Sumitomo Mitsui Trust Holdings Inc. Has $72.35 Million Stock Position in Fortive Co. (NYSE:FTV)

Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Fortive Co. (NYSE:FTV) by 0.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 841,041 shares of the technology company’s stock after purchasing an additional 4,669 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Fortive were worth $72,346,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FTV. Indiana Trust & Investment Management CO acquired a new stake in shares of Fortive in the 1st quarter valued at approximately $26,000. Cetera Trust Company N.A acquired a new position in shares of Fortive in the 4th quarter valued at $28,000. Spire Wealth Management increased its position in shares of Fortive by 69.3% in the 4th quarter. Spire Wealth Management now owns 508 shares of the technology company’s stock valued at $37,000 after buying an additional 208 shares in the last quarter. Fortitude Family Office LLC acquired a new stake in Fortive during the 4th quarter worth $38,000. Finally, Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in Fortive by 1,162.8% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 543 shares of the technology company’s stock worth $40,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on FTV shares. Truist Financial dropped their price target on Fortive from $96.00 to $89.00 and set a “buy” rating on the stock in a research report on Tuesday. StockNews.com raised shares of Fortive from a “hold” rating to a “buy” rating in a research note on Monday, May 13th. 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. Royal Bank of Canada cut their price objective on shares of Fortive from $93.00 to $83.00 and set a “sector perform” rating on the stock in a research report on Thursday, April 25th. Finally, Wells Fargo & Company lowered their target price on Fortive from $92.00 to $84.00 and set an “equal weight” rating for the company in a report on Thursday, April 25th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.69.

Fortive Stock Performance

Shares of NYSE FTV opened at $72.28 on Friday. 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 stock has a 50 day moving average price of $74.80 and a 200 day moving average price of $78.17. The stock has a market capitalization of $25.44 billion, a PE ratio of 28.57, a price-to-earnings-growth ratio of 2.12 and a beta of 1.12. Fortive Co. has a 52 week low of $63.05 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. Analysts predict that Fortive Co. will post 3.8 earnings per share for the current fiscal year.

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.