Bank of New York Mellon Corp Grows Position in Fortive Corporation $FTV

Bank of New York Mellon Corp boosted its stake in shares of Fortive Corporation (NYSE:FTV) by 2.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,029,168 shares of the technology company’s stock after purchasing an additional 56,887 shares during the period. Bank of New York Mellon Corp owned approximately 0.66% of Fortive worth $112,172,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Dodge & Cox grew its stake in Fortive by 3.7% during the fourth quarter. Dodge & Cox now owns 44,157,822 shares of the technology company’s stock worth $2,437,953,000 after buying an additional 1,562,028 shares during the period. Viking Global Investors LP raised its stake in shares of Fortive by 28.7% in the 3rd quarter. Viking Global Investors LP now owns 20,483,680 shares of the technology company’s stock valued at $1,003,495,000 after acquiring an additional 4,571,056 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Fortive by 29.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 20,046,352 shares of the technology company’s stock valued at $1,106,760,000 after acquiring an additional 4,532,031 shares in the last quarter. Norges Bank purchased a new stake in Fortive during the 4th quarter worth $491,928,000. Finally, Geode Capital Management LLC boosted its position in Fortive by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 8,787,747 shares of the technology company’s stock worth $483,327,000 after purchasing an additional 116,939 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

Insider Activity

In related news, SVP Peter C. Underwood sold 47,557 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $60.81, for a total value of $2,891,941.17. Following the completion of the transaction, the senior vice president owned 87,780 shares in the company, valued at $5,337,901.80. This represents a 35.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.65% of the company’s stock.

Fortive Stock Performance

Shares of FTV stock opened at $61.07 on Tuesday. The stock has a market capitalization of $18.62 billion, a price-to-earnings ratio of 36.57 and a beta of 1.06. Fortive Corporation has a one year low of $46.34 and a one year high of $64.33. The company’s 50-day simple moving average is $60.68 and its 200-day simple moving average is $58.37. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.57 and a current ratio of 0.71.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Thursday, April 30th. The technology company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.06. The business had revenue of $2.14 billion for the quarter, compared to analyst estimates of $1.04 billion. Fortive had a return on equity of 12.66% and a net margin of 12.84%.During the same period in the prior year, the company posted $0.85 EPS. The business’s revenue was up 7.7% compared to the same quarter last year. Fortive has set its FY 2026 guidance at 2.900-3.000 EPS. Equities analysts anticipate that Fortive Corporation will post 2.97 earnings per share for the current fiscal year.

Fortive announced that its Board of Directors has authorized a stock buyback plan on Monday, May 4th that permits the company to repurchase 20,000,000 shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Fortive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, July 6th. Shareholders of record on Monday, June 22nd were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Monday, June 22nd. Fortive’s payout ratio is 14.37%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FTV shares. Morgan Stanley boosted their price target on Fortive from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company raised their price target on shares of Fortive from $58.00 to $65.00 and gave the company an “equal weight” rating in a report on Monday, May 4th. Royal Bank Of Canada lifted their price target on shares of Fortive from $59.00 to $63.00 and gave the stock a “sector perform” rating in a research note on Friday, May 1st. Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a report on Monday, May 11th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Fortive in a research note on Friday, May 22nd. Two equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $62.91.

Fortive Company Profile

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.