Fortive Corporation (NYSE:FTV) Stock Has Consensus Price Target of $64.36 According to Analysts

Fortive Corporation (NYSE:FTV) has been given an average rating of “Reduce” by the twelve brokerages that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $64.36.

FTV has been the subject of a number of research analyst reports. Weiss Ratings upgraded shares of Fortive from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, October 29th. Evercore assumed coverage on shares of Fortive in a research note on Monday, September 28th. They issued a “hold” rating and a $60.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Fortive from $56.00 to $59.00 and gave the stock an “underweight” rating in a report on Thursday, October 29th. Truist Financial restated a “hold” rating and issued a $65.00 price target (up from $63.00) on shares of Fortive in a report on Thursday, October 29th. Finally, Robert W. Baird set a $75.00 price target on Fortive in a research report on Thursday, October 29th.

Insider Transactions at Fortive

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 shares were sold at an average price of $65.57, for a total value of $530,658.01. Following the sale, the chief accounting officer owned 15,597 shares of the company’s stock, valued at $1,022,695.29. This represents a 34.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Peter Underwood sold 48,442 shares of the company’s stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $64.60, for a total transaction of $3,129,353.20. Following the completion of the sale, the senior vice president directly owned 79,118 shares in the company, 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. Over the last three months, insiders sold 83,159 shares of company stock worth $5,371,093. 0.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. AlphaCore Capital LLC raised its holdings in shares of Fortive by 40.3% in the third quarter. AlphaCore Capital LLC now owns 7,193 shares of the technology company’s stock worth $394,000 after acquiring an additional 2,065 shares during the last quarter. Fulcrum Asset Management LLP purchased a new stake in shares of Fortive in the third quarter valued at $522,000. Candriam S.C.A. boosted its stake in shares of Fortive by 9.6% during the 3rd quarter. Candriam S.C.A. now owns 427,271 shares of the technology company’s stock worth $23,504,000 after purchasing an additional 37,327 shares during the last quarter. Rakuten Investment Management Inc. raised its position in shares of Fortive by 8.6% in the third quarter. Rakuten Investment Management Inc. now owns 52,907 shares of the technology company’s stock valued at $2,932,000 after buying an additional 4,200 shares during the last quarter. Finally, Associated Banc Corp purchased a new position in shares of Fortive during the third quarter valued at approximately $489,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Fortive Stock Up 2.4%

Shares of Fortive stock opened at $68.42 on Friday. Fortive has a one year low of $49.99 and a one year high of $68.94. The company has a market cap of $20.36 billion, a P/E ratio of 32.58, a PEG ratio of 2.68 and a beta of 1.03. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.98 and a current ratio of 1.23. The firm has a fifty day moving average of $58.21 and a two-hundred day moving average of $58.83.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 28th. The technology company reported $0.77 earnings per share 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 business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, analysts forecast that Fortive will post 3.12 earnings per share for the current year.

Fortive Dividend Announcement

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

About Fortive

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.