Mitsubishi UFJ Asset Management Co. Ltd. Takes $43.97 Million Position in Fortive Corporation $FTV

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Fortive Corporation (NYSE:FTV) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 719,697 shares of the technology company’s stock, valued at approximately $43,966,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.24% of Fortive at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Fortive during the 4th quarter valued at $491,928,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Fortive by 102,687.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 7,487,060 shares of the technology company’s stock valued at $413,361,000 after purchasing an additional 7,479,776 shares during the period. Viking Global Investors LP grew its position in Fortive by 28.7% during the third quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock worth $1,003,495,000 after buying an additional 4,571,056 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Fortive by 29.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 20,046,352 shares of the technology company’s stock worth $1,106,760,000 after purchasing an additional 4,532,031 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in shares of Fortive by 205.6% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 3,719,200 shares of the technology company’s stock valued at $182,204,000 after buying an additional 2,502,300 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Insider Activity

In related news, SVP Peter C. Underwood sold 8,662 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $61.59, for a total transaction of $533,492.58. Following the completion of the sale, the senior vice president owned 79,118 shares in the company, valued at approximately $4,872,877.62. This trade represents a 9.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.65% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on FTV shares. Wells Fargo & Company upped their target price on Fortive from $58.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Monday, May 4th. Royal Bank Of Canada boosted their target price on Fortive from $59.00 to $63.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Citigroup lifted their price objective on Fortive from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. upped their target price on shares of Fortive from $63.00 to $64.00 and gave the stock an “underweight” rating in a research report on Tuesday, May 12th. Finally, Morgan Stanley raised their price objective on Fortive from $58.00 to $59.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 3rd. Two equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $63.10.

Fortive Stock Down 0.9%

FTV opened at $58.93 on Thursday. The company has a market capitalization of $17.80 billion, a PE ratio of 34.87 and a beta of 1.06. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 0.58. The firm’s 50 day simple moving average is $61.17 and its two-hundred day simple moving average is $59.34. Fortive Corporation has a 1-year low of $46.54 and a 1-year high of $64.56.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.07 billion. Fortive had a return on equity of 15.33% and a net margin of 12.38%.The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.90 earnings per share. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. As a group, equities analysts forecast that Fortive Corporation will post 3.01 EPS for the current year.

Fortive announced that its board has approved a share repurchase program on Monday, May 4th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the technology company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, July 6th. Investors of record on Monday, June 22nd were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, June 22nd. This represents a $0.24 annualized dividend and a yield of 0.4%. Fortive’s dividend payout ratio is currently 14.20%.

Fortive Company Profile

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.