Allspring Global Investments Holdings LLC Has $48.46 Million Stock Position in Fortive Co. (NYSE:FTV)

Allspring Global Investments Holdings LLC cut its holdings in shares of Fortive Co. (NYSE:FTV) by 18.5% in the second quarter, Holdings Channel reports. The institutional investor owned 653,936 shares of the technology company’s stock after selling 148,382 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Fortive were worth $48,457,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Nordea Investment Management AB raised its stake in Fortive by 70.1% during the 1st quarter. Nordea Investment Management AB now owns 896,550 shares of the technology company’s stock valued at $77,058,000 after purchasing an additional 369,351 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of Fortive by 104.3% during the first quarter. BNP Paribas Financial Markets now owns 369,076 shares of the technology company’s stock valued at $31,748,000 after buying an additional 188,415 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Fortive by 2.3% in the fourth quarter. California State Teachers Retirement System now owns 577,159 shares of the technology company’s stock valued at $42,496,000 after buying an additional 13,251 shares during the period. Cetera Investment Advisers grew its position in Fortive by 599.3% during the first quarter. Cetera Investment Advisers now owns 52,546 shares of the technology company’s stock worth $4,520,000 after buying an additional 45,032 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in Fortive by 6.7% during the first quarter. CANADA LIFE ASSURANCE Co now owns 275,489 shares of the technology company’s stock valued at $23,719,000 after acquiring an additional 17,225 shares during the period. 94.94% of the stock is owned by institutional investors.

Fortive Trading Up 0.6 %

Shares of FTV opened at $73.83 on Wednesday. The stock has a fifty day moving average price of $72.30 and a two-hundred day moving average price of $77.59. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.95 and a current ratio of 1.23. The company has a market cap of $25.99 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 2.06 and a beta of 1.12. Fortive Co. has a 52-week low of $63.05 and a 52-week high of $87.10.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.01. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate 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 quarter in the prior year, the company earned $0.85 EPS. Analysts predict that Fortive Co. will post 3.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FTV has been the topic of several recent research reports. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Saturday, August 3rd. 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 research report on Wednesday, July 10th. Barclays lowered their price target on shares of Fortive from $93.00 to $91.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Royal Bank of Canada reduced their price objective on shares of Fortive from $83.00 to $77.00 and set a “sector perform” rating for the company in a report on Thursday, July 25th. Finally, Truist Financial lowered their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $84.91.

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.