Fortive Co. (NYSE:FTV) Stake Cut by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board cut its position in shares of Fortive Co. (NYSE:FTV) by 67.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,887 shares of the technology company’s stock after selling 18,796 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Fortive were worth $764,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB lifted its stake in Fortive by 70.1% during the first quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock worth $77,058,000 after purchasing an additional 369,351 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Fortive by 104.3% in the first quarter. BNP Paribas Financial Markets now owns 369,076 shares of the technology company’s stock valued at $31,748,000 after buying an additional 188,415 shares during the last quarter. California State Teachers Retirement System lifted its stake in Fortive by 2.3% in the fourth quarter. California State Teachers Retirement System now owns 577,159 shares of the technology company’s stock valued at $42,496,000 after buying an additional 13,251 shares during the last quarter. Capital World Investors lifted its stake in Fortive by 0.6% in the fourth quarter. Capital World Investors now owns 5,847,724 shares of the technology company’s stock valued at $430,568,000 after buying an additional 33,990 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in Fortive in the fourth quarter valued at $885,000. 94.94% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FTV shares. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Truist Financial cut their target price on Fortive from $96.00 to $89.00 and set a “buy” rating on the stock in a research note on Tuesday, July 2nd. TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and raised their target price for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Barclays cut their target price on Fortive from $97.00 to $93.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company lowered their price target on Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Fortive currently has an average rating of “Moderate Buy” and a consensus price target of $86.08.

Fortive Trading Up 1.4 %

Shares of NYSE:FTV traded up $1.03 during midday trading on Monday, reaching $76.62. The company had a trading volume of 1,265,514 shares, compared to its average volume of 1,629,538. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. 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 $26.97 billion, a price-to-earnings ratio of 30.15, a price-to-earnings-growth ratio of 2.21 and a beta of 1.12. The company has a fifty day simple moving average of $74.47 and a two-hundred day simple moving average of $78.40.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.53 billion. Research analysts predict that Fortive Co. will post 3.81 earnings per share for the current year.

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.