Fortive (NYSE:FTV) Price Target Raised to $90.00

Fortive (NYSE:FTV) had its price target boosted by Truist Financial from $89.00 to $90.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Other research analysts have also issued reports about the company. Argus restated a “hold” rating on shares of Fortive in a research report on Monday, November 18th. JPMorgan Chase & Co. raised Fortive from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $90.00 to $92.00 in a research report on Thursday, October 10th. Wolfe Research cut shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Friday, September 6th. Morgan Stanley assumed coverage on shares of Fortive in a report on Friday, September 6th. They issued an “overweight” rating and a $89.00 price objective for the company. Finally, Citigroup lowered shares of Fortive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $86.82.

Fortive Stock Performance

NYSE FTV opened at $74.45 on Thursday. The stock has a market cap of $25.83 billion, a PE ratio of 29.66, a P/E/G ratio of 2.15 and a beta of 1.14. Fortive has a twelve month low of $66.15 and a twelve month high of $87.10. The stock has a fifty day simple moving average of $76.17 and a 200-day simple moving average of $74.41. The company has a current ratio of 1.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. The business had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the business earned $0.85 earnings per share. Equities analysts anticipate that Fortive will post 3.85 earnings per share for the current year.

Fortive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.43%. The ex-dividend date of this dividend is Friday, November 29th. Fortive’s payout ratio is currently 12.75%.

Insider Activity at Fortive

In related news, SVP Peter C. Underwood sold 5,000 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $76.58, for a total value of $382,900.00. Following the transaction, the senior vice president now owns 48,346 shares in the company, valued at $3,702,336.68. The trade was a 9.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Stacey A. Walker sold 171,808 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $71.71, for a total value of $12,320,351.68. Following the sale, the senior vice president now directly owns 42,651 shares of the company’s stock, valued at approximately $3,058,503.21. This represents a 80.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new position in Fortive in the 3rd quarter valued at $25,000. Ridgewood Investments LLC purchased a new position in Fortive during the second quarter worth about $30,000. International Assets Investment Management LLC acquired a new stake in Fortive in the second quarter valued at about $30,000. Goodman Advisory Group LLC acquired a new position in Fortive during the 2nd quarter worth approximately $31,000. Finally, Pinnacle Bancorp Inc. raised its stake in shares of Fortive by 71.0% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 424 shares of the technology company’s stock worth $33,000 after buying an additional 176 shares in the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.