Fortive (NYSE:FTV) Price Target Cut to $98.00

Fortive (NYSE:FTV) had its target price reduced by Citigroup from $101.00 to $98.00 in a report released on Thursday, Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

A number of other research analysts also recently issued reports on the company. Wells Fargo & Company dropped their price target on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a research note on Thursday. Truist Financial assumed coverage on Fortive in a research note on Thursday, March 14th. They set a buy rating and a $99.00 price target on the stock. Vertical Research downgraded Fortive from a buy rating to a hold rating in a research note on Tuesday, January 2nd. JPMorgan Chase & Co. downgraded Fortive from an overweight rating to a neutral rating and dropped their price target for the stock from $95.00 to $90.00 in a research note on Wednesday, April 17th. Finally, Mizuho increased their price objective on Fortive from $70.00 to $80.00 and gave the stock a neutral rating in a research report on Thursday, February 1st. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $86.46.

Fortive Stock Down 0.2 %

FTV traded down $0.19 on Thursday, hitting $76.02. 869,804 shares of the company were exchanged, compared to its average volume of 1,676,561. Fortive has a twelve month low of $62.77 and a twelve month high of $87.10. The company has a market cap of $26.76 billion, a price-to-earnings ratio of 30.12, a price-to-earnings-growth ratio of 2.32 and a beta of 1.13. The company has a current ratio of 1.50, a quick ratio of 1.75 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $84.00 and a two-hundred day moving average price of $76.13.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion. On average, equities analysts predict that Fortive will post 3.79 earnings per share for the current year.

Fortive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.42%. Fortive’s dividend payout ratio is currently 12.65%.

Insider Activity at Fortive

In related news, SVP Stacey A. Walker sold 9,106 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total value of $787,669.00. Following the completion of the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at approximately $3,162,267. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the transaction, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at approximately $1,689,743.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Stacey A. Walker sold 9,106 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total value of $787,669.00. Following the completion of the transaction, the senior vice president now directly owns 36,558 shares of the company’s stock, valued at $3,162,267. The disclosure for this sale can be found here. Insiders sold 63,937 shares of company stock valued at $5,475,122 in the last ninety days. Corporate insiders own 0.95% of the company’s stock.

Hedge Funds Weigh In On Fortive

Several hedge funds have recently bought and sold shares of FTV. OFI Invest Asset Management purchased a new position in Fortive during the third quarter worth $25,000. Indiana Trust & Investment Management CO purchased a new position in Fortive during the first quarter worth $26,000. Cornerstone Planning Group LLC purchased a new position in Fortive during the third quarter worth $28,000. Cetera Trust Company N.A purchased a new stake in shares of Fortive in the fourth quarter valued at $28,000. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Fortive in the third quarter valued at $30,000. Hedge funds and other institutional investors own 94.94% of the company’s stock.

About Fortive

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.