Royal Bank Of Canada reissued their hold rating on shares of Fortive Corporation (NYSE:FTV) in a report released on Wednesday morning. They currently have a $70.00 target price on the technology company’s stock.
Other equities analysts have also issued reports about the company. Zacks Investment Research raised Fortive Corporation from a hold rating to a buy rating and set a $71.00 price target for the company in a report on Monday, July 24th. Morgan Stanley reaffirmed an equal weight rating on shares of Fortive Corporation in a report on Tuesday, July 11th. Stifel Nicolaus reaffirmed a hold rating and issued a $62.00 price target on shares of Fortive Corporation in a report on Sunday, July 30th. Finally, Citigroup Inc. reaffirmed a neutral rating and issued a $72.00 price target (up from $65.00) on shares of Fortive Corporation in a report on Monday, October 9th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $66.50.
Fortive Corporation (FTV) opened at 72.35 on Wednesday. Fortive Corporation has a one year low of $46.81 and a one year high of $73.21. The firm has a market capitalization of $25.11 billion, a PE ratio of 28.50 and a beta of 0.39. The firm has a 50-day moving average price of $70.38 and a 200 day moving average price of $67.77.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.61 billion. During the same period in the prior year, the company earned $0.64 earnings per share. Fortive Corporation’s revenue was up 4.7% compared to the same quarter last year. Analysts anticipate that Fortive Corporation will post $2.80 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, August 25th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Wednesday, August 23rd. Fortive Corporation’s payout ratio is currently 11.02%.
In related news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $66.09, for a total value of $433,880.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 12.10% of the company’s stock.
Several hedge funds have recently modified their holdings of FTV. BlackRock Inc. raised its position in shares of Fortive Corporation by 2,497.9% in the first quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock worth $996,902,000 after buying an additional 15,917,140 shares in the last quarter. Capital World Investors raised its position in shares of Fortive Corporation by 37.9% in the second quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after buying an additional 2,701,496 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Fortive Corporation by 64,460.2% in the second quarter. Bessemer Group Inc. now owns 2,640,512 shares of the technology company’s stock worth $167,275,000 after buying an additional 2,636,422 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of Fortive Corporation in the first quarter worth $115,464,000. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Fortive Corporation in the first quarter worth $115,464,000. Institutional investors own 78.59% of the company’s stock.
Fortive Corporation Company Profile
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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