, Global Retirement Partners LLC increased its position in shares of Fortive by 17.5% in the 4th quarter. Global Retirement Partners LLC now owns 1,120 shares of the technology company’s stock valued at $80,000 after purchasing an additional 167 shares during the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Fortive Stock Performance

NYSE FTV traded down $1.27 during trading on Friday, reaching $75.82. The company’s stock had a trading volume of 253,095 shares, compared to its average volume of 1,624,532. The business’s fifty day moving average price is $74.50 and its 200-day moving average price is $78.29. Fortive Co. has a twelve month low of $63.05 and a twelve month high of $87.10. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. The firm has a market cap of $26.69 billion, a price-to-earnings ratio of 30.47, a P/E/G ratio of 2.28 and a beta of 1.12.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.53 billion. As a group, analysts anticipate that Fortive Co. will post 3.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FTV shares. Wells Fargo & Company decreased their price target on Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and boosted their target price for the stock from $75.00 to $90.00 in a research note on Monday, July 8th. Truist Financial dropped their price target on shares of Fortive from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. Royal Bank of Canada reduced their price objective on shares of Fortive from $93.00 to $83.00 and set a “sector perform” rating for the company in a research report on Thursday, April 25th. Finally, Barclays dropped their target price on shares of Fortive from $97.00 to $93.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 10th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $86.08.

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.