Front Street Capital Management Inc. Trims Stock Holdings in Veralto Co. (NYSE:VLTO)

Front Street Capital Management Inc. trimmed its position in Veralto Co. (NYSE:VLTO) by 2.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,787 shares of the company’s stock after selling 1,233 shares during the period. Front Street Capital Management Inc.’s holdings in Veralto were worth $4,180,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of VLTO. Vanguard Group Inc. boosted its position in shares of Veralto by 6.1% during the first quarter. Vanguard Group Inc. now owns 27,429,158 shares of the company’s stock valued at $2,431,869,000 after buying an additional 1,568,103 shares during the last quarter. Capital International Investors lifted its holdings in Veralto by 8.5% in the first quarter. Capital International Investors now owns 7,097,130 shares of the company’s stock valued at $629,232,000 after acquiring an additional 553,021 shares during the period. Bank of New York Mellon Corp lifted its holdings in Veralto by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 4,178,777 shares of the company’s stock valued at $398,948,000 after acquiring an additional 200,657 shares during the period. Swedbank AB lifted its holdings in Veralto by 4.9% in the second quarter. Swedbank AB now owns 2,814,983 shares of the company’s stock valued at $268,746,000 after acquiring an additional 132,105 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Veralto by 33,575.5% in the fourth quarter. Northern Trust Corp now owns 2,520,275 shares of the company’s stock worth $207,318,000 after buying an additional 2,512,791 shares during the period. 91.28% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VLTO has been the topic of several recent analyst reports. Royal Bank of Canada lifted their target price on Veralto from $101.00 to $108.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. UBS Group assumed coverage on Veralto in a research report on Tuesday, August 13th. They set a “neutral” rating and a $118.00 target price on the stock. Robert W. Baird upped their price objective on Veralto from $98.00 to $112.00 and gave the company a “neutral” rating in a research report on Monday, July 29th. Stifel Nicolaus upped their target price on Veralto from $110.00 to $117.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Finally, TD Cowen raised their price objective on Veralto from $95.00 to $100.00 and gave the company a “hold” rating in a research report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $104.46.

Veralto Stock Performance

Veralto stock opened at $110.25 on Tuesday. The stock has a market cap of $27.21 billion and a P/E ratio of 32.66. The company has a current ratio of 1.96, a quick ratio of 1.70 and a debt-to-equity ratio of 1.56. The stock has a 50 day moving average of $107.16 and a 200-day moving average of $99.02. Veralto Co. has a 52 week low of $65.51 and a 52 week high of $112.77.

Veralto (NYSE:VLTO) last posted its earnings results on Thursday, July 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.05. The company had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Veralto had a return on equity of 58.82% and a net margin of 15.60%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period last year, the business posted $0.80 earnings per share. On average, analysts expect that Veralto Co. will post 3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veralto news, CEO Jennifer Honeycutt sold 13,191 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $111.98, for a total value of $1,477,128.18. Following the completion of the sale, the chief executive officer now owns 138,546 shares in the company, valued at approximately $15,514,381.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Veralto news, CEO Jennifer Honeycutt sold 13,191 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $111.98, for a total value of $1,477,128.18. Following the transaction, the chief executive officer now directly owns 138,546 shares in the company, valued at approximately $15,514,381.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Mattias Bystrom sold 3,000 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $105.89, for a total value of $317,670.00. Following the completion of the transaction, the senior vice president now owns 31,045 shares in the company, valued at $3,287,355.05. The disclosure for this sale can be found here. Insiders have sold 25,096 shares of company stock valued at $2,772,707 over the last three months. 0.31% of the stock is currently owned by insiders.

Veralto Profile

Veralto Corporation provides water analytics, water treatment, marking and coding, and packaging and color services worldwide. It operates through two segments, Water Quality (WQ) and Product Quality & Innovation (PQI). The WQ segment offers precision instrumentation and water treatment technologies to measure, analyze, and treat water in residential, commercial, municipal, industrial, research, and natural resource applications through the Hach, Trojan Technologies, and ChemTreat brands.