Graypoint LLC, a prominent institutional investor, has recently reduced its position in Fortive Co. (NYSE:FTV). According to the company’s Form 13F filing with the Securities & Exchange Commission for the 2nd quarter, Graypoint LLC sold off 2,465 shares of Fortive stock, resulting in a decrease of 24.2% in its overall holdings. At the end of the quarter, Graypoint LLC still retained ownership of 7,736 shares of Fortive’s stock valued at approximately $578,000.
Fortive is a technology company that has garnered attention in the market due to its consistent performance and strong financial results. In fact, in its last earnings report released on July 26th, Fortive demonstrated impressive numbers that exceeded analysts’ expectations. The company reported earnings per share (EPS) of $0.85 for the quarter, surpassing consensus estimates by $0.04.
Fortive also showcased its robust return on equity (ROE) of 11.99% and a healthy net margin of 13.39%. Furthermore, the company generated revenue of $1.53 billion during the quarter, outperforming market forecasts which stood at $1.51 billion. These positive figures indicate a growth rate of 4.3% in quarterly revenue when compared to the same period last year.
Analysts who provide sell-side recommendations predict that Fortive Co.’s current fiscal year will result in earnings per share amounting to approximately $3.42 based on their average projections.
Graypoint LLC’s decision to reduce its position in Fortive Co indicates a strategic move that aligns with their investment strategy and objectives as an institutional investor. While it is worth noting this reduction in ownership by Graypoint LLC, it is essential to consider other factors such as market conditions and institutional investors’ strategies when interpreting these changes.
The overall performance demonstrated by Fortive Co., as evidenced by its impressive earnings report and consistent revenue growth, showcases the company’s potential for future success. However, it remains to be seen how this adjustment in ownership by Graypoint LLC will impact Fortive’s stock performance and investor sentiment moving forward.
Investors and market analysts will undoubtedly continue to monitor Fortive Co.’s financial indicators, alongside any further actions taken by institutional investors such as Graypoint LLC, to gain a comprehensive understanding of the company’s trajectory in the coming months.
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Fortive Corporation: Strong Investor Interest and Positive Recommendations Drive Growth
Fortive Corporation (NYSE: FTV), a leading technology company, has seen significant activity from various institutional investors and hedge funds in recent quarters. One such investor, OLD Mission Capital LLC, acquired a new stake in the company during the fourth quarter of last year, valued at approximately $33,000. Similarly, Ridgewood Investments LLC and Oakworth Capital Inc. purchased stakes in Fortive during the first quarter, with values of around $37,000 and $40,000 respectively.
Adding to this trend, Clear Street Markets LLC grew its position in Fortive by 93.0% during the same period. The company now owns 691 shares of Fortive’s stock valued at $47,000 after acquiring an additional 333 shares in the last quarter. Creative Financial Designs Inc. ADV also experienced substantial growth in its position, increasing it by 290.7% during the first quarter. They now own 711 shares valued at $48,000 after acquiring an additional 529 shares.
Institutional investors and hedge funds currently hold a majority stake of 95.95% in Fortive Corporation.
This surge of investor interest comes as no surprise given the positive recommendations provided by research analysts regarding FTV stock. Citigroup increased their target price on Fortive from $85.00 to $90.00 and gave it a “buy” rating in their report released on July 27th. Argus lifted their target price from $80.00 to $85.00 while TD Cowen raised theirs to $72.00 and gave it a “market perform” rating on August 23rd. Wells Fargo & Company also boosted their price objective to $71 from $67 on July 10th.
Notably, Barclays upgraded Fortive’s stock from overweight to buy and increased their price target from $77 to $83 just over two months ago.
Of the eleven equities research analysts who have commented on the stock, three have given it a hold rating while eight have assigned a buy rating. Based on data from Bloomberg, FTV currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.
In terms of recent developments within Fortive Corporation, CFO Charles E. Mclaughlin sold 16,911 shares of the company’s stock at an average price of $76.66 in July. The transaction resulted in a total value of $1,296,397.26. Following this sale, Mclaughlin now owns 101,319 shares valued at approximately $7,767,114.54.
CAO Christopher M. Mulhall also sold 4,700 shares at an average price of $76.85 during that same month for a total value of $361,195. After the sale, Mulhall holds 21,507 shares worth around $1,652,812.95.
It is worth mentioning that insiders collectively sold 43,404 shares valued at $3,324,757 in the last 90 days.
As of Tuesday’s opening stock price,WTFV opened at $73.69 per share.. It held a fifty-day simple moving average of $77.01 and a two-hundred-day simple moving average of $71.26 respectively.The current ratio for Fortive Co stands at 0.96 while its quick ratio stands at 0.74.The debt-to-equity ratio is reported to be at around 0
20.to- The corporation also boasts a market capitalization standing strong.at $25.94 billion with its Price-to-Earnings (P/E) ratio being reported as roughly 32
75.With-the P/E/G ratio reaching2
74andbeta measuringaround11
Fortive Corpcontinues to draw attention from investors thanks to its strong performance and positive recommendations from research analysts. With its innovative technology solutions and a growing portfolio, the company presents a favorable investment opportunity in the current market.
