3,071 Shares in Fortive Co. (NYSE:FTV) Purchased by Lake Street Advisors Group LLC

Lake Street Advisors Group LLC acquired a new stake in Fortive Co. (NYSE:FTV) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 3,071 shares of the technology company’s stock, valued at approximately $264,000.

A number of other hedge funds have also added to or reduced their stakes in FTV. Bessemer Group Inc. grew its stake in Fortive by 7.9% in the first quarter. Bessemer Group Inc. now owns 9,648 shares of the technology company’s stock worth $831,000 after purchasing an additional 704 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in shares of Fortive by 319.4% during the first quarter. UniSuper Management Pty Ltd now owns 15,368 shares of the technology company’s stock valued at $1,322,000 after buying an additional 11,704 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Fortive by 16.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 14,844 shares of the technology company’s stock valued at $1,277,000 after buying an additional 2,055 shares during the period. Rockport Wealth LLC bought a new stake in shares of Fortive in the first quarter valued at about $286,000. Finally, Edgestream Partners L.P. purchased a new stake in Fortive in the first quarter worth about $383,000. 94.94% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FTV shares. Truist Financial reduced their price target on shares of Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a report on Thursday. JPMorgan Chase & Co. lowered shares of Fortive from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $95.00 to $90.00 in a report on Wednesday, April 17th. Wells Fargo & Company lowered their price target on Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. StockNews.com raised Fortive from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Finally, TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and upped their target price for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $84.92.

Fortive Stock Performance

Shares of NYSE:FTV traded up $0.35 during midday trading on Thursday, hitting $70.75. The stock had a trading volume of 1,128,859 shares, compared to its average volume of 1,658,892. The company has a market capitalization of $24.91 billion, a PE ratio of 28.00, a P/E/G ratio of 2.24 and a beta of 1.12. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The stock has a 50 day moving average price of $74.31 and a two-hundred day moving average price of $78.41. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.38.

Fortive (NYSE:FTV) last released its earnings results on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.01. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.57 billion. During the same quarter last year, the company earned $0.85 earnings per share. Fortive’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts predict that Fortive Co. will post 3.81 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.