Plato Investment Management Ltd Buys 17,164 Shares of Fortive Co. (NYSE:FTV)

Plato Investment Management Ltd raised its stake in Fortive Co. (NYSE:FTV) by 23,512.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,237 shares of the technology company’s stock after buying an additional 17,164 shares during the period. Plato Investment Management Ltd’s holdings in Fortive were worth $1,483,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in FTV. Brown Shipley& Co Ltd lifted its stake in shares of Fortive by 12.8% in the 1st quarter. Brown Shipley& Co Ltd now owns 54,519 shares of the technology company’s stock valued at $4,613,000 after purchasing an additional 6,187 shares during the period. California State Teachers Retirement System lifted its stake in shares of Fortive by 1.0% in the 1st quarter. California State Teachers Retirement System now owns 583,166 shares of the technology company’s stock valued at $50,164,000 after purchasing an additional 6,007 shares during the period. Meiji Yasuda Life Insurance Co lifted its stake in shares of Fortive by 91.2% in the 1st quarter. Meiji Yasuda Life Insurance Co now owns 12,620 shares of the technology company’s stock valued at $1,086,000 after purchasing an additional 6,020 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in shares of Fortive by 18.1% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 3,628 shares of the technology company’s stock valued at $312,000 after purchasing an additional 557 shares during the period. Finally, Dynasty Wealth Management LLC acquired a new position in shares of Fortive in the 1st quarter valued at about $810,000. Institutional investors own 94.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FTV. TD Cowen raised Fortive from a “hold” rating to a “buy” rating and boosted their price objective for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Royal Bank of Canada dropped their price target on Fortive from $83.00 to $77.00 and set a “sector perform” rating on the stock in a research note on Thursday, July 25th. StockNews.com downgraded Fortive from a “buy” rating to a “hold” rating in a research note on Friday, July 26th. Citigroup dropped their price target on Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a research note on Thursday, April 25th. Finally, Truist Financial dropped their price target on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $84.91.

Fortive Stock Down 1.9 %

Shares of Fortive stock traded down $1.40 on Thursday, hitting $70.45. The company had a trading volume of 2,511,790 shares, compared to its average volume of 1,697,200. The stock has a market capitalization of $24.68 billion, a price-to-earnings ratio of 28.40, a P/E/G ratio of 2.08 and a beta of 1.12. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The stock has a 50 day moving average of $73.70 and a 200-day moving average of $78.39. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.95 and a current ratio of 1.23.

Fortive (NYSE:FTV) last released 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 company had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. Fortive’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 earnings per share. As a group, sell-side analysts forecast that Fortive Co. will post 3.82 earnings per share for the current year.

About Fortive

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.