King Luther Capital Management Corp Sells 80,626 Shares of Fortive Corporation $FTV

King Luther Capital Management Corp reduced its stake in Fortive Corporation (NYSE:FTV) by 19.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 328,001 shares of the technology company’s stock after selling 80,626 shares during the period. King Luther Capital Management Corp’s holdings in Fortive were worth $18,109,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Park Avenue Securities LLC increased its stake in Fortive by 2.5% in the fourth quarter. Park Avenue Securities LLC now owns 8,401 shares of the technology company’s stock valued at $464,000 after purchasing an additional 208 shares in the last quarter. Clearstead Trust LLC increased its stake in Fortive by 29.8% in the fourth quarter. Clearstead Trust LLC now owns 953 shares of the technology company’s stock valued at $53,000 after purchasing an additional 219 shares in the last quarter. Transcend Capital Advisors LLC increased its stake in Fortive by 4.8% in the fourth quarter. Transcend Capital Advisors LLC now owns 5,534 shares of the technology company’s stock valued at $306,000 after purchasing an additional 252 shares in the last quarter. Turning Point Benefit Group Inc. increased its stake in Fortive by 15.5% in the fourth quarter. Turning Point Benefit Group Inc. now owns 2,039 shares of the technology company’s stock valued at $113,000 after purchasing an additional 274 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Fortive by 13.1% in the fourth quarter. GAMMA Investing LLC now owns 2,516 shares of the technology company’s stock valued at $139,000 after purchasing an additional 291 shares in the last quarter. 94.94% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FTV has been the subject of several research analyst reports. Truist Financial reaffirmed a “hold” rating and issued a $61.00 price target (up from $56.00) on shares of Fortive in a research note on Monday, May 4th. Morgan Stanley lifted their price target on shares of Fortive from $53.00 to $58.00 and gave the company an “equal weight” rating in a research note on Wednesday, March 18th. Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Monday, May 11th. JPMorgan Chase & Co. lifted their price objective on shares of Fortive from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Tuesday, May 12th. Finally, Robert W. Baird set a $65.00 price objective on shares of Fortive in a report on Thursday, February 5th. Three analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $61.54.

Fortive Stock Down 0.6%

Shares of NYSE FTV opened at $59.95 on Thursday. The stock has a market capitalization of $18.28 billion, a P/E ratio of 35.90, a P/E/G ratio of 3.24 and a beta of 1.09. The company has a 50-day moving average price of $58.55 and a 200-day moving average price of $56.33. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $73.77. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.71 and a quick ratio of 0.57.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, April 30th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the company earned $0.85 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. On average, equities research analysts forecast that Fortive Corporation will post 2.96 EPS for the current fiscal year.

Fortive announced that its Board of Directors has approved a stock repurchase program on Monday, May 4th that authorizes the company to repurchase 20,000,000 outstanding shares. This repurchase authorization authorizes the technology company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

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 directly owned 87,780 shares in the company, valued at approximately $5,337,901.80. The trade was a 35.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.65% of the company’s stock.

About Fortive

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.