Fifth Third Bancorp Sells 1,291 Shares of Fortive Corporation $FTV

Fifth Third Bancorp lowered its position in shares of Fortive Corporation (NYSE:FTV) by 10.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,606 shares of the technology company’s stock after selling 1,291 shares during the period. Fifth Third Bancorp’s holdings in Fortive were worth $605,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Fortive by 111.8% during the second quarter. GAMMA Investing LLC now owns 3,795 shares of the technology company’s stock worth $198,000 after purchasing an additional 2,003 shares during the last quarter. Park Avenue Securities LLC increased its holdings in shares of Fortive by 18.0% in the second quarter. Park Avenue Securities LLC now owns 17,599 shares of the technology company’s stock worth $917,000 after buying an additional 2,685 shares during the period. CX Institutional increased its holdings in shares of Fortive by 31.2% in the second quarter. CX Institutional now owns 3,397 shares of the technology company’s stock worth $177,000 after buying an additional 808 shares during the period. Marshall & Sullivan Inc. WA increased its holdings in shares of Fortive by 3.6% in the second quarter. Marshall & Sullivan Inc. WA now owns 62,061 shares of the technology company’s stock worth $3,235,000 after buying an additional 2,156 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Fortive by 9.3% in the second quarter. Assenagon Asset Management S.A. now owns 49,642 shares of the technology company’s stock worth $2,588,000 after buying an additional 4,236 shares during the period. Institutional investors own 94.94% of the company’s stock.

Fortive Stock Up 0.8%

Shares of NYSE:FTV opened at $48.91 on Tuesday. Fortive Corporation has a 1 year low of $46.34 and a 1 year high of $83.32. The company has a market cap of $16.55 billion, a PE ratio of 22.03, a P/E/G ratio of 3.08 and a beta of 1.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.98 and a quick ratio of 0.82. The stock’s 50-day moving average is $48.45 and its 200 day moving average is $60.51.

Fortive (NYSE:FTV) last posted its earnings results on Wednesday, July 30th. The technology company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). Fortive had a return on equity of 11.96% and a net margin of 13.62%.The firm had revenue of $1.52 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter last year, the company posted $0.93 EPS. The firm’s revenue was down .4% on a year-over-year basis. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Sell-side analysts anticipate that Fortive Corporation will post 4.05 EPS for the current year.

Fortive Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 12th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, September 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.5%. Fortive’s dividend payout ratio is 10.81%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. BNP Paribas reiterated a “neutral” rating on shares of Fortive in a report on Thursday, June 12th. Truist Financial reiterated a “hold” rating and issued a $55.00 price objective (down previously from $60.00) on shares of Fortive in a report on Thursday, July 31st. Cowen downgraded Fortive from a “buy” rating to a “hold” rating in a report on Tuesday, July 15th. Melius downgraded Fortive from a “buy” rating to a “hold” rating and set a $62.00 price objective on the stock. in a report on Tuesday, July 22nd. Finally, Mizuho decreased their price objective on Fortive from $85.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, July 16th. Four research analysts have rated the stock with a Buy rating and fourteen have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.79.

Fortive Company 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.