Fortive Corporation (NYSE:FTV - Get Free Report) SVP Peter Underwood sold 48,442 shares of the company's stock in a transaction on Friday, October 30th. The stock was sold at an average price of $64.60, for a total value of $3,129,353.20. Following the sale, the senior vice president owned 79,118 shares of the company's stock, valued at approximately $5,111,022.80. This represents a 37.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Fortive Trading Up 2.4%
FTV opened at $66.77 on Tuesday. The firm has a market cap of $20.16 billion, a price-to-earnings ratio of 20.61, a PEG ratio of 2.57 and a beta of 1.07. The company has a current ratio of 1.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.59. Fortive Corporation has a 12 month low of $49.03 and a 12 month high of $67.30. The stock has a fifty day moving average price of $57.90 and a 200-day moving average price of $58.71.
Fortive (NYSE:FTV - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The technology company reported $0.77 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. Fortive had a return on equity of 15.79% and a net margin of 14.83%. The firm had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.07 billion. During the same period in the prior year, the business posted $0.68 EPS. The firm's quarterly revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts anticipate that Fortive Corporation will post 3.12 earnings per share for the current fiscal year.
Fortive Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 25th. Shareholders of record on Friday, September 4th were issued a $0.07 dividend. This is a boost from Fortive's previous quarterly dividend of $0.06. This represents a $0.28 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date was Friday, September 4th. Fortive's dividend payout ratio is presently 13.33%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new stake in Fortive in the second quarter valued at approximately $1,626,463,000. Flossbach Von Storch SE acquired a new position in Fortive in the 2nd quarter worth approximately $739,668,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Fortive during the 2nd quarter worth approximately $527,526,000. The Manufacturers Life Insurance Company purchased a new position in Fortive during the 2nd quarter worth approximately $211,807,000. Finally, Bank of New York Mellon Corp purchased a new position in Fortive during the 2nd quarter worth approximately $115,914,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have commented on FTV shares. Robert W. Baird set a $75.00 price target on shares of Fortive in a research report on Thursday. Argus reaffirmed a "buy" rating and issued a $68.00 price objective on shares of Fortive in a research report on Wednesday, August 19th. Evercore initiated coverage on shares of Fortive in a research note on Monday, September 28th. They set a "hold" rating and a $60.00 price objective for the company. Truist Financial reiterated a "hold" rating and set a $65.00 price objective (up from $63.00) on shares of Fortive in a research note on Thursday. Finally, Citigroup increased their target price on shares of Fortive from $65.00 to $71.00 and gave the company a "neutral" rating in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $64.36.
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About Fortive
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Fortive Corporation (NYSE: FTV) is a diversified industrial technology company that develops and provides products, software and services designed to improve the productivity, safety, reliability and efficiency of businesses and public-sector organizations. Its offerings support customers in industries including manufacturing, healthcare, utilities, transportation, commercial facilities and government.
The company's portfolio includes electronic test and measurement equipment, calibration and asset-management solutions, workplace and facility-management software, engineering and infrastructure software, product identification and traceability systems, and healthcare technology.
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