T. Rowe Price Associates, Inc. (I. recently announced the acquisition of new stake in Fortive Corporation (NYSE:FTV). The institutional investor has increased its shareholding in the Technology company by 10.52% to 45.69 million shares with purchase of 4.35 million shares. This fresh investment now brings its stake to 13.57% valued currently at $3.09 billion. In addition, BlackRock Fund Advisors raised its holdings by 4215.0 to 13.82 million shares. And Wellington Management Co. LLP has lifted its position by 42.10% or 3.09 million shares – to 10.45 million shares.
With over 2.11 million Fortive Corporation (FTV) shares trading Tuesday and a closing price of $71.03 on the day, the dollar volume was approximately $150.18 million. The shares have shown a negative weekly performance of -0.24% and its price on 07/28/20 lost nearly -1.21%. Currently, there are 336.80M common shares owned by the public and among those 308.29M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for FTV have a consensus price objective of $74.87. The analysts have set the share’s price value over the next 12 months at a high of $83.00 and a low of $68.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Fortive Corporation stock is 2.20 for the next 12 months. The average price target is 5.1% above its last price level and an upside to the estimated low will see the stock lose -4.46% over that period. But an upside of 14.42% will see the stock hit the forecast high price target while mean target price for the stock is $74.00.
Insiders at the company have transacted a total of 126 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 59 of these insider trades were purchases, accounting for 599,960 shares. Insider sales of the common stock occurred on 67 occasions, with total insider shares sold totaling 1,331,721 shares.
The top 3 mutual fund holders in Fortive Corporation are T Rowe Price Capital Appreciation, Vanguard Total Stock Market Index, and Vanguard 500 Index Fund. T Rowe Price Capital Appreciation owns 13.54 million shares of the company’s stock, all valued at over $915.98 million. The company bought an additional 0.16 million shares recently to bring their total holdings to about 4.02% of the shares outstanding. Vanguard Total Stock Market Index bought 0.4 million shares to see its total holdings expand to 8.64 million shares valued at over $584.48 million and representing 2.56% of the shares outstanding. Vanguard 500 Index Fund bought 0.11 million shares to bring its total holdings to over 6.15 million shares at a value of $415.95 million. Vanguard 500 Index Fund now owns shares totaling to 1.83% of the shares outstanding.
Shares of Fortive Corporation (NYSE: FTV) opened at $71.63, down -$0.27 from a prior closing price of $71.90. However, the script later closed the day at $71.03, down -1.21%. The company’s stock has a 5-day price change of -0.24% and 9.77% over the past three months. FTV shares are trading -7.02% year to date (YTD), with the 12-month market performance down to -7.55% lower. It has a 12-month low price of $37.31 and touched a high of $80.61 over the same period. Currently, 2.11 million shares have been traded, compared to an average intraday trading volume of 2.23 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.06%, 6.77%, and 4.63% respectively.
Institutional ownership of Fortive Corporation (NYSE: FTV) shares accounts for 86.00% of the company’s 336.80M shares outstanding. Mutual fund holders own 35.76%, while other institutional holders and individual stakeholders account for 48.24% and 110.69% respectively.
It has a market capitalization of $24.44B and a beta (3y monthly) value of 1.25. The stock’s trailing 12-month PE ratio is 45.18, while the earnings-per-share (ttm) stands at $1.57. The company has a PEG of 11.44 and a Quick Ratio of 1.30 with the debt-to-equity ratio at 0.84. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.62% over the week and 1.86% over the month.
Analysts forecast that Fortive Corporation (FTV) will achieve an EPS of $0.58 for the current quarter, $0.68 for the next quarter and $3.5 for 2021. The lowest estimate earnings-per-share for the quarter is $0.53 while analysts give the company a high EPS estimate of $0.63. Comparatively, EPS for the current quarter was $0.9 a year ago. Earnings per share for the fiscal year are expected to decrease by -22.20%, and 18.47% over the next financial year. EPS should grow at an annualized rate of 3.95% over the next five years, compared to -5.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 18 brokerage firm advisors rate Fortive Corporation (FTV) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 9 of the 18 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FTV, a number of firms have released research notes about the stock. Robert W. Baird stated their Outperform rating for the stock in a research note on June 25, 2020, with the firm’s price target at $80. Vertical Research coverage for the Fortive Corporation (FTV) stock in a research note released on June 05, 2020 offered a Buy rating with a price target of $75. Morgan Stanley was of a view on May 19, 2020 that the stock is Overweight, while Cowen gave the stock Market Perform rating on March 09, 2020, issuing a price target of $70. Raymond James on their part issued Mkt Perform rating on February 11, 2020.