Fortive Corporation (NYSE:FTV) Stock Has Average Price Target of $64.36

Shares of Fortive Corporation (NYSE:FTV) have received a consensus rating of “Reduce” from the twelve brokerages that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $64.36.

A number of brokerages have recently weighed in on FTV. Argus reissued a “buy” rating and set a $68.00 price objective on shares of Fortive in a report on Wednesday, August 19th. Evercore assumed coverage on Fortive in a research note on Monday, September 28th. They set a “hold” rating and a $60.00 price target for the company. Truist Financial restated a “hold” rating and issued a $65.00 price target (up from $63.00) on shares of Fortive in a research report on Thursday, October 29th. Citigroup raised their target price on shares of Fortive from $65.00 to $71.00 and gave the company a “neutral” rating in a research report on Thursday, October 29th. Finally, JPMorgan Chase & Co. increased their target price on Fortive from $56.00 to $59.00 and gave the company an “underweight” rating in a research note on Thursday, October 29th.

Fortive Stock Down 0.1%

Shares of Fortive stock opened at $65.37 on Friday. The company has a market cap of $19.46 billion, a P/E ratio of 21.49, a PEG ratio of 2.68 and a beta of 1.03. The firm has a fifty day moving average of $58.42 and a two-hundred day moving average of $58.94. Fortive has a one year low of $49.99 and a one year high of $68.94. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.98 and a current ratio of 1.23.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 28th. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. Fortive had a net margin of 14.83% and a return on equity of 15.79%. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter last year, the firm earned $0.68 EPS. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. On average, analysts forecast that Fortive will post 3.12 earnings per share for the current year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 28th. Stockholders of record on Friday, November 27th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Friday, November 27th. Fortive’s dividend payout ratio is currently 13.33%.

Insider Buying and Selling

In other Fortive news, CAO Christopher M. Mulhall sold 8,093 shares of the company’s stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $65.57, for a total value of $530,658.01. Following the transaction, the chief accounting officer directly owned 15,597 shares of the company’s stock, valued at $1,022,695.29. This represents a 34.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Peter Underwood sold 48,442 shares of the stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $64.60, for a total transaction of $3,129,353.20. Following the sale, the senior vice president owned 79,118 shares of the company’s stock, valued at $5,111,022.80. This trade represents a 37.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 83,159 shares of company stock valued at $5,371,093 over the last ninety days. 0.65% of the stock is owned by insiders.

Institutional Trading of Fortive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Fortive during the 2nd quarter valued at about $1,626,463,000. Flossbach Von Storch SE acquired a new stake in Fortive in the 2nd quarter valued at about $739,668,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Fortive in the 2nd quarter valued at $527,526,000. The Manufacturers Life Insurance Company acquired a new position in Fortive in the second quarter valued at $211,807,000. Finally, Bank of New York Mellon Corp acquired a new stake in Fortive in the second quarter valued at $115,914,000. Institutional investors own 94.94% of the company’s stock.

Fortive Company Profile

Fortive Corporation (NYSE: FTV) is a diversified industrial technology company that develops and provides products, software and services designed to improve the productivity, safety, reliability and efficiency of businesses and public-sector organizations. Its offerings support customers in industries including manufacturing, healthcare, utilities, transportation, commercial facilities and government.

The company’s portfolio includes electronic test and measurement equipment, calibration and asset-management solutions, workplace and facility-management software, engineering and infrastructure software, product identification and traceability systems, and healthcare technology.