Investors Buy Shares of Fortive (FTV) on Weakness
Investors bought shares of Fortive Corp (NYSE:FTV) on weakness during trading hours on Friday. $99.65 million flowed into the stock on the tick-up and $36.21 million flowed out of the stock on the tick-down, for a money net flow of $63.44 million into the stock. Of all companies tracked, Fortive had the 17th highest net in-flow for the day. Fortive traded down ($0.24) for the day and closed at $79.79
A number of research analysts have weighed in on the stock. Argus raised their price objective on shares of Fortive to $94.00 and gave the company a “buy” rating in a research note on Thursday, September 13th. They noted that the move was a valuation call. Morgan Stanley set a $90.00 price target on shares of Fortive and gave the company an “equal weight” rating in a research report on Tuesday, October 2nd. Zacks Investment Research raised shares of Fortive from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a research report on Monday, October 1st. UBS Group raised their price target on shares of Fortive from $86.00 to $93.00 and gave the company a “buy” rating in a research report on Thursday, August 30th. Finally, Wolfe Research lowered shares of Fortive from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, September 4th. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $86.33.
The company has a current ratio of 1.96, a quick ratio of 1.68 and a debt-to-equity ratio of 0.52. The stock has a market cap of $28.01 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 1.93 and a beta of 0.56.
The company also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, August 31st were given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Thursday, August 30th. Fortive’s payout ratio is currently 9.69%.
In other Fortive news, VP Raj Ratnakar sold 30,912 shares of Fortive stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $80.71, for a total value of $2,494,907.52. Following the sale, the vice president now owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider William W. Pringle sold 440 shares of Fortive stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $79.38, for a total transaction of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares in the company, valued at approximately $1,637,291.88. The disclosure for this sale can be found here. Insiders have sold 74,602 shares of company stock worth $6,047,572 over the last three months. 12.10% of the stock is owned by insiders.
Hedge funds have recently made changes to their positions in the business. Toth Financial Advisory Corp raised its position in Fortive by 105.2% in the second quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock worth $106,000 after acquiring an additional 705 shares during the period. Fort L.P. bought a new stake in Fortive in the second quarter worth about $122,000. Flagship Harbor Advisors LLC bought a new stake in Fortive in the second quarter worth about $132,000. Migdal Insurance & Financial Holdings Ltd. raised its position in Fortive by 5,816.7% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock worth $137,000 after acquiring an additional 1,745 shares during the period. Finally, AdvisorNet Financial Inc bought a new stake in Fortive in the second quarter worth about $143,000. 81.42% of the stock is currently owned by institutional investors and hedge funds.
Fortive Company Profile (NYSE:FTV)
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
See Also: Dividend Aristocrat Index
Receive News & Ratings for Fortive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortive and related companies with MarketBeat.com's FREE daily email newsletter.