Investors Buy Large Volume of Call Options on Fortive (FTV)
Fortive Corporation (NYSE:FTV) was the target of some unusual options trading on Monday. Stock traders purchased 591 call options on the company. This represents an increase of 658% compared to the average volume of 78 call options.
Several research firms have weighed in on FTV. Zacks Investment Research lowered Fortive from a “buy” rating to a “hold” rating in a research note on Friday, August 25th. Royal Bank of Canada reaffirmed a “hold” rating and set a $66.00 price target on shares of Fortive in a research report on Friday, September 15th. Morgan Stanley reiterated an “equal weight” rating and set a $72.00 price objective (up from $71.00) on shares of Fortive in a report on Monday, October 2nd. Citigroup reiterated a “neutral” rating and set a $72.00 price objective (up from $65.00) on shares of Fortive in a report on Monday, October 9th. Finally, Stifel Nicolaus increased their price objective on Fortive from $62.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, October 27th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $70.27.
Shares of Fortive (NYSE:FTV) opened at $72.99 on Thursday. Fortive has a 52-week low of $52.99 and a 52-week high of $75.69. The stock has a market capitalization of $25,277.97, a P/E ratio of 26.35, a PEG ratio of 2.51 and a beta of 0.38. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.95 and a quick ratio of 1.54.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, November 24th will be issued a dividend of $0.07 per share. The ex-dividend date is Wednesday, November 22nd. This represents a $0.28 annualized dividend and a yield of 0.38%. Fortive’s payout ratio is currently 10.57%.
In other news, insider James A. Lico sold 50,000 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the sale, the insider now owns 166,014 shares in the company, valued at $12,142,263.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Stacey A. Walker sold 4,775 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $72.49, for a total value of $346,139.75. The disclosure for this sale can be found here. Insiders own 12.10% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. BDO Wealth Advisors LLC acquired a new position in Fortive in the 2nd quarter valued at $128,000. Steward Partners Investment Advisory LLC acquired a new position in Fortive in the 3rd quarter valued at $135,000. Westwood Holdings Group Inc. bought a new position in shares of Fortive in the 2nd quarter valued at $139,000. Sun Life Financial INC increased its stake in shares of Fortive by 21,940.0% in the 2nd quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock valued at $140,000 after purchasing an additional 2,194 shares during the last quarter. Finally, Willingdon Wealth Management bought a new position in shares of Fortive in the 3rd quarter valued at $143,000. 78.75% of the stock is owned by hedge funds and other institutional investors.
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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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