Wedge Capital Management L L P NC Sells 16,702 Shares of Fortive Co. (NYSE:FTV)

Wedge Capital Management L L P NC reduced its stake in Fortive Co. (NYSE:FTV) by 8.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 191,725 shares of the technology company’s stock after selling 16,702 shares during the period. Wedge Capital Management L L P NC’s holdings in Fortive were worth $14,207,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Indiana Trust & Investment Management CO purchased a new position in shares of Fortive in the 1st quarter worth $26,000. Cetera Trust Company N.A purchased a new position in shares of Fortive in the 4th quarter worth $28,000. Advisors Asset Management Inc. purchased a new position in shares of Fortive in the 1st quarter worth $32,000. Spire Wealth Management grew its stake in shares of 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 buying an additional 208 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt grew its stake in shares of 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 buying an additional 500 shares in the last quarter. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Stock Performance

Shares of FTV stock traded up $1.06 during trading hours on Thursday, hitting $69.79. The company’s stock had a trading volume of 1,808,722 shares, compared to its average volume of 1,730,536. The company has a 50 day moving average of $72.49 and a 200 day moving average of $78.03. Fortive Co. has a 12-month low of $63.05 and a 12-month high of $87.10. The stock has a market cap of $24.57 billion, a PE ratio of 27.58, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12. The company has a current ratio of 1.23, a quick ratio of 0.95 and a debt-to-equity ratio of 0.32.

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

Analyst Ratings Changes

FTV has been the subject of a number of recent research reports. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research note on Saturday, August 3rd. Royal Bank of Canada dropped their price target on shares of Fortive from $83.00 to $77.00 and set a “sector perform” rating for the company in a research note on Thursday, July 25th. Citigroup lowered their price objective on shares of Fortive from $101.00 to $98.00 and set a “buy” rating for the company in a research report on Thursday, April 25th. TD Cowen upgraded shares of Fortive from a “hold” rating to a “buy” rating and boosted their price target for the company from $75.00 to $90.00 in a report on Monday, July 8th. Finally, 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, July 25th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Fortive currently has a consensus rating of “Moderate Buy” and a consensus price target of $84.91.

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.