The Vanguard Group, Inc. recently announced the acquisition of new stake in Fortive Corporation (NYSE:FTV). The institutional investor has increased its shareholding in the Technology company by 0.40% to 38.01 million shares with purchase of 0.15 million shares. This fresh investment now brings its stake to 10.77% valued currently at $2.53 billion. In addition, BlackRock Fund Advisors raised its holdings by 0.72 million to 16.99 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.34% or 45000.0 shares – to 13.4 million shares.
With over 1.78 million Fortive Corporation (FTV) shares trading Monday and a closing price of $63.96 on the day, the dollar volume was approximately $113.82 million. The shares have shown a negative half year performance of -3.12% and its price on 03/13/23 lost nearly -0.71%. Currently, there are 353.70M common shares owned by the public and among those 348.54M shares have been available to trade.
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Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 113,643 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 92,243 shares.
The top 3 mutual fund holders in Fortive Corporation are T Rowe Price Capital Appreciation, Vanguard Wellington Fund, and Vanguard Total Stock Market Index. T Rowe Price Capital Appreciation owns 13.82 million shares of the company’s stock, all valued at over $921.21 million. The company sold -5.08 million shares recently to bring their total holdings to about 3.92% of the shares outstanding. Vanguard Wellington Fund sold -0.49 million shares to see its total holdings shrink to 11.14 million shares valued at over $742.82 million and representing 3.16% of the shares outstanding. Vanguard Total Stock Market Index bought 78508.0 shares to bring its total holdings to over 10.84 million shares at a value of $722.33 million. Vanguard Total Stock Market Index now owns shares totaling to 3.07% of the shares outstanding.
Shares of Fortive Corporation (NYSE: FTV) opened at $63.71, down -$0.71 from a prior closing price of $64.42. However, the script later moved the day high at 64.58, down -0.71%. The company’s stock has a 5-day price change of -5.79% and -3.91% over the past three months. FTV shares are trading -0.45% year to date (YTD), with the 12-month market performance up to 13.24% higher. It has a 12-month low price of $52.47 and touched a high of $69.78 over the same period. FTV has an average intraday trading volume of 1.71 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.23%, -4.43%, and 0.81% respectively.
Institutional ownership of Fortive Corporation (NYSE: FTV) shares accounts for 97.20% of the company’s 353.70M shares outstanding. Mutual fund holders own 34.26%, while other institutional holders and individual stakeholders account for 61.69% and 100.88% respectively.
It has a market capitalization of $23.20B and a beta (3y monthly) value of 1.15. The stock’s trailing 12-month PE ratio is 30.52, while the earnings-per-share (ttm) stands at $2.10. The company has a PEG of 4.02 and a Quick Ratio of 0.70 with the debt-to-equity ratio at 0.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.18% over the week and 1.97% over the month.
Analysts forecast that Fortive Corporation (FTV) will achieve an EPS of $0.73 for the current quarter, $0.81 for the next quarter and $3.65 for 2024. The lowest estimate earnings-per-share for the quarter is $0.71 while analysts give the company a high EPS estimate of $0.77. Comparatively, EPS for the current quarter was $0.7 a year ago. Earnings per share for the fiscal year are expected to increase by 27.20%, and 9.12% over the next financial year. EPS should grow at an annualized rate of 7.60% over the next five years, compared to -1.90% over the past 5-year period.
Looking at the support for the FTV, a number of firms have released research notes about the stock. Morgan Stanley stated their Overweight rating for the stock in a research note on October 12, 2022, with the firm’s price target at $68-$73. Argus coverage for the Fortive Corporation (FTV) stock in a research note released on March 17, 2022 offered a Buy rating with a price target of $68. Barclays was of a view on March 14, 2022 that the stock is Overweight, while Vertical Research gave the stock Hold rating on January 03, 2022, issuing a price target of $82. Mizuho on their part issued Neutral rating on December 17, 2021.
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