DNB Asset Management AS Increases Position in Fortive Co. (NYSE:FTV)

DNB Asset Management AS grew its position in shares of Fortive Co. (NYSE:FTV) by 5.8% during the second quarter, HoldingsChannel reports. The institutional investor owned 94,797 shares of the technology company’s stock after purchasing an additional 5,185 shares during the period. DNB Asset Management AS’s holdings in Fortive were worth $7,024,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC grew its holdings in shares of Fortive by 4.8% during the fourth quarter. Quadrant Capital Group LLC now owns 2,724 shares of the technology company’s stock valued at $201,000 after buying an additional 126 shares during the last quarter. Lipe & Dalton grew its holdings in shares of Fortive by 1.9% during the first quarter. Lipe & Dalton now owns 7,096 shares of the technology company’s stock valued at $610,000 after buying an additional 130 shares during the last quarter. Pitcairn Co. grew its holdings in shares of Fortive by 1.3% during the first quarter. Pitcairn Co. now owns 11,170 shares of the technology company’s stock valued at $961,000 after buying an additional 139 shares during the last quarter. Edgemoor Investment Advisors Inc. grew its holdings in shares of Fortive by 4.8% during the fourth quarter. Edgemoor Investment Advisors Inc. now owns 3,249 shares of the technology company’s stock valued at $239,000 after buying an additional 150 shares during the last quarter. Finally, Fulton Bank N.A. grew its holdings in shares of Fortive by 3.4% during the first quarter. Fulton Bank N.A. now owns 4,580 shares of the technology company’s stock valued at $394,000 after buying an additional 151 shares during the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FTV. JPMorgan Chase & Co. cut shares of Fortive from an “overweight” rating to a “neutral” rating and cut their price target for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Truist Financial lowered their price objective on shares of Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research report on Saturday. Wells Fargo & Company lowered their price objective on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Royal Bank of Canada lowered their price objective on shares of Fortive from $83.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 25th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortive currently has an average rating of “Moderate Buy” and an average price target of $84.91.

Fortive Price Performance

Shares of FTV stock traded up $0.09 on Tuesday, hitting $67.73. 3,160,414 shares of the stock traded hands, compared to its average volume of 1,727,081. The firm has a market cap of $23.73 billion, a price-to-earnings ratio of 27.07, 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. The firm has a 50 day simple moving average of $73.28 and a two-hundred day simple moving average of $78.38. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 0.95.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.92 by $0.01. The firm 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 company’s revenue was up 1.7% on a year-over-year basis. During the same period last year, the firm earned $0.85 EPS. As a group, equities research analysts predict that Fortive Co. will post 3.82 earnings per share for the current fiscal year.

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.