Fortive (FTV) Lifted to Buy at ValuEngine
Several other research firms have also weighed in on FTV. Credit Suisse Group reissued a neutral rating and issued a $78.00 target price (down previously from $86.00) on shares of Fortive in a report on Thursday, January 3rd. Zacks Investment Research raised Fortive from a sell rating to a hold rating in a report on Tuesday, February 5th. Morgan Stanley raised Fortive from an equal weight rating to an overweight rating and lowered their target price for the company from $84.00 to $82.00 in a report on Tuesday, December 18th. William Blair restated a market perform rating on shares of Fortive in a research report on Tuesday, February 12th. Finally, TheStreet upgraded Fortive from a c rating to a b- rating in a research report on Wednesday, January 30th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $85.90.
Fortive stock opened at $87.82 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.18 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $29.33 billion, a price-to-earnings ratio of 28.70, a PEG ratio of 2.05 and a beta of 1.14. Fortive has a fifty-two week low of $62.89 and a fifty-two week high of $88.36.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a $0.07 dividend. The ex-dividend date is Thursday, May 30th. This represents a $0.28 annualized dividend and a dividend yield of 0.32%. Fortive’s dividend payout ratio is currently 9.15%.
In other news, insider William W. Pringle sold 435 shares of the company’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $80.66, for a total value of $35,087.10. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Jonathan L. Schwarz sold 3,746 shares of the company’s stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $81.63, for a total value of $305,785.98. Following the completion of the sale, the vice president now owns 17,740 shares in the company, valued at $1,448,116.20. The disclosure for this sale can be found here. Insiders sold 5,964 shares of company stock worth $486,847 over the last 90 days. Company insiders own 12.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. Pacer Advisors Inc. lifted its position in Fortive by 13.9% during the third quarter. Pacer Advisors Inc. now owns 15,985 shares of the technology company’s stock worth $1,346,000 after buying an additional 1,948 shares during the period. National Pension Service lifted its position in Fortive by 0.8% during the third quarter. National Pension Service now owns 375,312 shares of the technology company’s stock worth $31,601,000 after buying an additional 3,161 shares during the period. Virginia National Bank purchased a new position in Fortive during the third quarter worth about $202,000. CI Investments Inc. purchased a new position in Fortive during the third quarter worth about $3,856,000. Finally, Resources Management Corp CT ADV purchased a new position in Fortive during the third quarter worth about $2,528,000. Hedge funds and other institutional investors own 85.08% of the company’s stock.
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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