Sky Investment Group LLC Increases Position in Fortive Co. (NYSE:FTV)

Sky Investment Group LLC lifted its holdings in shares of Fortive Co. (NYSE:FTV) by 1.3% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 41,814 shares of the technology company’s stock after buying an additional 527 shares during the period. Sky Investment Group LLC’s holdings in Fortive were worth $3,098,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC increased its stake in 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 purchasing an additional 126 shares in the last quarter. Lipe & Dalton increased its position in shares of 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 buying an additional 130 shares in the last quarter. RDA Financial Network raised its stake in shares of Fortive by 3.4% during the 2nd quarter. RDA Financial Network now owns 4,191 shares of the technology company’s stock worth $311,000 after buying an additional 138 shares during the last quarter. Pitcairn Co. boosted its position in shares of Fortive by 1.3% in the 1st quarter. Pitcairn Co. now owns 11,170 shares of the technology company’s stock worth $961,000 after buying an additional 139 shares in the last quarter. Finally, QRG Capital Management Inc. grew its stake in Fortive by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 18,507 shares of the technology company’s stock valued at $1,371,000 after acquiring an additional 146 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Trading Down 0.9 %

Shares of FTV stock traded down $0.61 during trading hours on Wednesday, hitting $68.73. 2,492,342 shares of the company were exchanged, compared to its average volume of 1,730,036. The firm has a fifty day moving average of $72.56 and a 200 day moving average of $78.09. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The firm has a market cap of $24.19 billion, a PE ratio of 27.17, a PEG ratio of 2.06 and a beta of 1.12.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Truist Financial cut their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Citigroup reduced their target price on Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Barclays dropped their price target on Fortive from $93.00 to $91.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Royal Bank of Canada reduced their price objective on Fortive from $83.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 25th. Finally, 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 research report on Wednesday, April 17th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $84.91.

About Fortive

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.