Fortive (NYSE:FTV) Stock Price Expected to Rise, Truist Financial Analyst Says

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

Other research analysts have also recently issued reports about the stock. UBS Group started coverage on shares of Fortive in a research note on Wednesday, November 13th. They set a “neutral” rating and a $84.00 price objective for the company. Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target for the company in a report on Thursday, September 5th. Wolfe Research lowered Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Royal Bank of Canada cut their target price on shares of Fortive from $85.00 to $77.00 and set a “sector perform” rating for the company in a research note on Thursday, October 31st. Finally, Citigroup cut shares of Fortive from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $92.00 to $86.00 in a research note on Monday, December 9th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Fortive presently has an average rating of “Moderate Buy” and an average price target of $86.82.

Fortive Price Performance

FTV stock opened at $74.45 on Thursday. The firm has a 50 day moving average of $76.17 and a 200-day moving average of $74.41. The company has a market cap of $25.83 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 2.15 and a beta of 1.14. 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 has a 12-month low of $66.15 and a 12-month high of $87.10.

Fortive (NYSE:FTV) last released its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the previous year, the company posted $0.85 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, equities analysts expect that Fortive will post 3.85 EPS for the current fiscal year.

Fortive Dividend Announcement

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

Insider Buying and Selling

In other news, SVP Stacey A. Walker sold 171,808 shares of the stock in a transaction 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 completion of the sale, the senior vice president now owns 42,651 shares of the company’s stock, valued at $3,058,503.21. This represents a 80.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Peter C. Underwood sold 5,000 shares of Fortive stock in a transaction on Monday, November 11th. The shares were sold at an average price of $76.58, for a total transaction 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 disclosure for this sale can be found here. Corporate insiders own 1.01% of the company’s stock.

Institutional Investors Weigh In On Fortive

A number of large investors have recently modified their holdings of the stock. Blue Trust Inc. raised its stake in shares of Fortive by 111.3% during the second quarter. Blue Trust Inc. now owns 541 shares of the technology company’s stock valued at $40,000 after purchasing an additional 285 shares during the period. Raymond James & Associates lifted its holdings in Fortive by 7.7% in the 2nd quarter. Raymond James & Associates now owns 343,798 shares of the technology company’s stock worth $25,475,000 after buying an additional 24,484 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Fortive in the 2nd quarter valued at about $218,000. New York State Teachers Retirement System grew its stake in shares of Fortive by 2.2% during the second quarter. New York State Teachers Retirement System now owns 321,186 shares of the technology company’s stock valued at $23,800,000 after acquiring an additional 7,065 shares in the last quarter. Finally, Retirement Systems of Alabama increased its position in shares of Fortive by 0.3% during the second quarter. Retirement Systems of Alabama now owns 77,654 shares of the technology company’s stock worth $5,754,000 after acquiring an additional 249 shares during the last quarter. Institutional investors and hedge funds 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.