1832 Asset Management L.P. Sells 8,868 Shares of Fortive Co. (NYSE:FTV)

1832 Asset Management L.P. cut its position in shares of Fortive Co. (NYSE:FTV) by 2.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 344,283 shares of the technology company’s stock after selling 8,868 shares during the period. 1832 Asset Management L.P.’s holdings in Fortive were worth $29,615,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its stake in shares of Fortive by 4.8% in the 4th quarter. Quadrant Capital Group LLC now owns 2,724 shares of the technology company’s stock valued at $201,000 after purchasing an additional 126 shares during the last quarter. Lipe & Dalton lifted its stake in shares of Fortive by 1.9% in the 1st quarter. Lipe & Dalton now owns 7,096 shares of the technology company’s stock valued at $610,000 after purchasing an additional 130 shares during the last quarter. Pitcairn Co. lifted its stake in shares of Fortive by 1.3% in the 1st quarter. Pitcairn Co. now owns 11,170 shares of the technology company’s stock valued at $961,000 after purchasing an additional 139 shares during the last quarter. Edgemoor Investment Advisors Inc. lifted its stake in shares of Fortive by 4.8% in the 4th quarter. Edgemoor Investment Advisors Inc. now owns 3,249 shares of the technology company’s stock valued at $239,000 after purchasing an additional 150 shares during the last quarter. Finally, Fulton Bank N.A. lifted its stake in shares of Fortive by 3.4% in the 1st quarter. Fulton Bank N.A. now owns 4,580 shares of the technology company’s stock valued at $394,000 after purchasing an additional 151 shares during the last quarter. 94.94% of the stock is owned by institutional investors.

Fortive Stock Up 1.4 %

NYSE FTV traded up $1.00 during midday trading on Friday, hitting $70.99. 2,623,728 shares of the company traded hands, compared to its average volume of 1,814,860. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 1.17. The company has a market cap of $24.87 billion, a PE ratio of 28.06, a price-to-earnings-growth ratio of 2.04 and a beta of 1.12. The company’s 50-day simple moving average is $74.03 and its 200-day simple moving average is $78.39. Fortive Co. has a 52 week low of $63.05 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.01. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.85 EPS. As a group, equities research analysts forecast that Fortive Co. will post 3.81 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. StockNews.com downgraded Fortive from a “buy” rating to a “hold” rating in a report on Friday. Barclays reduced their price target on Fortive from $93.00 to $91.00 and set an “overweight” rating on the stock in a report on Thursday. JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Truist Financial reduced their price objective on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Citigroup reduced their price objective on Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, Fortive presently has an average rating of “Moderate Buy” and a consensus target price of $84.92.

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.