Citigroup upgraded shares of Fortive (NYSE:FTV) from a neutral rating to a buy rating in a report released on Monday, 24/7 WallStreet reports. The brokerage currently has $84.00 price target on the technology company’s stock, up from their prior price target of $76.00.
A number of other research analysts have also recently issued reports on the company. Morgan Stanley cut their price objective on Fortive from $85.00 to $70.00 and set an equal weight rating for the company in a report on Friday, October 11th. Barclays cut their price objective on Fortive from $89.00 to $84.00 and set an overweight rating for the company in a report on Thursday, September 5th. Berenberg Bank set a $86.00 price objective on Fortive and gave the company a buy rating in a report on Wednesday, September 18th. Royal Bank of Canada set a $73.00 price objective on Fortive and gave the company a hold rating in a report on Friday, October 25th. Finally, Zacks Investment Research raised Fortive from a sell rating to a hold rating and set a $72.00 price objective for the company in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $79.08.
FTV stock traded up $0.09 during midday trading on Monday, hitting $74.23. The stock had a trading volume of 28,991 shares, compared to its average volume of 1,531,180. The firm has a market capitalization of $24.47 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 2.66 and a beta of 1.21. Fortive has a 52 week low of $62.89 and a 52 week high of $89.48. The stock has a 50-day simple moving average of $71.53 and a 200 day simple moving average of $73.27. The company has a current ratio of 1.19, a quick ratio of 0.96 and a debt-to-equity ratio of 0.72.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be given a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.28 dividend on an annualized basis and a yield of 0.38%. Fortive’s payout ratio is 9.15%.
In other Fortive news, SVP Martin Gafinowitz sold 18,543 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $72.41, for a total transaction of $1,342,698.63. Following the transaction, the senior vice president now owns 101,169 shares in the company, valued at $7,325,647.29. The sale was disclosed in a document filed with the SEC, which is available through this link. 12.70% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Rational Advisors LLC bought a new position in shares of Fortive during the 2nd quarter valued at about $33,000. Kavar Capital Partners LLC bought a new stake in Fortive in the 2nd quarter valued at approximately $37,000. Compagnie Lombard Odier SCmA bought a new stake in Fortive in the 2nd quarter valued at approximately $41,000. Kings Point Capital Management bought a new stake in Fortive in the 2nd quarter valued at approximately $41,000. Finally, CSat Investment Advisory L.P. lifted its stake in Fortive by 342.8% in the 2nd quarter. CSat Investment Advisory L.P. now owns 673 shares of the technology company’s stock valued at $55,000 after acquiring an additional 521 shares in the last quarter. Hedge funds and other institutional investors own 82.88% of the company’s stock.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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