First Hawaiian Bank Grows Stock Position in Fortive Corporation $FTV

First Hawaiian Bank raised its holdings in Fortive Corporation (NYSE:FTV) by 90.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 29,126 shares of the technology company’s stock after buying an additional 13,862 shares during the quarter. First Hawaiian Bank’s holdings in Fortive were worth $2,131,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. raised its stake in Fortive by 11.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,793 shares of the technology company’s stock valued at $790,000 after buying an additional 1,076 shares during the last quarter. Drake & Associates LLC raised its stake in Fortive by 28.7% in the first quarter. Drake & Associates LLC now owns 22,298 shares of the technology company’s stock valued at $1,632,000 after buying an additional 4,978 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its stake in shares of Fortive by 13.1% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 51,343 shares of the technology company’s stock worth $3,757,000 after purchasing an additional 5,963 shares during the last quarter. Brookstone Capital Management purchased a new position in shares of Fortive in the first quarter worth about $3,542,000. Finally, Perpetual Ltd raised its stake in shares of Fortive by 60.0% in the first quarter. Perpetual Ltd now owns 239,735 shares of the technology company’s stock worth $17,544,000 after purchasing an additional 89,891 shares during the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Melius cut Fortive from a “buy” rating to a “hold” rating and set a $62.00 price objective for the company. in a research note on Tuesday, July 22nd. Wells Fargo & Company reduced their price objective on Fortive from $72.00 to $55.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 1st. Royal Bank Of Canada reduced their price objective on Fortive from $58.00 to $56.00 and set a “sector perform” rating for the company in a research note on Thursday, July 31st. TD Cowen cut Fortive from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $85.00 to $50.00 in a research note on Tuesday, July 15th. Finally, Mizuho reduced their price objective on Fortive from $85.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, July 16th. Four research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat, Fortive presently has a consensus rating of “Hold” and an average price target of $62.79.

Fortive Stock Down 1.4%

Fortive stock opened at $48.88 on Friday. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of 22.02, a price-to-earnings-growth ratio of 3.15 and a beta of 1.10. Fortive Corporation has a 52 week low of $46.34 and a 52 week high of $83.32. The business’s 50-day moving average price is $49.19 and its 200 day moving average price is $62.87. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28.

Fortive (NYSE:FTV) last posted 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 company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.54 billion. Fortive had a return on equity of 11.96% and a net margin of 13.62%.The firm’s revenue was down .4% on a year-over-year basis. During the same period last year, the business earned $0.93 earnings per share. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. As a group, sell-side analysts anticipate that Fortive Corporation will post 4.05 earnings per share for the current year.

Fortive Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, September 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.5%. Fortive’s dividend payout ratio is currently 14.41%.

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

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.