New York State Teachers Retirement System Lowers Stock Holdings in Fortive Corporation $FTV

New York State Teachers Retirement System lowered its position in shares of Fortive Corporation (NYSE:FTV) by 11.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 244,090 shares of the technology company’s stock after selling 32,476 shares during the period. New York State Teachers Retirement System owned about 0.08% of Fortive worth $13,493,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Dodge & Cox lifted its position in Fortive by 3.7% in the 4th quarter. Dodge & Cox now owns 44,157,822 shares of the technology company’s stock worth $2,437,953,000 after buying an additional 1,562,028 shares during the last quarter. Viking Global Investors LP raised its stake in shares of Fortive by 28.7% during the third quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock worth $1,003,495,000 after acquiring an additional 4,571,056 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortive by 29.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,046,352 shares of the technology company’s stock worth $1,106,760,000 after acquiring an additional 4,532,031 shares during the last quarter. Norges Bank bought a new stake in shares of Fortive in the 4th quarter worth approximately $491,928,000. Finally, Geode Capital Management LLC boosted its stake in shares of Fortive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 8,787,747 shares of the technology company’s stock valued at $483,327,000 after purchasing an additional 116,939 shares in the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FTV has been the topic of a number of analyst reports. Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Monday, May 11th. Morgan Stanley raised their price objective on Fortive from $58.00 to $59.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 3rd. Wells Fargo & Company lifted their price objective on Fortive from $58.00 to $65.00 and gave the stock an “equal weight” rating in a report on Monday, May 4th. Truist Financial boosted their target price on Fortive from $61.00 to $67.00 and gave the company a “hold” rating in a research note on Thursday. Finally, Zacks Research lowered Fortive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Two investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Fortive presently has an average rating of “Hold” and an average target price of $61.83.

Fortive Price Performance

Shares of Fortive stock opened at $62.70 on Monday. The company’s fifty day simple moving average is $60.50 and its two-hundred day simple moving average is $57.87. Fortive Corporation has a 12-month low of $46.34 and a 12-month high of $63.40. The firm has a market cap of $19.12 billion, a PE ratio of 37.55 and a beta of 1.06. The company has a quick ratio of 0.57, a current ratio of 0.71 and a debt-to-equity ratio of 0.43.

Fortive (NYSE:FTV) last posted its earnings results on Thursday, April 30th. The technology company reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business posted $0.85 earnings per share. Fortive’s revenue for the quarter was up 7.7% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. As a group, equities analysts expect that Fortive Corporation will post 2.97 EPS for the current year.

Fortive Dividend Announcement

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

Fortive announced that its board has authorized a share buyback program on Monday, May 4th that allows the company to repurchase 20,000,000 outstanding shares. This repurchase authorization allows the technology company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Fortive

In related news, SVP Peter C. Underwood sold 47,557 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $60.81, for a total transaction of $2,891,941.17. Following the transaction, the senior vice president owned 87,780 shares in the company, valued at $5,337,901.80. The trade was a 35.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.65% of the company’s stock.

Fortive 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.