Fortive Corporation (FTV) Reaches New 1-Year High at $67.81
Fortive Corporation (NYSE:FTV) hit a new 52-week high on Tuesday . The company traded as high as $67.81 and last traded at $67.75, with a volume of 405,666 shares changing hands. The stock had previously closed at $67.52.
A number of equities research analysts have recently weighed in on the company. Zacks Investment Research downgraded Fortive Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Morgan Stanley reiterated an “equal weight” rating on shares of Fortive Corporation in a report on Tuesday, July 11th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $66.00 price target (up from $65.00) on shares of Fortive Corporation in a report on Sunday, July 30th. Stifel Nicolaus reiterated a “hold” rating and issued a $62.00 price target on shares of Fortive Corporation in a report on Sunday, July 30th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fortive Corporation in a report on Monday, May 22nd. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $61.82.
The company has a 50-day moving average price of $67.69 and a 200 day moving average price of $60.99. The company has a market capitalization of $23.84 billion, a PE ratio of 27.05 and a beta of 0.27.
Fortive Corporation (NYSE:FTV) last announced its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter last year, the company earned $0.64 EPS. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts anticipate that Fortive Corporation will post $2.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, August 25th will be given a $0.07 dividend. The ex-dividend date of this dividend is Wednesday, August 23rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.41%. Fortive Corporation’s dividend payout ratio is currently 11.02%.
In other Fortive Corporation news, CFO Charles E. Mclaughlin sold 6,565 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $66.09, for a total value of $433,880.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.10% of the stock is currently owned by company insiders.
Several hedge funds have recently made changes to their positions in the business. Jacobi Capital Management LLC raised its holdings in shares of Fortive Corporation by 25.5% in the 1st quarter. Jacobi Capital Management LLC now owns 1,724 shares of the technology company’s stock worth $104,000 after buying an additional 350 shares in the last quarter. BDO Wealth Advisors LLC acquired a new position in shares of Fortive Corporation in the 2nd quarter worth approximately $128,000. Westwood Holdings Group Inc. acquired a new position in shares of Fortive Corporation in the 2nd quarter worth approximately $139,000. Sun Life Financial INC raised its holdings in shares of Fortive Corporation by 21,940.0% in the 2nd quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock worth $140,000 after buying an additional 2,194 shares in the last quarter. Finally, CENTRAL TRUST Co raised its holdings in shares of Fortive Corporation by 1.0% in the 2nd quarter. CENTRAL TRUST Co now owns 2,313 shares of the technology company’s stock worth $147,000 after buying an additional 23 shares in the last quarter. Institutional investors own 78.70% of the company’s stock.
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About Fortive Corporation
Fortive Corporation is a diversified industrial growth company. The Company designs, develops, manufactures and markets professional and engineered products, software and services for a range of end markets. The Company operates through two segments: Professional Instrumentation and Industrial Technologies.
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