Short Interest in Fortive Co. (NYSE:FTV) Declines By 6.8%

Fortive Co. (NYSE:FTV) was the target of a large decline in short interest during the month of June. As of June 15th, there was short interest totalling 2,180,000 shares, a decline of 6.8% from the May 31st total of 2,340,000 shares. Based on an average daily trading volume, of 1,610,000 shares, the short-interest ratio is presently 1.4 days.

Hedge Funds Weigh In On Fortive

Institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB increased its position in shares of Fortive by 34.2% during the fourth quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock worth $38,828,000 after acquiring an additional 134,259 shares during the period. Ferguson Wellman Capital Management Inc. increased its position in shares of Fortive by 4.5% during the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock worth $61,326,000 after acquiring an additional 35,688 shares during the period. California State Teachers Retirement System increased its position in shares of Fortive by 2.3% during the fourth quarter. California State Teachers Retirement System now owns 577,159 shares of the technology company’s stock worth $42,496,000 after acquiring an additional 13,251 shares during the period. Capital World Investors increased its position in shares of Fortive by 0.6% during the fourth quarter. Capital World Investors now owns 5,847,724 shares of the technology company’s stock worth $430,568,000 after acquiring an additional 33,990 shares during the period. Finally, United Services Automobile Association purchased a new position in shares of Fortive during the fourth quarter worth approximately $885,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on FTV shares. Truist Financial decreased their target price on shares of Fortive from $96.00 to $89.00 and set a “buy” rating for the company in a research note on Tuesday. Barclays boosted their target price on shares of Fortive from $89.00 to $97.00 and gave the company an “overweight” rating in a research note on Tuesday, April 2nd. JPMorgan Chase & Co. lowered shares of Fortive from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. Finally, Wells Fargo & Company decreased their target price on shares of Fortive from $92.00 to $84.00 and set an “equal weight” rating for the company in a research note on Thursday, April 25th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Fortive presently has an average rating of “Moderate Buy” and a consensus target price of $85.69.

Fortive Trading Down 0.0 %

Shares of FTV stock opened at $72.28 on Thursday. Fortive has a 52-week low of $63.05 and a 52-week high of $87.10. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. The firm has a market capitalization of $25.44 billion, a PE ratio of 28.57, a PEG ratio of 2.12 and a beta of 1.12. The stock has a fifty day simple moving average of $74.87 and a two-hundred day simple moving average of $78.21.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. On average, analysts predict that Fortive will post 3.8 EPS for the current fiscal year.

About Fortive

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.