InterOcean Capital Group LLC Cuts Stake in Fortive Co. (NYSE:FTV)

InterOcean Capital Group LLC decreased its position in Fortive Co. (NYSE:FTV) by 21.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,510 shares of the technology company’s stock after selling 666 shares during the period. InterOcean Capital Group LLC’s holdings in Fortive were worth $216,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Indiana Trust & Investment Management CO acquired a new stake in Fortive in the first quarter valued at about $26,000. Cetera Trust Company N.A purchased a new position in shares of Fortive during the 4th quarter worth approximately $28,000. Spire Wealth Management lifted its holdings in shares of Fortive by 69.3% in the 4th quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock valued at $37,000 after buying an additional 208 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in shares of Fortive by 1,162.8% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 543 shares of the technology company’s stock valued at $40,000 after buying an additional 500 shares in the last quarter. Finally, Richardson Financial Services Inc. acquired a new position in Fortive during the fourth quarter worth $43,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on FTV shares. Wells Fargo & Company reduced their target price on Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Truist Financial dropped their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a report on Thursday. JPMorgan Chase & Co. lowered Fortive from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Finally, TD Cowen raised Fortive from a “hold” rating to a “buy” rating and raised their price objective for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $84.92.

Fortive Stock Performance

NYSE FTV opened at $69.99 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. Fortive Co. has a fifty-two week low of $63.05 and a fifty-two week high of $87.10. The business has a fifty day moving average of $74.16 and a 200-day moving average of $78.36. The stock has a market cap of $24.64 billion, a price-to-earnings ratio of 27.66, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12.

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 analysts’ consensus estimates of $0.92 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.57 billion. Fortive had a net margin of 14.39% and a return on equity of 12.32%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.85 EPS. As a group, analysts predict that Fortive Co. will post 3.82 earnings per share for the current fiscal 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.