Barclays Cuts Fortive (NYSE:FTV) Price Target to $85.00

Fortive (NYSE:FTV) had its target price reduced by Barclays from $90.00 to $85.00 in a report published on Wednesday morning, Marketbeat.com reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts also recently weighed in on FTV. Citigroup downgraded shares of Fortive from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Truist Financial upped their target price on shares of Fortive from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Royal Bank of Canada raised their price target on shares of Fortive from $77.00 to $85.00 and gave the company a “sector perform” rating in a research report on Monday, February 10th. StockNews.com lowered Fortive from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Finally, JPMorgan Chase & Co. cut their target price on Fortive from $92.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 15th. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.18.

Fortive Stock Performance

Shares of FTV opened at $72.57 on Wednesday. Fortive has a one year low of $66.15 and a one year high of $85.93. The company has a market cap of $24.69 billion, a PE ratio of 30.75, a P/E/G ratio of 2.68 and a beta of 1.16. The stock has a 50-day moving average of $78.35 and a 200-day moving average of $76.93. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.16 and a quick ratio of 0.91.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Friday, February 7th. The technology company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates 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 in the previous year, the firm earned $0.98 earnings per share. On average, equities research analysts predict that Fortive will post 4.05 EPS for the current fiscal year.

Fortive Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date was Friday, February 28th. Fortive’s dividend payout ratio (DPR) is currently 13.56%.

Insider Activity at Fortive

In other Fortive news, SVP Stacey A. Walker sold 3,002 shares of the stock in a transaction on Friday, February 28th. The stock was sold at an average price of $79.05, for a total transaction of $237,308.10. Following the completion of the transaction, the senior vice president now directly owns 42,373 shares of the company’s stock, valued at approximately $3,349,585.65. This represents a 6.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Christopher M. Mulhall sold 6,493 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $79.95, for a total value of $519,115.35. Following the completion of the sale, the chief accounting officer now owns 24,283 shares in the company, valued at approximately $1,941,425.85. The trade was a 21.10 % 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 worth $19,508,529. 1.01% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fortive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dodge & Cox purchased a new stake in shares of Fortive during the 4th quarter valued at approximately $583,493,000. Norges Bank purchased a new stake in shares of Fortive during the fourth quarter worth $412,445,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Fortive by 164.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,730,161 shares of the technology company’s stock worth $654,763,000 after acquiring an additional 5,429,566 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of Fortive by 9.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 42,947,135 shares of the technology company’s stock valued at $3,221,036,000 after purchasing an additional 3,810,997 shares in the last quarter. Finally, Third Point LLC bought a new stake in shares of Fortive during the 4th quarter valued at $142,500,000. Institutional investors own 94.94% of the company’s stock.

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.