Fortive Corporation (FTV) Expects Strong Growth

Argosy Investors, an investment management company, recently released its second-quarter 2022 investor letter. A copy of the same can be downloaded here. Year to date, the fund returned -25.4% in select accounts compared to -20% for the S&P 500. The main reason for the fund’s underperformance was the poor performance of its most significant holdings. For more information on the fund’s top picks in 2022, please check its top five holdings.

Argosy Investors discussed stocks like Fortive Corporation (NYSE:FTV). Headquartered in Everett, Washington, Fortive Corporation (NYSE:FTV) is a leading industrial technology provider. The stock of Fortive Corporation (NYSE:FTV) closed at $68.33 per share on August 18, 2022. In one month, the stock returned 16.96% and its shares lost 6.95% of their value over the last 52 weeks. Fortive Corporation (NYSE:FTV) has a market capitalization of $24.305 billion.

Here is what Argosy Investors specifically said about Fortive Corporation (NYSE:FTV):

“Fortive Corporation (NYSE:FTV) is an industrial conglomerate with lineage to Danaher, perhaps our favorite industrial conglomerate, and one of the most successful businesses of all time. Fortive has continued to shift its orientation towards recurring revenue and industrial software applications, as you can see below. We added to FTV early in the first quarter at high-teens multiples of FCF. We believe FTV will continue to execute on its transformation to an industrial software-focused business with attractive recurring revenue characteristics. They have opportunities to accelerate the growth and margins of their business, gain greater appreciation by the investment community over time, and ultimately be valued at a higher multiple in line with other premium industrial growth companies such as TMO, DHR, and ROP.”

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Fortive Corporation (NYSE:FTV) is not on the list of  30 Most Popular Stocks Among Hedge Funds. As per our database, Fortive Corporation (NYSE:FTV) was held by 32 hedge fund portfolios at the end of the first quarter, which was 43 in the previous quarter.

We discussed Fortive Corporation (NYSE:FTV) in another article and shared a list of stocks to buy as per billionaire Andreas Halvorsen. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.