Fortive (NYSE:FTV) Price Target Cut to $89.00 by Analysts at Truist Financial

Fortive (NYSE:FTV) had its price objective lowered by Truist Financial from $96.00 to $89.00 in a research note released on Tuesday, Benzinga reports. Truist Financial currently has a buy rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the stock. Royal Bank of Canada dropped their price target on shares of Fortive from $93.00 to $83.00 and set a sector perform rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company cut their target price on Fortive from $92.00 to $84.00 and set an equal weight rating on the stock in a report on Thursday, April 25th. JPMorgan Chase & Co. cut Fortive from an overweight rating to a neutral rating and decreased their price target for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Citigroup cut their price objective on Fortive from $101.00 to $98.00 and set a buy rating on the stock in a research note on Thursday, April 25th. Finally, StockNews.com raised shares of Fortive from a hold rating to a buy rating in a research report on Monday, May 13th. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $85.69.

Fortive Trading Up 0.2 %

Shares of FTV opened at $72.30 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.17 and a current ratio of 1.50. Fortive has a 52-week low of $63.05 and a 52-week high of $87.10. The firm has a market cap of $25.45 billion, a price-to-earnings ratio of 28.58, a PEG ratio of 2.17 and a beta of 1.12. The business’s fifty day moving average is $75.04 and its 200-day moving average is $78.21.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Wednesday, April 24th. The technology company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.04. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.53 billion. Fortive had a net margin of 14.68% and a return on equity of 12.22%. Equities analysts anticipate that Fortive will post 3.8 EPS for the current fiscal year.

Fortive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, May 31st were paid a $0.08 dividend. The ex-dividend date was Friday, May 31st. This represents a $0.32 annualized dividend and a yield of 0.44%. Fortive’s dividend payout ratio (DPR) is 12.65%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV boosted its stake in Fortive by 3.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 32,822 shares of the technology company’s stock valued at $2,432,000 after acquiring an additional 1,189 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Fortive by 44.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,020 shares of the technology company’s stock worth $76,000 after purchasing an additional 315 shares during the period. Transcend Capital Advisors LLC lifted its stake in Fortive by 34.6% in the second quarter. Transcend Capital Advisors LLC now owns 3,698 shares of the technology company’s stock valued at $274,000 after purchasing an additional 951 shares during the last quarter. NBW Capital LLC grew its holdings in Fortive by 1.6% during the first quarter. NBW Capital LLC now owns 40,037 shares of the technology company’s stock valued at $3,444,000 after purchasing an additional 612 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in Fortive by 20.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,105 shares of the technology company’s stock worth $95,000 after buying an additional 185 shares during the last quarter. Hedge funds and other 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.