Louisiana State Employees Retirement System Reduces Stock Holdings in Fortive Co. (NYSE:FTV)

Louisiana State Employees Retirement System cut its holdings in Fortive Co. (NYSE:FTV) by 2.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,900 shares of the technology company’s stock after selling 500 shares during the period. Louisiana State Employees Retirement System’s holdings in Fortive were worth $1,475,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Arcus Capital Partners LLC lifted its stake in Fortive by 3.3% in the 2nd quarter. Arcus Capital Partners LLC now owns 9,082 shares of the technology company’s stock valued at $673,000 after buying an additional 294 shares in the last quarter. Lecap Asset Management Ltd. acquired a new stake in shares of Fortive during the second quarter valued at $2,811,000. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Fortive during the second quarter valued at $218,000. Fifth Third Bancorp increased its position in Fortive by 2.8% during the 2nd quarter. Fifth Third Bancorp now owns 43,666 shares of the technology company’s stock worth $3,236,000 after purchasing an additional 1,169 shares in the last quarter. Finally, Chesley Taft & Associates LLC raised its stake in Fortive by 0.4% in the 2nd quarter. Chesley Taft & Associates LLC now owns 78,757 shares of the technology company’s stock valued at $5,836,000 after purchasing an additional 279 shares during the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. TD Cowen raised Fortive from a “hold” rating to a “buy” rating and increased their price target for the stock from $75.00 to $90.00 in a research note on Monday, July 8th. Truist Financial lowered their price target on Fortive from $89.00 to $82.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Barclays cut their price objective on shares of Fortive from $93.00 to $91.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Royal Bank of Canada decreased their target price on shares of Fortive from $83.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Thursday, July 25th. Finally, Wells Fargo & Company dropped their price target on shares of Fortive from $84.00 to $75.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $84.91.

Fortive Stock Up 1.3 %

Shares of Fortive stock opened at $73.39 on Monday. Fortive Co. has a twelve month low of $63.05 and a twelve month high of $87.10. The stock has a market cap of $25.84 billion, a price-to-earnings ratio of 29.01, 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. The company has a fifty day moving average price of $72.30 and a 200 day moving average price of $77.65.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.01. The company had revenue of $1.55 billion during the quarter, compared to the consensus estimate of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.85 earnings per share. Equities research analysts forecast that Fortive Co. will post 3.82 earnings per share for the current fiscal year.

Fortive 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.