Wells Fargo & Company Issues Positive Forecast for Fortive (NYSE:FTV) Stock Price

Fortive (NYSE:FTV) had its price target upped by Wells Fargo & Company from $77.00 to $80.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other equities research analysts have also issued reports on the company. Argus reaffirmed a “hold” rating on shares of Fortive in a research report on Monday, November 18th. Barclays cut their price objective on Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Citigroup cut shares of Fortive from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $92.00 to $86.00 in a report on Monday, December 9th. Truist Financial boosted their price target on shares of Fortive from $89.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, UBS Group began coverage on shares of Fortive in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Fortive Price Performance

NYSE:FTV opened at $76.67 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.25 and a debt-to-equity ratio of 0.33. The business’s 50-day moving average price is $75.94 and its 200 day moving average price is $74.61. Fortive has a 52-week low of $66.15 and a 52-week high of $87.10. The firm has a market cap of $26.60 billion, a P/E ratio of 30.55, a PEG ratio of 2.11 and a beta of 1.14.

Fortive (NYSE:FTV) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.04. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.55 billion. During the same quarter in the previous year, the company posted $0.85 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. As a group, sell-side analysts predict that Fortive will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 27th. Shareholders of record on Friday, November 29th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date of this dividend was Friday, November 29th. Fortive’s dividend payout ratio (DPR) is presently 12.75%.

Insider Buying and Selling

In other news, SVP Peter C. Underwood sold 5,000 shares of Fortive stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $76.58, for a total value of $382,900.00. Following the transaction, the senior vice president now owns 48,346 shares of the company’s stock, valued at $3,702,336.68. This trade represents a 9.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Stacey A. Walker sold 171,808 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $71.71, for a total transaction of $12,320,351.68. Following the sale, the senior vice president now directly owns 42,651 shares of the company’s stock, valued at approximately $3,058,503.21. This represents a 80.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is currently owned by corporate insiders.

Institutional Trading of Fortive

Several hedge funds have recently added to or reduced their stakes in the business. Capital Performance Advisors LLP bought a new stake in shares of Fortive in the third quarter valued at approximately $25,000. Goodman Advisory Group LLC acquired a new stake in Fortive in the 2nd quarter worth $31,000. Pinnacle Bancorp Inc. increased its holdings in shares of Fortive by 71.0% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 424 shares of the technology company’s stock worth $33,000 after purchasing an additional 176 shares during the period. Versant Capital Management Inc increased its holdings in shares of Fortive by 186.8% during the 4th quarter. Versant Capital Management Inc now owns 456 shares of the technology company’s stock worth $34,000 after purchasing an additional 297 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of Fortive in the second quarter valued at about $35,000. 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.