Wells Fargo & Company Cuts Fortive (NYSE:FTV) Price Target to $77.00

Fortive (NYSE:FTV) had its price target decreased by Wells Fargo & Company from $82.00 to $77.00 in a research note released on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the technology company’s stock.

Several other equities research analysts have also issued reports on FTV. Truist Financial boosted their price target on shares of Fortive from $82.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. raised shares of Fortive from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $90.00 to $92.00 in a research report on Thursday, October 10th. TD Cowen upgraded Fortive from a “hold” rating to a “buy” rating and upped their price objective for the company from $75.00 to $90.00 in a research note on Monday, July 8th. Morgan Stanley assumed coverage on Fortive in a report on Friday, September 6th. They issued an “overweight” rating and a $89.00 target price for the company. Finally, Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and boosted their price target for the company from $80.00 to $90.00 in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Fortive currently has an average rating of “Moderate Buy” and a consensus target price of $88.20.

Fortive Stock Down 0.1 %

NYSE FTV opened at $71.34 on Thursday. Fortive has a twelve month low of $64.69 and a twelve month high of $87.10. The stock has a market cap of $24.75 billion, a PE ratio of 28.42, a PEG ratio of 1.96 and a beta of 1.13. The firm has a 50-day simple moving average of $75.27 and a 200 day simple moving average of $74.43. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.95 and a current ratio of 1.25.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.85 EPS. On average, research analysts forecast that Fortive will post 3.85 EPS for the current year.

Fortive Announces Dividend

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Fortive

A number of institutional investors have recently made changes to their positions in FTV. Capital Performance Advisors LLP acquired a new position in Fortive during the third quarter valued at approximately $25,000. Advisors Asset Management Inc. bought a new stake in shares of Fortive in the 1st quarter valued at $32,000. Ridgewood Investments LLC acquired a new stake in Fortive during the 2nd quarter worth $30,000. International Assets Investment Management LLC bought a new position in Fortive during the second quarter worth about $30,000. Finally, Goodman Advisory Group LLC acquired a new position in Fortive in the second quarter valued at about $31,000. 94.94% of the stock is owned by institutional investors and hedge funds.

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.