Fortive (NYSE:FTV - Get Free Report) was downgraded by analysts at TD Cowen from a "buy" rating to a "hold" rating in a research report issued on Tuesday, Marketbeat Ratings reports. They presently have a $50.00 price objective on the technology company's stock, down from their prior price objective of $85.00. TD Cowen's price target points to a potential downside of 0.97% from the stock's previous close.
Other analysts have also recently issued reports about the company. Royal Bank Of Canada increased their price objective on Fortive from $78.00 to $79.00 and gave the stock a "sector perform" rating in a research report on Monday, June 9th. Citigroup decreased their price objective on Fortive from $84.00 to $69.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Wells Fargo & Company decreased their price objective on Fortive from $72.00 to $55.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 1st. Truist Financial decreased their price objective on Fortive from $90.00 to $81.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Finally, Wall Street Zen raised Fortive to a "hold" rating in a research report on Saturday, July 5th. Ten research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Fortive presently has an average rating of "Hold" and a consensus target price of $69.92.
View Our Latest Report on FTV
Fortive Stock Performance
NYSE:FTV traded down $0.78 during mid-day trading on Tuesday, reaching $50.49. 2,746,407 shares of the stock were exchanged, compared to its average volume of 2,842,241. The company has a 50 day simple moving average of $65.96 and a 200-day simple moving average of $71.53. The stock has a market capitalization of $17.16 billion, a P/E ratio of 22.14, a P/E/G ratio of 3.10 and a beta of 1.09. The company has a quick ratio of 0.78, a current ratio of 0.99 and a debt-to-equity ratio of 0.29. Fortive has a 1 year low of $50.00 and a 1 year high of $83.32.
Fortive (NYSE:FTV - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.85. The firm had revenue of $1.47 billion for the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The firm's quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.83 EPS. Analysts anticipate that Fortive will post 4.05 earnings per share for the current fiscal year.
Fortive announced that its board has authorized a share repurchase program on Tuesday, May 27th that permits the company to repurchase 15,630,000 outstanding shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.
Insider Buying and Selling
In related news, CEO James A. Lico sold 175,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total value of $12,670,000.00. Following the sale, the chief executive officer owned 428,585 shares of the company's stock, valued at approximately $31,029,554. This represents a 28.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Peter C. Underwood sold 14,327 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the completion of the sale, the senior vice president directly owned 51,750 shares in the company, valued at approximately $3,823,290. The trade was a 21.68% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.92% of the company's stock.
Institutional Investors Weigh In On Fortive
Institutional investors and hedge funds have recently bought and sold shares of the stock. Parvin Asset Management LLC purchased a new stake in Fortive in the 4th quarter valued at approximately $26,000. American National Bank & Trust acquired a new position in Fortive in the 1st quarter valued at $26,000. Accent Capital Management LLC acquired a new position in Fortive in the 1st quarter valued at $26,000. Global X Japan Co. Ltd. raised its holdings in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new position in Fortive in the 4th quarter valued at $30,000. Hedge funds and other institutional investors own 94.94% of the company's stock.
About Fortive
(
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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.
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