CIBC Asset Management Inc Grows Stake in Fortive Corporation $FTV

CIBC Asset Management Inc grew its position in Fortive Corporation (NYSE:FTV) by 58.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 75,440 shares of the technology company’s stock after purchasing an additional 27,712 shares during the quarter. CIBC Asset Management Inc’s holdings in Fortive were worth $4,165,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of Fortive by 9.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,972,281 shares of the technology company’s stock valued at $108,890,000 after acquiring an additional 169,657 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Fortive by 30.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,041,097 shares of the technology company’s stock valued at $167,899,000 after acquiring an additional 702,927 shares during the period. Natixis Advisors LLC increased its position in shares of Fortive by 76.6% in the 4th quarter. Natixis Advisors LLC now owns 389,367 shares of the technology company’s stock valued at $21,497,000 after acquiring an additional 168,917 shares during the period. Root Financial Partners LLC increased its position in shares of Fortive by 43.6% in the 4th quarter. Root Financial Partners LLC now owns 553 shares of the technology company’s stock valued at $31,000 after acquiring an additional 168 shares during the period. Finally, New Mexico Educational Retirement Board increased its position in shares of Fortive by 2.6% in the 4th quarter. New Mexico Educational Retirement Board now owns 15,711 shares of the technology company’s stock valued at $867,000 after acquiring an additional 400 shares during the period. 94.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Fortive in a research report on Friday, May 22nd. Morgan Stanley upped their target price on Fortive from $58.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday. Truist Financial reissued a “hold” rating and issued a $61.00 target price (up from $56.00) on shares of Fortive in a research report on Monday, May 4th. Royal Bank Of Canada upped their target price on Fortive from $59.00 to $63.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. upped their target price on Fortive from $63.00 to $64.00 and gave the company an “underweight” rating in a research report on Tuesday, May 12th. Three research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $61.62.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Peter C. Underwood sold 47,557 shares of the company’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $60.81, for a total value of $2,891,941.17. Following the completion of the transaction, the senior vice president owned 87,780 shares in the company, valued at approximately $5,337,901.80. This represents a 35.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.65% of the company’s stock.

Fortive Price Performance

NYSE:FTV opened at $61.30 on Friday. Fortive Corporation has a one year low of $46.34 and a one year high of $73.77. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.57 and a current ratio of 0.71. The firm has a market cap of $18.69 billion, a price-to-earnings ratio of 36.71, a PEG ratio of 3.29 and a beta of 1.06. The firm’s fifty day moving average is $59.21 and its two-hundred day moving average is $56.71.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $0.70 EPS for the quarter, beating the consensus estimate of $0.64 by $0.06. Fortive had a net margin of 12.84% and a return on equity of 12.66%. The company had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the company earned $0.85 earnings per share. The firm’s revenue was up 7.7% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. Research analysts expect that Fortive Corporation will post 2.97 EPS for the current year.

Fortive declared that its Board of Directors has authorized a share repurchase program on Monday, May 4th that permits the company to repurchase 20,000,000 shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company headquartered in Everett, Washington. The company was created through a spin‑off from Danaher Corporation in 2016 and has since focused on building a portfolio of professional instrumentation and industrial technology businesses. In 2020 Fortive completed a further portfolio separation with the spin‑off of Vontier, concentrating Fortive’s activities on higher‑margin instrumentation, software and services.

Fortive’s operations center on professional test and measurement, sensing and monitoring, software‑enabled solutions, and lifecycle services that support industrial and commercial customers.