Comerica Bank Reduces Position in Fortive Co. (NYSE:FTV)

Comerica Bank decreased its position in shares of Fortive Co. (NYSE:FTV) by 9.4% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 104,284 shares of the technology company’s stock after selling 10,836 shares during the quarter. Comerica Bank’s holdings in Fortive were worth $8,971,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Truist Financial reduced their target price on shares of Fortive from $89.00 to $82.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Wells Fargo & Company reduced their target price on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. JPMorgan Chase & Co. downgraded shares of Fortive from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Citigroup reduced their target price on shares of Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a report on Thursday, April 25th. Finally, TD Cowen upgraded shares of Fortive from a “hold” rating to a “buy” rating and boosted their target price for the stock from $75.00 to $90.00 in a report on Monday, July 8th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fortive currently has an average rating of “Moderate Buy” and an average price target of $84.91.

Fortive Trading Down 2.1 %

Fortive stock traded down $1.46 during trading hours on Friday, hitting $69.00. The company had a trading volume of 929,057 shares, compared to its average volume of 1,691,114. The firm has a market cap of $24.17 billion, a P/E ratio of 27.85, a P/E/G ratio of 2.10 and a beta of 1.12. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.95 and a current ratio of 1.23. Fortive Co. has a 1 year low of $63.05 and a 1 year high of $87.10. The company has a 50-day moving average price of $73.59 and a two-hundred day moving average price of $78.33.

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

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.