Fortive (NYSE:FTV) Downgraded by Wolfe Research

Wolfe Research lowered shares of Fortive (NYSE:FTV) from an outperform rating to a peer perform rating in a research note issued to investors on Friday morning, Marketbeat.com reports.

Several other research firms have also weighed in on FTV. Raymond James upgraded shares of Fortive from a market perform rating to an outperform rating and set a $85.00 target price on the stock in a report on Thursday, September 5th. Wells Fargo & Company decreased their price objective on Fortive from $84.00 to $75.00 and set an equal weight rating on the stock in a report on Wednesday, July 10th. Truist Financial cut their target price on Fortive from $89.00 to $82.00 and set a buy rating for the company in a research note on Thursday, July 25th. Mizuho upgraded Fortive from a neutral rating to an outperform rating and lifted their target price for the company from $80.00 to $90.00 in a research report on Friday. Finally, Barclays lowered their target price on shares of Fortive from $93.00 to $91.00 and set an overweight rating for the company in a research note on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fortive presently has an average rating of Moderate Buy and an average price target of $86.23.

Fortive Price Performance

NYSE:FTV opened at $72.31 on Friday. The stock has a 50 day moving average price of $72.23 and a 200 day moving average price of $76.82. The stock has a market cap of $25.33 billion, a PE ratio of 28.58, a P/E/G ratio of 2.06 and a beta of 1.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.95 and a current ratio of 1.23. Fortive has a one year low of $63.05 and a one year high of $87.10.

Fortive (NYSE:FTV) last posted its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.93 EPS for the quarter, topping the consensus estimate of $0.92 by $0.01. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.57 billion. Fortive had a return on equity of 12.32% and a net margin of 14.39%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 EPS. Equities research analysts expect that Fortive will post 3.82 EPS for the current fiscal year.

Fortive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.44%. The ex-dividend date of this dividend is Friday, September 13th. Fortive’s dividend payout ratio is presently 12.65%.

Institutional Trading of Fortive

Several hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in Fortive during the 2nd quarter worth approximately $985,000. New Century Financial Group LLC lifted its position in shares of Fortive by 36.2% during the 2nd quarter. New Century Financial Group LLC now owns 3,694 shares of the technology company’s stock worth $274,000 after purchasing an additional 982 shares during the last quarter. Cetera Investment Advisers lifted its position in shares of Fortive by 7.5% during the 2nd quarter. Cetera Investment Advisers now owns 56,497 shares of the technology company’s stock worth $4,187,000 after purchasing an additional 3,951 shares during the last quarter. Truist Financial Corp grew its stake in shares of Fortive by 1.1% during the second quarter. Truist Financial Corp now owns 142,068 shares of the technology company’s stock worth $10,527,000 after purchasing an additional 1,519 shares in the last quarter. Finally, Brown Shipley& Co Ltd increased its holdings in Fortive by 3.0% in the second quarter. Brown Shipley& Co Ltd now owns 56,174 shares of the technology company’s stock valued at $4,163,000 after buying an additional 1,655 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.