Fortive Corporation (FTV) Given “Hold” Rating at Royal Bank Of Canada
Royal Bank Of Canada reaffirmed their hold rating on shares of Fortive Corporation (NYSE:FTV) in a research note issued to investors on Friday. Royal Bank Of Canada currently has a $66.00 price objective on the technology company’s stock.
Other research analysts have also recently issued reports about the stock. Stifel Nicolaus reiterated a hold rating and set a $62.00 price target on shares of Fortive Corporation in a research report on Sunday, July 30th. Zacks Investment Research cut shares of Fortive Corporation from a buy rating to a hold rating in a research report on Friday, August 25th. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Finally, Morgan Stanley reiterated an equal weight rating on shares of Fortive Corporation in a research report on Tuesday, July 11th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $61.82.
Fortive Corporation (NYSE FTV) traded up 0.25% during midday trading on Friday, reaching $69.36. 2,711,691 shares of the company traded hands. Fortive Corporation has a one year low of $46.81 and a one year high of $70.21. The company has a market capitalization of $24.07 billion, a price-to-earnings ratio of 27.32 and a beta of 0.27. The stock’s 50 day moving average is $68.53 and its 200 day moving average is $64.06.
Fortive Corporation (NYSE:FTV) last posted its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. Fortive Corporation’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.64 earnings per share. On average, equities analysts anticipate that Fortive Corporation will post $2.79 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Wednesday, August 23rd. Fortive Corporation’s dividend payout ratio (DPR) is presently 11.02%.
In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $66.09, for a total transaction of $433,880.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 12.10% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Hutchens Investment Management Inc lifted its stake in Fortive Corporation by 132.6% in the first quarter. Hutchens Investment Management Inc now owns 30,397 shares of the technology company’s stock worth $1,830,000 after acquiring an additional 17,331 shares during the period. Hikari Power Ltd lifted its stake in Fortive Corporation by 34.7% in the second quarter. Hikari Power Ltd now owns 141,700 shares of the technology company’s stock worth $8,977,000 after acquiring an additional 36,500 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its stake in Fortive Corporation by 76.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 60,850 shares of the technology company’s stock worth $3,664,000 after acquiring an additional 26,311 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in Fortive Corporation by 93.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 50,600 shares of the technology company’s stock worth $3,050,000 after acquiring an additional 24,500 shares during the period. Finally, Synovus Financial Corp lifted its stake in Fortive Corporation by 23.9% in the second quarter. Synovus Financial Corp now owns 29,587 shares of the technology company’s stock worth $1,872,000 after acquiring an additional 5,715 shares during the period. 78.70% of the stock is owned by institutional investors.
About Fortive Corporation
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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