Raymond James Financial Services Advisors Inc. Cuts Stock Position in Fortive Co. (NYSE:FTV)

Posted by Defense World Staff on Oct 28th, 2023

Raymond James Financial Services Advisors Inc. lessened its stake in Fortive Co. (NYSE:FTV – Free Report) by 29.2% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,710 shares of the technology company’s stock after selling 6,075 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Fortive were worth $1,100,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FTV. Fairfield Bush & CO. purchased a new stake in Fortive in the 1st quarter worth $66,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Fortive by 6.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,124,090 shares of the technology company’s stock worth $129,421,000 after acquiring an additional 127,093 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in Fortive by 123.0% in the 1st quarter. Panagora Asset Management Inc. now owns 19,004 shares of the technology company’s stock worth $1,158,000 after acquiring an additional 10,481 shares in the last quarter. Cibc World Market Inc. increased its holdings in Fortive by 11.7% in the 1st quarter. Cibc World Market Inc. now owns 21,144 shares of the technology company’s stock worth $1,288,000 after acquiring an additional 2,217 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Fortive by 5.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,693,658 shares of the technology company’s stock worth $103,217,000 after purchasing an additional 84,238 shares during the last quarter. Hedge funds and other institutional investors own 95.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FTV. Barclays lowered their target price on shares of Fortive from $83.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday. StockNews.com cut shares of Fortive from a “buy” rating to a “hold” rating in a research note on Thursday. Argus lifted their target price on shares of Fortive from $80.00 to $85.00 in a research note on Thursday, July 27th. Bank of America cut shares of Fortive from a “buy” rating to a “neutral” rating and set a $70.00 target price on the stock. in a research note on Thursday. Finally, Robert W. Baird lifted their target price on shares of Fortive from $82.00 to $85.00 in a research note on Thursday, July 27th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.46.

Get Our Latest Report on FTV

Fortive Trading Down 0.1 %

Shares of FTV stock opened at $65.03 on Friday. The stock has a market cap of $22.89 billion, a price-to-earnings ratio of 27.91, a PEG ratio of 2.42 and a beta of 1.15. Fortive Co. has a twelve month low of $61.38 and a twelve month high of $79.90. The company’s 50-day moving average price is $74.89 and its 200-day moving average price is $72.06. The company has a current ratio of 1.02, a quick ratio of 0.74 and a debt-to-equity ratio of 0.20.

Fortive (NYSE:FTV – Get Free Report) last issued its quarterly earnings data on Wednesday, October 25th. The technology company reported $0.85 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.01). The company had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.52 billion. Fortive had a net margin of 13.77% and a return on equity of 11.96%. As a group, equities analysts predict that Fortive Co. will post 3.4 earnings per share for the current year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a $0.07 dividend. The ex-dividend date was Thursday, August 31st. This represents a $0.28 annualized dividend and a yield of 0.43%. Fortive’s dividend payout ratio (DPR) is currently 12.02%.

About Fortive

(Free Report)

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Intelligent Operating Solutions segment provides advanced instrumentation, software and services, which includes electrical test and measurement, facility and asset lifecycle software applications, and worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.