Fortive (NYSE:FTV) Given New $90.00 Price Target at Truist Financial

Fortive (NYSE:FTV) had its price target upped by Truist Financial from $89.00 to $90.00 in a report issued on Thursday,Benzinga reports. Truist Financial currently has a buy rating on the technology company’s stock.

A number of other brokerages also recently commented on FTV. Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $92.00 to $86.00 in a report on Monday, December 9th. 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. Wells Fargo & Company lowered their target price on shares of Fortive from $82.00 to $77.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Argus restated a “hold” rating on shares of Fortive in a research note on Monday, November 18th. Finally, Mizuho upgraded shares of Fortive from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $80.00 to $90.00 in a research note on Friday, September 6th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $86.82.

Fortive Stock Down 0.6 %

Shares of NYSE FTV opened at $73.24 on Thursday. Fortive has a 52-week low of $66.15 and a 52-week high of $87.10. The firm has a market capitalization of $25.41 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 2.15 and a beta of 1.14. The stock has a 50 day moving average price of $76.24 and a 200 day moving average price of $74.39. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 1.25.

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

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.44%. The ex-dividend date is Friday, November 29th. Fortive’s dividend payout ratio (DPR) is 12.75%.

Insider Buying and Selling at Fortive

In other Fortive news, SVP Stacey A. Walker sold 171,808 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $71.71, for a total transaction of $12,320,351.68. Following the transaction, the senior vice president now owns 42,651 shares in the company, valued at approximately $3,058,503.21. This represents a 80.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Peter C. Underwood sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the completion of the sale, the senior vice president now owns 48,346 shares of the company’s stock, valued at $3,702,336.68. This trade represents a 9.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortive

Institutional investors and hedge funds have recently modified their holdings of the stock. Mizuho Securities USA LLC increased its stake in Fortive by 14,635.7% during the 3rd quarter. Mizuho Securities USA LLC now owns 4,000,000 shares of the technology company’s stock worth $315,720,000 after buying an additional 3,972,855 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in shares of Fortive by 1,005.9% in the third quarter. Point72 Asset Management L.P. now owns 1,937,153 shares of the technology company’s stock worth $152,899,000 after acquiring an additional 1,761,983 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Fortive by 13.8% during the third quarter. Janus Henderson Group PLC now owns 8,041,324 shares of the technology company’s stock worth $634,701,000 after purchasing an additional 977,428 shares in the last quarter. Holocene Advisors LP lifted its holdings in Fortive by 1,014.1% in the 3rd quarter. Holocene Advisors LP now owns 924,671 shares of the technology company’s stock valued at $72,984,000 after purchasing an additional 841,671 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Fortive by 59.3% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,359,069 shares of the technology company’s stock worth $107,271,000 after purchasing an additional 505,882 shares during the last quarter. 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.