Fifth Third Bancorp Has $3.82 Million Position in Fortive Corporation $FTV

Fifth Third Bancorp boosted its position in shares of Fortive Corporation (NYSE:FTV) by 535.7% during the 1st quarter, Holdings Channel reports. The institutional investor owned 69,042 shares of the technology company’s stock after purchasing an additional 58,182 shares during the quarter. Fifth Third Bancorp’s holdings in Fortive were worth $3,817,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FTV. Candriam S.C.A. grew its position in shares of Fortive by 404.5% during the 1st quarter. Candriam S.C.A. now owns 327,358 shares of the technology company’s stock worth $18,096,000 after buying an additional 262,471 shares during the period. Resona Asset Management Co. Ltd. lifted its holdings in Fortive by 3.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 109,805 shares of the technology company’s stock valued at $6,036,000 after buying an additional 3,310 shares during the period. Munich Reinsurance Co Stock Corp in Munich lifted its holdings in Fortive by 221.8% in the first quarter. Munich Reinsurance Co Stock Corp in Munich now owns 302,239 shares of the technology company’s stock valued at $16,708,000 after buying an additional 208,304 shares during the period. Montag A & Associates Inc. boosted its stake in Fortive by 28.3% in the first quarter. Montag A & Associates Inc. now owns 15,621 shares of the technology company’s stock valued at $864,000 after acquiring an additional 3,444 shares during the last quarter. Finally, DGS Capital Management LLC bought a new position in Fortive in the first quarter valued at approximately $215,000. 94.94% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Zacks Research lowered Fortive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Argus upgraded Fortive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Monday, May 11th. Morgan Stanley increased their target price on Fortive from $58.00 to $59.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 3rd. Truist Financial raised their target price on Fortive from $61.00 to $67.00 and gave the stock a “hold” rating in a report on Thursday, July 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Fortive in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $62.91.

Insider Buying and Selling

In related 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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.65% of the stock is currently owned by company insiders.

Fortive Stock Performance

FTV opened at $61.76 on Friday. The company has a market capitalization of $18.83 billion, a price-to-earnings ratio of 36.98 and a beta of 1.06. The business’s 50-day moving average price is $60.66 and its two-hundred day moving average price is $58.31. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $64.33. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.71 and a quick ratio of 0.57.

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

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Monday, June 22nd were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Monday, June 22nd. Fortive’s payout ratio is 14.37%.

Fortive announced that its Board of Directors has initiated a stock repurchase plan on Monday, May 4th that authorizes the company to repurchase 20,000,000 shares. This repurchase authorization authorizes the technology company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

About Fortive

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.