Fortive Co. (NYSE:FTV) Short Interest Down 14.6% in May

Fortive Co. (NYSE:FTVGet Rating) was the target of a significant drop in short interest in May. As of May 31st, there was short interest totalling 4,110,000 shares, a drop of 14.6% from the May 15th total of 4,810,000 shares. Based on an average trading volume of 2,910,000 shares, the short-interest ratio is currently 1.4 days.

FTV stock traded down $0.20 during midday trading on Friday, reaching $53.55. The company had a trading volume of 42,592 shares, compared to its average volume of 2,369,275. Fortive has a 1 year low of $53.20 and a 1 year high of $79.87. The company has a current ratio of 0.96, a quick ratio of 0.74 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $19.19 billion, a P/E ratio of 29.86, a PEG ratio of 1.78 and a beta of 1.10. The company has a 50 day moving average of $59.31 and a two-hundred day moving average of $64.74.

Fortive (NYSE:FTVGet Rating) last released its earnings results on Thursday, April 28th. The technology company reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.35 billion. Fortive had a net margin of 12.32% and a return on equity of 10.87%. The company’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.63 EPS. On average, sell-side analysts anticipate that Fortive will post 3.06 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 24th. Stockholders of record on Friday, May 27th will be issued a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, May 26th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.52%. Fortive’s dividend payout ratio is currently 15.56%.

Fortive declared that its board has authorized a share repurchase plan on Thursday, February 17th that allows the company to buyback 20,000,000 outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

In related news, Director Alan G. Spoon acquired 17,400 shares of the firm’s stock in a transaction dated Monday, May 2nd. The stock was acquired at an average cost of $58.25 per share, for a total transaction of $1,013,550.00. Following the completion of the acquisition, the director now directly owns 98,861 shares of the company’s stock, valued at approximately $5,758,653.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 4.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Robeco Schweiz AG grew its stake in Fortive by 124.2% in the 4th quarter. Robeco Schweiz AG now owns 77,604 shares of the technology company’s stock valued at $5,920,000 after buying an additional 42,984 shares during the last quarter. Swiss National Bank grew its stake in Fortive by 1.6% in the 4th quarter. Swiss National Bank now owns 1,294,084 shares of the technology company’s stock valued at $98,726,000 after buying an additional 20,500 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Fortive by 7.5% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 997,640 shares of the technology company’s stock valued at $76,110,000 after buying an additional 69,658 shares during the last quarter. Clearstead Advisors LLC grew its stake in Fortive by 44.7% in the 4th quarter. Clearstead Advisors LLC now owns 4,338 shares of the technology company’s stock valued at $331,000 after buying an additional 1,341 shares during the last quarter. Finally, Schroder Investment Management Group grew its stake in Fortive by 15.2% in the 4th quarter. Schroder Investment Management Group now owns 1,744,529 shares of the technology company’s stock valued at $133,090,000 after buying an additional 229,590 shares during the last quarter. Institutional investors and hedge funds own 95.21% of the company’s stock.

FTV has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Fortive in a report on Thursday, March 31st. They set a “hold” rating for the company. Cowen reduced their target price on shares of Fortive from $80.00 to $70.00 and set a “market perform” rating for the company in a report on Thursday, June 2nd. Barclays upgraded shares of Fortive from an “equal weight” rating to an “overweight” rating and set a $75.00 price target for the company in a research report on Monday, March 14th. Morgan Stanley reduced their price target on shares of Fortive from $67.00 to $64.00 and set an “equal weight” rating for the company in a research report on Tuesday, May 31st. Finally, Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research report on Thursday, March 17th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.27.

Fortive Company Profile (Get Rating)

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; environment, health, safety, and quality enterprise software products; facility and asset lifecycle software; pre-construction planning and construction procurement solutions; ruggedized professional test tools; electric, pressure, and temperature calibration tools; and portable gas detection tools for a range of vertical end markets including manufacturing, process industries, healthcare, utilities and power, communications and electronics, and others.

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