Fortive (NYSE:FTV) PT Lowered to $83.00

Fortive (NYSE:FTV) had its target price reduced by Royal Bank of Canada from $93.00 to $83.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the technology company’s stock. Royal Bank of Canada’s price target indicates a potential upside of 9.95% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Vertical Research lowered shares of Fortive from a “buy” rating to a “hold” rating in a research report on Tuesday, January 2nd. StockNews.com upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, January 26th. Wells Fargo & Company cut their target price on shares of Fortive from $92.00 to $84.00 and set an “equal weight” rating for the company in a research report on Thursday. JPMorgan Chase & Co. lowered shares of Fortive from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $95.00 to $90.00 in a research report on Wednesday, April 17th. Finally, Mizuho increased their target price on shares of Fortive from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Thursday, February 1st. Seven investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Fortive currently has an average rating of “Moderate Buy” and an average target price of $86.69.

Fortive Stock Down 0.7 %

Shares of NYSE FTV traded down $0.56 during trading on Thursday, hitting $75.49. The stock had a trading volume of 718,588 shares, compared to its average volume of 1,665,651. Fortive has a 12 month low of $62.70 and a 12 month high of $87.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.05 and a quick ratio of 1.75. The company has a market capitalization of $26.57 billion, a PE ratio of 31.00, a PEG ratio of 2.47 and a beta of 1.13. The firm has a fifty day moving average of $84.16 and a two-hundred day moving average of $76.13.

Fortive (NYSE:FTV) last posted its earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.04. Fortive had a net margin of 14.27% and a return on equity of 12.12%. The firm had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.53 billion. As a group, equities research analysts forecast that Fortive will post 3.78 EPS for the current fiscal year.

Insider Activity at Fortive

In related news, CAO Christopher M. Mulhall sold 8,994 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total value of $739,036.98. Following the sale, the chief accounting officer now directly owns 20,564 shares of the company’s stock, valued at $1,689,743.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Fortive news, SVP Stacey A. Walker sold 9,106 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $86.50, for a total transaction of $787,669.00. Following the transaction, the senior vice president now directly owns 36,558 shares in the company, valued at $3,162,267. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Christopher M. Mulhall sold 8,994 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $82.17, for a total transaction of $739,036.98. Following the transaction, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The disclosure for this sale can be found here. Insiders have sold 63,937 shares of company stock valued at $5,475,122 over the last three months. 0.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. abrdn plc grew its holdings in shares of Fortive by 2.9% in the third quarter. abrdn plc now owns 165,769 shares of the technology company’s stock worth $12,293,000 after purchasing an additional 4,660 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Fortive by 34.2% in the fourth quarter. Nordea Investment Management AB now owns 527,199 shares of the technology company’s stock worth $38,828,000 after purchasing an additional 134,259 shares during the last quarter. Ferguson Wellman Capital Management Inc. grew its holdings in shares of Fortive by 4.5% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 832,888 shares of the technology company’s stock worth $61,326,000 after purchasing an additional 35,688 shares during the last quarter. NewEdge Wealth LLC grew its holdings in shares of Fortive by 12.4% in the fourth quarter. NewEdge Wealth LLC now owns 4,816 shares of the technology company’s stock worth $355,000 after purchasing an additional 531 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in shares of Fortive by 111.7% in the fourth quarter. Jennison Associates LLC now owns 1,176,655 shares of the technology company’s stock worth $86,637,000 after purchasing an additional 620,866 shares during the last quarter. 94.94% of the stock is currently owned by 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.