Fortive Corporation $FTV Shares Purchased by Allstate Corp

Allstate Corp increased its holdings in shares of Fortive Corporation (NYSE:FTV) by 87.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,847 shares of the technology company’s stock after purchasing an additional 9,246 shares during the quarter. Allstate Corp’s holdings in Fortive were worth $1,452,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FTV. Parvin Asset Management LLC acquired a new stake in Fortive during the 4th quarter worth approximately $26,000. American National Bank & Trust purchased a new position in Fortive in the 1st quarter worth approximately $26,000. Accent Capital Management LLC purchased a new position in Fortive in the 1st quarter worth approximately $26,000. Global X Japan Co. Ltd. boosted its holdings in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. Finally, Park Square Financial Group LLC purchased a new position in Fortive in the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FTV shares. BNP Paribas restated a “neutral” rating on shares of Fortive in a report on Thursday, June 12th. Melius cut Fortive from a “buy” rating to a “hold” rating and set a $62.00 price target for the company. in a report on Tuesday, July 22nd. Melius Research upgraded Fortive to a “hold” rating in a report on Tuesday, July 22nd. Robert W. Baird decreased their price target on Fortive from $88.00 to $82.00 and set an “outperform” rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their price target on Fortive from $87.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, July 2nd. Five equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Fortive presently has an average rating of “Hold” and an average price target of $65.57.

Fortive Stock Performance

Fortive stock opened at $49.2750 on Friday. The stock has a market cap of $16.67 billion, a P/E ratio of 22.20, a price-to-earnings-growth ratio of 3.12 and a beta of 1.08. The company has a current ratio of 0.98, a quick ratio of 0.82 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average of $54.14 and a 200-day moving average of $66.14. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32.

Fortive (NYSE:FTV) last released its earnings results on Wednesday, July 30th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.02). The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.54 billion. Fortive had a net margin of 13.62% and a return on equity of 11.96%. The business’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company posted $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. On average, analysts expect that Fortive Corporation will post 4.05 EPS for the current fiscal year.

Fortive declared that its board has approved a stock buyback plan on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.