Public Employees Retirement System of Ohio Invests $5.73 Million in Fortive Corporation $FTV

Public Employees Retirement System of Ohio acquired a new position in shares of Fortive Corporation (NYSE:FTV) in the 2nd quarter, HoldingsChannel reports. The fund acquired 93,731 shares of the technology company’s stock, valued at approximately $5,726,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Redwood Investment Management LLC acquired a new stake in shares of Fortive in the second quarter valued at about $2,186,000. Corient Private Wealth LP bought a new stake in shares of Fortive during the second quarter valued at approximately $8,694,000. Bank of America Corp DE bought a new stake in Fortive in the 2nd quarter valued at $87,260,000. Freestone Grove Partners LP acquired a new position in Fortive in the second quarter worth about $17,073,000. Finally, Caisse de depot et placement du Quebec acquired a new position in shares of Fortive in the 2nd quarter worth approximately $60,660,000. 94.94% of the stock is currently owned by institutional investors and hedge funds.

Fortive Price Performance

Shares of FTV stock opened at $56.65 on Thursday. Fortive Corporation has a 1 year low of $46.65 and a 1 year high of $64.56. 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 moving average is $60.86 and its 200-day moving average is $59.43. The firm has a market capitalization of $17.11 billion, a price-to-earnings ratio of 33.52, a PEG ratio of 2.35 and a beta of 1.05.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.03. Fortive had a net margin of 12.38% and a return on equity of 15.33%. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the business posted $0.90 earnings per share. Fortive’s revenue for the quarter was up 8.0% compared to the same quarter last year. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. Sell-side analysts forecast that Fortive Corporation will post 3.02 EPS for the current fiscal year.

Fortive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 25th. Stockholders of record on Friday, September 4th will be paid a $0.07 dividend. This is an increase from Fortive’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.28 annualized dividend and a dividend yield of 0.5%. Fortive’s payout ratio is 14.20%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Morgan Stanley lifted their price objective on Fortive from $58.00 to $59.00 and gave the company an “equal weight” rating in a report on Wednesday, June 3rd. Weiss Ratings lowered shares of Fortive from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 27th. JPMorgan Chase & Co. lifted their price target on shares of Fortive from $63.00 to $64.00 and gave the company an “underweight” rating in a report on Tuesday, May 12th. Argus reissued a “buy” rating and set a $68.00 price target on shares of Fortive in a report on Wednesday, August 19th. Finally, Truist Financial restated a “hold” rating and issued a $68.00 price target (up from $67.00) on shares of Fortive in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $63.10.

Insider Activity at Fortive

In other news, SVP Peter C. Underwood sold 8,662 shares of the business’s stock in a transaction on 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 $4,872,877.62. The trade was a 9.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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.