Fortive (NYSE:FTV) Upgraded to Outperform at Raymond James

Raymond James upgraded shares of Fortive (NYSE:FTV) from a market perform rating to an outperform rating in a research note published on Thursday, MarketBeat Ratings reports. They currently have $85.00 price target on the technology company’s stock.

FTV has been the subject of a number of other reports. Truist Financial cut their price objective on Fortive from $89.00 to $82.00 and set a buy rating for the company in a report on Thursday, July 25th. StockNews.com upgraded Fortive from a hold rating to a buy rating in a report on Saturday, August 3rd. Wells Fargo & Company decreased their target price on Fortive from $84.00 to $75.00 and set an equal weight rating for the company in a research report on Wednesday, July 10th. Barclays reduced their price objective on Fortive from $93.00 to $91.00 and set an overweight rating for the company in a research report on Thursday, July 25th. Finally, TD Cowen raised Fortive from a hold rating to a buy rating and raised their price objective for the company from $75.00 to $90.00 in a research report on Monday, July 8th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Fortive has an average rating of Moderate Buy and a consensus target price of $84.92.

Fortive Price Performance

Shares of NYSE FTV opened at $72.80 on Thursday. The firm has a market capitalization of $25.63 billion, a P/E ratio of 28.77, a P/E/G ratio of 2.17 and a beta of 1.12. The company has a quick ratio of 0.95, a current ratio of 1.23 and a debt-to-equity ratio of 0.32. The stock’s 50-day simple moving average is $72.29 and its two-hundred day simple moving average is $77.10. Fortive has a twelve month low of $63.05 and a twelve month high of $87.10.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, July 24th. The technology company reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.01. The business 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%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.85 EPS. As a group, equities analysts anticipate that Fortive will post 3.82 EPS for the current fiscal year.

Fortive Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.32 annualized dividend and a dividend yield of 0.44%. Fortive’s dividend payout ratio (DPR) is 12.65%.

Institutional Investors Weigh In On Fortive

Several large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of Fortive in the second quarter valued at approximately $985,000. New Century Financial Group LLC increased its position in shares of Fortive by 36.2% during the second quarter. New Century Financial Group LLC now owns 3,694 shares of the technology company’s stock worth $274,000 after purchasing an additional 982 shares in the last quarter. Cetera Investment Advisers increased its position in shares of Fortive by 7.5% in the 2nd quarter. Cetera Investment Advisers now owns 56,497 shares of the technology company’s stock valued at $4,187,000 after acquiring an additional 3,951 shares during the period. Truist Financial Corp increased its position in shares of Fortive by 1.1% in the 2nd quarter. Truist Financial Corp now owns 142,068 shares of the technology company’s stock valued at $10,527,000 after acquiring an additional 1,519 shares during the period. Finally, Brown Shipley& Co Ltd boosted its holdings in Fortive by 3.0% in the second quarter. Brown Shipley& Co Ltd now owns 56,174 shares of the technology company’s stock valued at $4,163,000 after purchasing an additional 1,655 shares during the last quarter. 94.94% of the stock is owned by 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.