Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Holdings in Fortive Corporation (NYSE:FTV)

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Fortive Corporation (NYSE:FTV) by 13.1% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,343 shares of the technology company’s stock after purchasing an additional 5,963 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Fortive were worth $3,757,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of FTV. Parvin Asset Management LLC bought a new position in Fortive during the fourth quarter valued at approximately $26,000. American National Bank & Trust purchased a new stake in shares of Fortive in the 1st quarter valued at $26,000. Global X Japan Co. Ltd. boosted its stake in shares of Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. Park Square Financial Group LLC purchased a new stake in shares of Fortive in the 4th quarter valued at $30,000. Finally, Quarry LP boosted its stake in shares of Fortive by 229.6% in the 4th quarter. Quarry LP now owns 501 shares of the technology company’s stock valued at $38,000 after purchasing an additional 349 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of NYSE FTV opened at $53.01 on Friday. Fortive Corporation has a 1 year low of $50.00 and a 1 year high of $83.32. The company has a debt-to-equity ratio of 0.29, a current ratio of 0.99 and a quick ratio of 0.78. The company’s 50-day moving average is $69.19 and its 200 day moving average is $73.08. The stock has a market capitalization of $18.02 billion, a P/E ratio of 23.25, a P/E/G ratio of 2.21 and a beta of 1.09.

Fortive (NYSE:FTV) last posted its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.85. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the prior year, the business earned $0.83 EPS. The business’s revenue for the quarter was down 3.3% on a year-over-year basis. On average, sell-side analysts expect that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive announced that its board has authorized a stock repurchase program on Tuesday, May 27th that authorizes the company to repurchase 15,630,000 outstanding shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on FTV. JPMorgan Chase & Co. cut their price target on shares of Fortive from $87.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday. Royal Bank Of Canada increased their target price on Fortive from $78.00 to $79.00 and gave the company a “sector perform” rating in a report on Monday, June 9th. Truist Financial dropped their price objective on Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Raymond James Financial dropped their price target on shares of Fortive from $90.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, Robert W. Baird dropped their price target on shares of Fortive from $88.00 to $82.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Fortive currently has an average rating of “Moderate Buy” and an average target price of $77.08.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Peter C. Underwood sold 14,327 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the sale, the senior vice president owned 51,750 shares in the company, valued at approximately $3,823,290. This represents a 21.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James A. Lico sold 175,000 shares of the company’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the completion of the sale, the chief executive officer owned 428,585 shares in the company, valued at approximately $31,029,554. This trade represents a 28.99% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by corporate insiders.

Fortive Company 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.