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

Fortive (NYSE:FTV) had its price target trimmed by Wells Fargo & Company from $82.00 to $77.00 in a report published on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

FTV has been the subject of several other reports. Mizuho raised shares of Fortive from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $80.00 to $90.00 in a research note on Friday, September 6th. Truist Financial boosted their price target on shares of Fortive from $82.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Raymond James upgraded Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price objective for the company in a report on Thursday, September 5th. Barclays dropped their target price on Fortive from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, Wolfe Research downgraded Fortive from an “outperform” rating to a “peer perform” rating in a research note on Friday, September 6th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, Fortive currently has an average rating of “Moderate Buy” and an average target price of $88.20.

Fortive Trading Down 0.1 %

FTV opened at $71.34 on Thursday. The stock has a market capitalization of $24.75 billion, a P/E ratio of 28.42, a P/E/G ratio of 1.96 and a beta of 1.13. The company has a current ratio of 1.25, a quick ratio of 0.95 and a debt-to-equity ratio of 0.33. Fortive has a 12 month low of $64.69 and a 12 month high of $87.10. The firm’s fifty day simple moving average is $75.27 and its 200 day simple moving average is $74.43.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.04. The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.85 earnings per share. As a group, research analysts anticipate that Fortive will post 3.85 EPS for the current fiscal year.

Fortive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Tuesday, September 17th were given a $0.08 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.45%. Fortive’s payout ratio is 12.75%.

Insider Buying and Selling

In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $74.03, for a total value of $508,141.92. Following the transaction, the chief financial officer now directly owns 73,391 shares in the company, valued at $5,433,135.73. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Fortive news, CFO Charles E. Mclaughlin sold 6,864 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $74.03, for a total transaction of $508,141.92. Following the completion of the sale, the chief financial officer now directly owns 73,391 shares in the company, valued at $5,433,135.73. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jonathan L. Schwarz sold 14,223 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $73.80, for a total value of $1,049,657.40. Following the completion of the transaction, the senior vice president now directly owns 68,161 shares in the company, valued at approximately $5,030,281.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.01% of the stock is owned by insiders.

Hedge Funds Weigh In On Fortive

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP acquired a new stake in shares of Fortive in the 3rd quarter valued at $25,000. Ridgewood Investments LLC bought a new stake in shares of Fortive during the second quarter worth about $30,000. International Assets Investment Management LLC bought a new stake in Fortive during the 2nd quarter worth approximately $30,000. Goodman Advisory Group LLC acquired a new stake in Fortive in the second quarter valued at $31,000. Finally, Advisors Asset Management Inc. acquired a new stake in shares of Fortive in the first quarter valued at about $32,000. 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.