Wedge Capital Management L L P NC Sells 16,702 Shares of Fortive Co. (NYSE:FTV)

Wedge Capital Management L L P NC decreased its position in Fortive Co. (NYSE:FTV) by 8.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 191,725 shares of the technology company’s stock after selling 16,702 shares during the quarter. Wedge Capital Management L L P NC owned 0.05% of Fortive worth $14,207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Indiana Trust & Investment Management CO acquired a new stake in shares of Fortive in the 1st quarter valued at about $26,000. Advisors Asset Management Inc. acquired a new stake in shares of Fortive in the 1st quarter valued at about $32,000. Cetera Trust Company N.A acquired a new stake in shares of Fortive in the 4th quarter valued at about $28,000. Spire Wealth Management raised its stake in shares of Fortive by 69.3% in the 4th quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock valued at $37,000 after purchasing an additional 208 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Fortive by 1,162.8% in the 4th quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 543 shares of the technology company’s stock valued at $40,000 after purchasing an additional 500 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FTV. JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Truist Financial lowered their target price on Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Wells Fargo & Company lowered their target price on Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Citigroup lowered their target price on Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday, April 25th. Finally, TD Cowen raised Fortive from a “hold” rating to a “buy” rating and lifted their target price for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.91.

Fortive Stock Performance

NYSE FTV traded up $1.06 during trading on Thursday, reaching $69.79. 1,808,722 shares of the company’s stock were exchanged, compared to its average volume of 1,730,536. The business has a 50 day moving average price of $72.49 and a 200-day moving average price of $78.03. The stock has a market capitalization of $24.57 billion, a P/E ratio of 27.58, a PEG ratio of 2.06 and a beta of 1.12. 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 Co. has a fifty-two week low of $63.05 and a fifty-two week high of $87.10.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, July 24th. The technology company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.57 billion. During the same quarter in the previous year, the company posted $0.85 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. Sell-side analysts forecast that Fortive Co. will post 3.82 earnings per share for the current fiscal year.

About Fortive

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.