Fortive Corporation $FTV Shares Acquired by Central Pacific Bank Trust Division

Central Pacific Bank Trust Division grew its position in Fortive Corporation (NYSE:FTV) by 57.0% in the second quarter, HoldingsChannel reports. The fund owned 9,645 shares of the technology company’s stock after acquiring an additional 3,500 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Fortive were worth $503,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Redmond Asset Management LLC raised its position in shares of Fortive by 1.0% in the first quarter. Redmond Asset Management LLC now owns 14,515 shares of the technology company’s stock worth $1,062,000 after acquiring an additional 142 shares during the period. Capital Analysts LLC raised its position in shares of Fortive by 41.0% in the first quarter. Capital Analysts LLC now owns 523 shares of the technology company’s stock worth $38,000 after acquiring an additional 152 shares during the period. Tandem Capital Management Corp ADV raised its position in shares of Fortive by 0.6% in the first quarter. Tandem Capital Management Corp ADV now owns 27,557 shares of the technology company’s stock worth $2,017,000 after acquiring an additional 160 shares during the period. Forum Financial Management LP raised its position in shares of Fortive by 2.3% in the first quarter. Forum Financial Management LP now owns 7,119 shares of the technology company’s stock worth $521,000 after acquiring an additional 161 shares during the period. Finally, RDA Financial Network raised its position in shares of Fortive by 3.5% in the first quarter. RDA Financial Network now owns 4,965 shares of the technology company’s stock worth $363,000 after acquiring an additional 169 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $50.00 price objective (down previously from $90.00) on shares of Fortive in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. decreased their price objective on shares of Fortive from $87.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, July 2nd. Raymond James Financial reduced their price target on shares of Fortive from $90.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, July 1st. Barclays set a $54.00 price target on shares of Fortive and gave the stock an “equal weight” rating in a research report on Thursday, August 14th. Finally, Truist Financial restated a “hold” rating and set a $55.00 price target (down previously from $60.00) on shares of Fortive in a research report on Thursday, July 31st. Four research analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $62.79.

Fortive Stock Down 1.4%

FTV opened at $48.88 on Friday. Fortive Corporation has a twelve month low of $46.34 and a twelve month high of $83.32. The company has a market cap of $16.54 billion, a PE ratio of 22.02, a price-to-earnings-growth ratio of 3.15 and a beta of 1.10. The company has a quick ratio of 0.82, a current ratio of 0.98 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $49.19 and a 200 day moving average price of $62.75.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). Fortive had a net margin of 13.62% and a return on equity of 11.96%. The business had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the prior year, the company posted $0.93 EPS. The firm’s revenue was down .4% on a year-over-year basis. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Sell-side analysts expect that Fortive Corporation will post 4.05 earnings per share for the current fiscal year.

Fortive announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that allows the company to buyback 15,630,000 shares. This buyback authorization allows the technology company to buy shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Fortive Cuts Dividend

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

Fortive 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.