Fortive (NYSE:FTV) Price Target Cut to $98.00 by Analysts at Citigroup

Fortive (NYSE:FTV) had its price objective cut by Citigroup from $101.00 to $98.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research analysts have also recently issued reports on the company. StockNews.com raised Fortive from a hold rating to a buy rating in a research note on Friday, January 26th. JPMorgan Chase & Co. cut Fortive from an overweight rating to a neutral rating and dropped their target price for the company from $95.00 to $90.00 in a research report on Wednesday, April 17th. Wells Fargo & Company dropped their target price on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a research report on Thursday. Royal Bank of Canada dropped their target price on Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a research report on Thursday. Finally, Truist Financial assumed coverage on Fortive in a report on Thursday, March 14th. They set a buy rating and a $99.00 price objective for the company. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $86.46.

Fortive Price Performance

Shares of NYSE FTV traded down $0.19 during mid-day trading on Thursday, reaching $76.02. The company’s stock had a trading volume of 869,804 shares, compared to its average volume of 1,676,561. The firm has a market capitalization of $26.76 billion, a PE ratio of 30.12, a P/E/G ratio of 2.32 and a beta of 1.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The stock has a fifty day moving average of $84.00 and a two-hundred day moving average of $76.13. Fortive has a 52 week low of $62.77 and a 52 week high of $87.10.

Fortive (NYSE:FTV) last released its quarterly earnings data on Wednesday, April 24th. The technology company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.04. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. Fortive had a return on equity of 12.22% and a net margin of 14.68%. As a group, sell-side analysts anticipate that Fortive will post 3.79 EPS for the current fiscal year.

Fortive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Fortive’s payout ratio is currently 12.65%.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of Fortive stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total transaction of $787,669.00. Following the completion of the transaction, the senior vice president now owns 36,558 shares in the company, valued at approximately $3,162,267. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Stacey A. Walker sold 9,106 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $86.50, for a total transaction of $787,669.00. Following the sale, the senior vice president now directly owns 36,558 shares in the company, valued at approximately $3,162,267. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the sale, the chief financial officer now owns 61,855 shares in the company, valued at $5,336,849.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,937 shares of company stock worth $5,475,122. Insiders own 0.95% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. OFI Invest Asset Management purchased a new position in Fortive in the 3rd quarter worth approximately $25,000. Indiana Trust & Investment Management CO purchased a new stake in shares of Fortive during the 1st quarter valued at approximately $26,000. Cornerstone Planning Group LLC purchased a new stake in shares of Fortive during the 3rd quarter valued at approximately $28,000. Cetera Trust Company N.A purchased a new stake in shares of Fortive during the 4th quarter valued at approximately $28,000. Finally, First Command Advisory Services Inc. purchased a new stake in shares of Fortive during the 3rd quarter valued at approximately $30,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

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.