Kodai Capital Management LP Acquires Shares of 618,728 Fortive Co. (NYSE:FTV)

Kodai Capital Management LP bought a new position in shares of Fortive Co. (NYSE:FTV) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 618,728 shares of the technology company’s stock, valued at approximately $45,557,000. Kodai Capital Management LP owned approximately 0.14% of Fortive as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FTV. NEOS Investment Management LLC boosted its holdings in shares of Fortive by 33.8% in the 4th quarter. NEOS Investment Management LLC now owns 4,983 shares of the technology company’s stock worth $367,000 after buying an additional 1,260 shares during the last quarter. Campbell & CO Investment Adviser LLC raised its position in Fortive by 228.6% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 13,979 shares of the technology company’s stock worth $1,029,000 after acquiring an additional 9,725 shares during the period. California State Teachers Retirement System boosted its stake in Fortive by 2.3% in the fourth quarter. California State Teachers Retirement System now owns 577,159 shares of the technology company’s stock valued at $42,496,000 after acquiring an additional 13,251 shares during the last quarter. Redmond Asset Management LLC grew its position in shares of Fortive by 1.4% during the 4th quarter. Redmond Asset Management LLC now owns 13,386 shares of the technology company’s stock valued at $986,000 after acquiring an additional 179 shares during the period. Finally, Bank of Nova Scotia grew its position in shares of Fortive by 82.5% during the 4th quarter. Bank of Nova Scotia now owns 58,770 shares of the technology company’s stock valued at $4,327,000 after acquiring an additional 26,570 shares during the period. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Fortive Price Performance

Shares of NYSE FTV traded down $0.17 during midday trading on Tuesday, hitting $72.78. 1,059,808 shares of the company’s stock were exchanged, compared to its average volume of 1,647,153. The business’s fifty day moving average price is $79.06 and its two-hundred day moving average price is $77.60. The company has a market cap of $25.62 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 2.18 and a beta of 1.13. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.38. Fortive Co. has a 12-month low of $63.05 and a 12-month high of $87.10.

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

Fortive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be given a dividend of $0.08 per share. The ex-dividend date is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a yield of 0.44%. Fortive’s payout ratio is 12.65%.

Analysts Set New Price Targets

Several equities analysts have weighed in on FTV shares. Citigroup reduced their price objective on Fortive from $101.00 to $98.00 and set a “buy” rating for the company in a report on Thursday, April 25th. JPMorgan Chase & Co. lowered Fortive from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $95.00 to $90.00 in a report on Wednesday, April 17th. Royal Bank of Canada decreased their price objective on Fortive from $93.00 to $83.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 25th. Barclays raised their target price on Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 2nd. Finally, Truist Financial initiated coverage on Fortive in a report on Thursday, March 14th. They set a “buy” rating and a $99.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Fortive currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.46.

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.