Zions Bancorporation National Association UT Purchases New Position in Fortive Corporation (NYSE:FTV)

Zions Bancorporation National Association UT purchased a new stake in Fortive Corporation (NYSE:FTV) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 1,579 shares of the technology company’s stock, valued at approximately $116,000.

A number of other institutional investors have also recently made changes to their positions in FTV. Brighton Jones LLC grew its holdings in Fortive by 97.1% during the 4th quarter. Brighton Jones LLC now owns 5,706 shares of the technology company’s stock valued at $428,000 after purchasing an additional 2,811 shares during the last quarter. Raymond James Financial Inc. bought a new position in Fortive during the 4th quarter valued at about $22,412,000. Sterling Capital Management LLC grew its holdings in Fortive by 53.6% during the 4th quarter. Sterling Capital Management LLC now owns 20,608 shares of the technology company’s stock valued at $1,546,000 after purchasing an additional 7,191 shares during the last quarter. Keystone Financial Group bought a new position in Fortive during the 4th quarter valued at about $219,000. Finally, Canada Post Corp Registered Pension Plan bought a new position in Fortive during the 4th quarter valued at about $377,000. Institutional investors own 94.94% of the company’s stock.

Fortive Stock Down 0.7%

Shares of Fortive stock opened at $46.77 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The firm’s 50-day moving average is $58.39 and its two-hundred day moving average is $68.08. The stock has a market cap of $15.82 billion, a price-to-earnings ratio of 21.07, a PEG ratio of 2.98 and a beta of 1.08.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The firm had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%. The business’s revenue for the quarter was down .4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.93 earnings per share. As a group, research analysts expect that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 27th that allows the company to repurchase 15,630,000 shares. This repurchase authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FTV shares. Cowen downgraded shares of Fortive from a “buy” rating to a “hold” rating in a report on Tuesday, July 15th. Truist Financial reiterated a “hold” rating and set a $55.00 price target (down from $60.00) on shares of Fortive in a report on Thursday, July 31st. TD Cowen downgraded shares of Fortive from a “buy” rating to a “hold” rating and cut their price target for the company from $85.00 to $50.00 in a report on Tuesday, July 15th. Wells Fargo & Company decreased their price objective on shares of Fortive from $72.00 to $55.00 and set an “equal weight” rating for the company in a report on Tuesday, July 1st. Finally, Mizuho decreased their price objective on shares of Fortive from $85.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, July 16th. Thirteen investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Fortive presently has a consensus rating of “Hold” and a consensus target price of $65.86.

Insider Buying and Selling

In other Fortive news, CEO James A. Lico sold 175,000 shares of the business’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $72.40, for a total value of $12,670,000.00. Following the completion of the transaction, the chief executive officer directly owned 428,585 shares in the company, valued at approximately $31,029,554. The trade was a 28.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.92% of the company’s stock.

Fortive 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.