Arizona State Retirement System Has $7.34 Million Stake in Fortive Corporation (NYSE:FTV)

Arizona State Retirement System decreased its holdings in Fortive Corporation (NYSE:FTV) by 1.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 100,333 shares of the technology company’s stock after selling 1,412 shares during the quarter. Arizona State Retirement System’s holdings in Fortive were worth $7,342,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Dodge & Cox acquired a new position in shares of Fortive in the 4th quarter valued at approximately $583,493,000. Norges Bank acquired a new position in shares of Fortive in the 4th quarter valued at approximately $412,445,000. Price T Rowe Associates Inc. MD raised its position in shares of Fortive by 164.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 8,730,161 shares of the technology company’s stock valued at $654,763,000 after buying an additional 5,429,566 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in shares of Fortive by 9.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 42,947,135 shares of the technology company’s stock valued at $3,221,036,000 after buying an additional 3,810,997 shares in the last quarter. Finally, Third Point LLC acquired a new position in shares of Fortive in the 4th quarter valued at approximately $142,500,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on FTV shares. Robert W. Baird dropped their target price 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. Barclays dropped their target price on shares of Fortive from $86.00 to $58.00 and set an “overweight” rating for the company in a research report on Wednesday, July 9th. Citigroup dropped their target price on shares of Fortive from $84.00 to $69.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Raymond James Financial dropped their target price on shares of Fortive from $90.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, July 1st. Finally, Truist Financial decreased their price target on shares of Fortive from $90.00 to $81.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.67.

Insider Buying and Selling

In other Fortive news, SVP Peter C. Underwood sold 14,327 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the sale, the senior vice president directly owned 51,750 shares of the company’s stock, valued at $3,823,290. The trade was a 21.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO James A. Lico sold 175,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 428,585 shares in the company, valued at $31,029,554. This trade represents a 28.99% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.92% of the company’s stock.

Fortive Trading Down 1.0%

Shares of Fortive stock opened at $52.18 on Tuesday. Fortive Corporation has a 1 year low of $50.00 and a 1 year high of $83.32. The company has a current ratio of 0.99, a quick ratio of 0.78 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $17.73 billion, a PE ratio of 22.88, a price-to-earnings-growth ratio of 2.61 and a beta of 1.09. The firm’s 50 day moving average is $67.01 and its 200 day moving average is $71.98.

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 net margin of 12.90% and a return on equity of 13.19%. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.49 billion. During the same period in the previous year, the firm posted $0.83 EPS. The company’s revenue for the quarter was down 3.3% compared to the same quarter last year. Equities research analysts forecast that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive declared that its Board of Directors has initiated a share buyback program on Tuesday, May 27th that permits the company to repurchase 15,630,000 outstanding shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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.