Fortive (NYSE:FTV) Price Target Lowered to $69.00 at Citigroup

Fortive (NYSE:FTV) had its price target reduced by Citigroup from $84.00 to $69.00 in a research note released on Monday,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other research analysts have also weighed in on FTV. StockNews.com lowered shares of Fortive from a “buy” rating to a “hold” rating in a research note on Monday, February 10th. JPMorgan Chase & Co. reduced their price target on shares of Fortive from $90.00 to $73.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Truist Financial lowered their price objective on shares of Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research report on Tuesday, April 8th. Wells Fargo & Company lifted their target price on Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a report on Monday, February 10th. Finally, BNP Paribas downgraded Fortive from an “outperform” rating to a “neutral” rating and set a $67.00 price target for the company. in a report on Wednesday, April 9th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Fortive has an average rating of “Hold” and a consensus price target of $81.92.

Fortive Price Performance

Shares of FTV stock opened at $66.07 on Monday. The firm’s 50 day moving average price is $74.92 and its two-hundred day moving average price is $76.18. The stock has a market cap of $22.48 billion, a PE ratio of 28.00, a PEG ratio of 2.68 and a beta of 1.12. Fortive has a 52-week low of $60.39 and a 52-week high of $83.66. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 1.16.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Friday, February 7th. The technology company reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.05. Fortive had a return on equity of 13.15% and a net margin of 13.36%. During the same period last year, the company posted $0.98 EPS. As a group, analysts forecast that Fortive will post 4.05 EPS for the current year.

Fortive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Wednesday, April 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.48%. The ex-dividend date of this dividend is Friday, May 30th. Fortive’s dividend payout ratio is presently 13.56%.

Insider Activity at Fortive

In other news, CFO Charles E. Mclaughlin sold 32,085 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $78.86, for a total transaction of $2,530,223.10. Following the sale, the chief financial officer now owns 76,126 shares in the company, valued at $6,003,296.36. This represents a 29.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Stacey A. Walker sold 5,688 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $80.52, for a total transaction of $457,997.76. Following the completion of the transaction, the senior vice president now directly owns 47,141 shares of the company’s stock, valued at $3,795,793.32. This represents a 10.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 243,385 shares of company stock valued at $19,508,529. Corporate insiders own 1.01% of the company’s stock.

Institutional Trading of Fortive

A number of large investors have recently added to or reduced their stakes in FTV. Parvin Asset Management LLC acquired a new stake in Fortive in the 4th quarter valued at about $26,000. American National Bank & Trust bought a new stake in Fortive in the first quarter valued at approximately $26,000. Park Square Financial Group LLC acquired a new stake in shares of Fortive in the fourth quarter valued at approximately $30,000. Whipplewood Advisors LLC bought a new position in shares of Fortive during the 4th quarter worth approximately $31,000. Finally, Versant Capital Management Inc increased its holdings in shares of Fortive by 186.8% during the 4th quarter. Versant Capital Management Inc now owns 456 shares of the technology company’s stock worth $34,000 after acquiring an additional 297 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

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.