Arizona State Retirement System Reduces Stock Holdings in Fortive Corporation $FTV

Arizona State Retirement System lowered its stake in Fortive Corporation (NYSE:FTV) by 11.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 81,647 shares of the technology company’s stock after selling 10,287 shares during the quarter. Arizona State Retirement System’s holdings in Fortive were worth $4,988,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. DV Equities LLC purchased a new position in shares of Fortive in the 4th quarter valued at approximately $25,000. Virtus Advisers LLC purchased a new stake in Fortive in the second quarter worth $30,000. Keating Financial Advisory Services Inc. purchased a new stake in Fortive in the second quarter worth $30,000. Root Financial Partners LLC grew its stake in Fortive by 43.6% in the fourth quarter. Root Financial Partners LLC now owns 553 shares of the technology company’s stock worth $31,000 after purchasing an additional 168 shares during the period. Finally, Main Street Group LTD bought a new position in Fortive in the first quarter worth $31,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FTV has been the subject of several recent research reports. Argus reissued a “buy” rating and set a $68.00 price objective on shares of Fortive in a research report on Wednesday, August 19th. Weiss Ratings lowered shares of Fortive from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 27th. Morgan Stanley increased their price target on shares of Fortive from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 3rd. Finally, Truist Financial reissued a “hold” rating and set a $68.00 price target (up from $67.00) on shares of Fortive in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $63.10.

Insider Activity

In other news, SVP Peter C. Underwood sold 8,662 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $61.59, for a total value of $533,492.58. Following the transaction, the senior vice president owned 79,118 shares in the company, valued at approximately $4,872,877.62. This represents a 9.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.65% of the company’s stock.

Fortive Trading Up 0.3%

NYSE FTV opened at $54.69 on Friday. Fortive Corporation has a 12 month low of $47.31 and a 12 month high of $64.56. The stock has a market cap of $16.52 billion, a P/E ratio of 32.36, a P/E/G ratio of 2.26 and a beta of 1.05. The stock’s fifty day moving average price is $60.08 and its 200-day moving average price is $59.35. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.03. Fortive had a return on equity of 15.33% and a net margin of 12.38%.The firm had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the firm earned $0.90 EPS. Fortive’s quarterly revenue was up 8.0% compared to the same quarter last year. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. As a group, equities analysts forecast that Fortive Corporation will post 3.02 EPS for the current fiscal year.

Fortive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 4th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.5%. This is a boost from Fortive’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Friday, September 4th. Fortive’s dividend payout ratio is presently 16.57%.

Fortive Company Profile

Fortive Corporation (NYSE:FTV) is a diversified industrial technology company that develops and provides essential products, software and services for customers in healthcare, manufacturing, utilities, commercial facilities and other professional markets. Its businesses focus on improving workplace productivity, safety, compliance, asset performance and operational efficiency.

Fortive’s portfolio has included brands such as Fluke, Tektronix, Industrial Scientific, Accruent, Gordian, Provation and ASP.