Rep. Thomas H. Kean, Jr. Buys Fortive Co. (NYSE:FTV) Shares

Representative Thomas H. Kean, Jr. (R-New Jersey) recently bought shares of Fortive Co. (NYSE:FTV). In a filing disclosed on December 16th, the Representative disclosed that they had bought between $1,001 and $15,000 in Fortive stock on November 4th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Pernod Ricard (OTCMKTS:PDRDF) on 11/4/2024.

Fortive Price Performance

FTV opened at $75.71 on Wednesday. Fortive Co. has a 1 year low of $66.15 and a 1 year high of $87.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. The company has a market capitalization of $26.27 billion, a price-to-earnings ratio of 30.16, a P/E/G ratio of 2.15 and a beta of 1.14. The firm’s fifty day moving average price is $76.39 and its two-hundred day moving average price is $74.41.

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

Fortive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, November 29th will be given 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 is Friday, November 29th. Fortive’s payout ratio is currently 12.75%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP bought a new position in shares of Fortive in the third quarter valued at approximately $25,000. Ridgewood Investments LLC purchased a new stake in Fortive in the 2nd quarter worth approximately $30,000. International Assets Investment Management LLC purchased a new position in shares of Fortive during the 2nd quarter valued at $30,000. Goodman Advisory Group LLC bought a new position in shares of Fortive in the second quarter worth $31,000. Finally, Pinnacle Bancorp Inc. raised its position in shares of Fortive by 71.0% in the third quarter. Pinnacle Bancorp Inc. now owns 424 shares of the technology company’s stock worth $33,000 after buying an additional 176 shares in the last quarter. Hedge funds and other institutional investors own 94.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Wolfe Research downgraded shares of Fortive from an “outperform” rating to a “peer perform” rating in a report on Friday, September 6th. Argus reaffirmed a “hold” rating on shares of Fortive in a report on Monday, November 18th. Citigroup lowered Fortive from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $92.00 to $86.00 in a report on Monday, December 9th. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Raymond James raised Fortive from a “market perform” rating to an “outperform” rating and set a $85.00 price target on the stock in a research report on Thursday, September 5th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $86.73.

Insider Activity at Fortive

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

About Representative Kean, Jr.

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

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.