Gordon Haskett began coverage on shares of Fortive (NYSE:FTV) in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm issued a buy rating on the technology company’s stock.
Several other brokerages have also recently weighed in on FTV. Argus upped their price target on Fortive to $94.00 and gave the stock a buy rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Morgan Stanley set a $90.00 price target on Fortive and gave the stock an equal weight rating in a research note on Tuesday, October 2nd. Zacks Investment Research raised Fortive from a hold rating to a buy rating and set a $94.00 price target on the stock in a research note on Monday, October 1st. UBS Group upped their price target on Fortive from $86.00 to $93.00 and gave the stock a buy rating in a research note on Thursday, August 30th. Finally, Wolfe Research cut Fortive from an outperform rating to a peer perform rating in a research note on Tuesday, September 4th. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $86.33.
Shares of Fortive stock traded up $0.62 during midday trading on Friday, reaching $79.20. 2,258,476 shares of the company’s stock traded hands, compared to its average volume of 3,089,438. The company has a quick ratio of 1.68, a current ratio of 1.96 and a debt-to-equity ratio of 0.52. The company has a market cap of $29.40 billion, a PE ratio of 27.40, a P/E/G ratio of 2.04 and a beta of 0.56. Fortive has a 12 month low of $69.03 and a 12 month high of $88.34.
Fortive (NYSE:FTV) last issued its quarterly earnings results on Thursday, July 26th. The technology company reported $0.91 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.89 by $0.02. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Fortive had a return on equity of 27.22% and a net margin of 16.38%. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.71 earnings per share. On average, research analysts anticipate that Fortive will post 3.49 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 28th. Stockholders of record on Friday, August 31st were paid a $0.07 dividend. The ex-dividend date of this dividend was Thursday, August 30th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.35%. Fortive’s dividend payout ratio is currently 9.69%.
In other news, VP Raj Ratnakar sold 30,912 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $80.71, for a total value of $2,494,907.52. Following the sale, the vice president now directly owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider William W. Pringle sold 440 shares of the stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $79.38, for a total value of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares in the company, valued at $1,637,291.88. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,602 shares of company stock worth $6,047,572. Insiders own 12.20% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. Parsons Capital Management Inc. RI lifted its holdings in Fortive by 1.6% in the second quarter. Parsons Capital Management Inc. RI now owns 42,383 shares of the technology company’s stock valued at $3,268,000 after acquiring an additional 650 shares during the period. State Treasurer State of Michigan raised its stake in shares of Fortive by 0.8% in the second quarter. State Treasurer State of Michigan now owns 90,819 shares of the technology company’s stock worth $7,003,000 after buying an additional 700 shares during the period. Toth Financial Advisory Corp raised its stake in shares of Fortive by 105.2% in the second quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock worth $106,000 after buying an additional 705 shares during the period. Zions Bancorporation raised its stake in shares of Fortive by 17.5% in the second quarter. Zions Bancorporation now owns 4,787 shares of the technology company’s stock worth $369,000 after buying an additional 713 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in shares of Fortive by 0.8% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 94,911 shares of the technology company’s stock worth $7,319,000 after buying an additional 728 shares during the period. 81.42% of the stock is currently owned by hedge funds and other institutional investors.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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