Truist Financial Cuts Fortive (NYSE:FTV) Price Target to $89.00

Fortive (NYSE:FTV) had its target price trimmed by Truist Financial from $90.00 to $89.00 in a research note published on Friday, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other equities research analysts have also weighed in on FTV. Wells Fargo & Company lowered their price objective on Fortive from $82.00 to $77.00 and set an “equal weight” rating on the stock in a report on Thursday. Barclays dropped their price objective on Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and raised their target price for the company from $80.00 to $90.00 in a report on Friday, September 6th. TD Cowen raised shares of Fortive from a “hold” rating to a “buy” rating and upped their price target for the stock from $75.00 to $90.00 in a research note on Monday, July 8th. Finally, Wolfe Research cut shares of Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.20.

Fortive Trading Down 0.1 %

NYSE:FTV opened at $71.34 on Friday. Fortive has a 12-month low of $64.69 and a 12-month high of $87.10. The company has a current ratio of 1.25, a quick ratio of 0.95 and a debt-to-equity ratio of 0.33. The stock’s 50 day simple moving average is $75.27 and its 200-day simple moving average is $74.39. The firm has a market cap of $24.75 billion, a P/E ratio of 28.42, a PEG ratio of 1.96 and a beta of 1.13.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same period in the previous year, the company posted $0.85 EPS. Fortive’s revenue was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Fortive will post 3.85 EPS for the current year.

Fortive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Tuesday, September 17th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date was Friday, September 13th. Fortive’s payout ratio is currently 12.75%.

Insiders Place Their Bets

In other news, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the sale, the senior vice president now directly owns 68,161 shares in the company, valued at $5,030,281.80. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $74.03, for a total value of $508,141.92. Following the completion of the transaction, the chief financial officer now directly owns 73,391 shares in the company, valued at approximately $5,433,135.73. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $73.80, for a total value of $1,049,657.40. Following the sale, the senior vice president now owns 68,161 shares in the company, valued at $5,030,281.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortive

Several large investors have recently added to or reduced their stakes in the business. Atria Investments Inc grew its holdings in Fortive by 1.6% in the 3rd quarter. Atria Investments Inc now owns 10,591 shares of the technology company’s stock valued at $836,000 after buying an additional 163 shares during the period. Assetmark Inc. boosted its position in shares of Fortive by 18.4% in the third quarter. Assetmark Inc. now owns 32,004 shares of the technology company’s stock worth $2,526,000 after acquiring an additional 4,979 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Fortive in the third quarter valued at approximately $25,000. Olstein Capital Management L.P. increased its position in Fortive by 58.8% during the third quarter. Olstein Capital Management L.P. now owns 79,500 shares of the technology company’s stock worth $6,275,000 after purchasing an additional 29,441 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Fortive by 2.7% during the third quarter. Principal Financial Group Inc. now owns 406,085 shares of the technology company’s stock worth $32,052,000 after purchasing an additional 10,795 shares during the period. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

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.