Truist Financial Cuts Fortive (NYSE:FTV) Price Target to $82.00

Fortive (NYSE:FTV) had its price target reduced by Truist Financial from $89.00 to $82.00 in a report issued on Thursday morning, Benzinga reports. Truist Financial currently has a buy rating on the technology company’s stock.

Several other analysts have also commented on the stock. Royal Bank of Canada lowered their price target on shares of Fortive from $93.00 to $83.00 and set a sector perform rating on the stock in a research report on Thursday, April 25th. Citigroup lowered their target price on Fortive from $101.00 to $98.00 and set a buy rating on the stock in a report on Thursday, April 25th. StockNews.com raised Fortive from a hold rating to a buy rating in a report on Monday, May 13th. JPMorgan Chase & Co. cut Fortive from an overweight rating to a neutral rating and dropped their price objective for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Finally, Barclays decreased their price target on shares of Fortive from $93.00 to $91.00 and set an overweight rating on the stock in a research note on Thursday. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $84.91.

Fortive Stock Performance

NYSE FTV opened at $70.99 on Thursday. The business has a 50 day moving average price of $74.03 and a 200 day moving average price of $78.39. The company has a market capitalization of $24.99 billion, a P/E ratio of 28.06, a PEG ratio of 2.07 and a beta of 1.12. Fortive has a 1-year low of $63.05 and a 1-year high of $87.10. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.23 and a quick ratio of 1.17.

Fortive (NYSE:FTV) last posted its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.01. The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. Fortive’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.85 earnings per share. Sell-side analysts expect that Fortive will post 3.81 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. Norges Bank purchased a new position in shares of Fortive in the 4th quarter worth about $268,686,000. Janus Henderson Group PLC increased its position in Fortive by 47.1% during the 1st quarter. Janus Henderson Group PLC now owns 6,244,117 shares of the technology company’s stock worth $537,119,000 after purchasing an additional 1,999,792 shares in the last quarter. Boston Partners raised its holdings in Fortive by 19.3% in the first quarter. Boston Partners now owns 6,463,772 shares of the technology company’s stock valued at $554,253,000 after buying an additional 1,045,245 shares during the period. Brown Advisory Inc. lifted its position in Fortive by 13.1% during the fourth quarter. Brown Advisory Inc. now owns 7,577,474 shares of the technology company’s stock valued at $557,929,000 after buying an additional 878,523 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its stake in Fortive by 15,382.4% during the fourth quarter. Panagora Asset Management Inc. now owns 634,778 shares of the technology company’s stock worth $46,739,000 after buying an additional 630,678 shares during the period. 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.