Addenda Capital Inc. Purchases 7,936 Shares of Fortive Co. (NYSE:FTV)

Addenda Capital Inc. grew its position in shares of Fortive Co. (NYSE:FTV) by 8.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 98,487 shares of the technology company’s stock after acquiring an additional 7,936 shares during the period. Addenda Capital Inc.’s holdings in Fortive were worth $7,298,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FTV. Indiana Trust & Investment Management CO bought a new position in Fortive in the first quarter worth $26,000. Cetera Trust Company N.A bought a new position in Fortive in the fourth quarter worth $28,000. Advisors Asset Management Inc. bought a new position in Fortive in the first quarter worth $32,000. Spire Wealth Management raised its holdings in Fortive by 69.3% in the fourth 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 raised its holdings in Fortive by 1,162.8% in the fourth 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. Institutional investors own 94.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a report on Saturday, August 3rd. Citigroup reduced their price target on Fortive from $101.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, April 25th. Truist Financial reduced their price target on Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a report on Thursday, July 25th. JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Finally, Wells Fargo & Company reduced 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. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $84.91.

Fortive Stock Performance

Shares of Fortive stock traded down $0.61 during trading on Wednesday, hitting $68.73. 2,492,342 shares of the company’s stock traded hands, compared to its average volume of 1,730,036. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The stock has a market capitalization of $24.19 billion, a P/E ratio of 27.15, a PEG ratio of 2.06 and a beta of 1.12. The business has a 50-day simple moving average of $72.66 and a 200-day simple moving average of $78.15.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. Fortive’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $0.85 earnings per share. As a group, analysts forecast that Fortive Co. will post 3.82 EPS for the current year.

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.