Fortive (NYSE:FTV – Get Free Report)‘s stock had its “overweight” rating restated by Barclays in a report released on Tuesday, MarketBeat reports. They presently have a $86.00 price target on the technology company’s stock, up from their previous price target of $84.00. Barclays‘s price target would indicate a potential upside of 18.06% from the stock’s current price.
Several other research analysts have also commented on FTV. Wells Fargo & Company lifted their target price on Fortive from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. Wall Street Zen downgraded shares of Fortive from a “buy” rating to a “hold” rating in a report on Monday, February 10th. Truist Financial lowered their target price on shares of Fortive from $90.00 to $81.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Citigroup dropped their target price on shares of Fortive from $84.00 to $69.00 and set a “neutral” rating on the stock in a report on Monday, April 14th. Finally, Royal Bank of Canada lifted their price target on shares of Fortive from $68.00 to $72.00 and gave the company a “sector perform” rating in a report on Friday, May 2nd. Eight 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $82.08.
Get Our Latest Research Report on Fortive
Fortive Stock Up 1.5%
Fortive (NYSE:FTV – Get Free Report) last released its earnings results on Thursday, May 1st. The technology company reported $0.85 earnings per share for the quarter, hitting the consensus estimate of $0.85. Fortive had a net margin of 13.36% and a return on equity of 13.15%. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. During the same quarter in the previous year, the firm earned $0.83 EPS. The company’s revenue was down 3.3% on a year-over-year basis. As a group, analysts forecast that Fortive will post 4.05 earnings per share for the current year.
Fortive announced that its board has authorized a share buyback plan on Tuesday, May 27th that allows the company to buyback 15,630,000 outstanding shares. This buyback authorization allows the technology company to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
Insider Transactions at Fortive
In related news, CEO James A. Lico sold 175,000 shares of Fortive stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the sale, the chief executive officer now directly owns 428,585 shares in the company, valued at $31,029,554. The trade was a 28.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Peter C. Underwood sold 14,327 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $73.88, for a total transaction of $1,058,478.76. Following the completion of the transaction, the senior vice president now owns 51,750 shares of the company’s stock, valued at $3,823,290. This represents a 21.68% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.01% of the company’s stock.
Institutional Investors Weigh In On Fortive
Several hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. Dodge & Cox boosted its stake in Fortive by 181.5% during the 1st quarter. Dodge & Cox now owns 21,900,363 shares of the technology company’s stock valued at $1,602,669,000 after purchasing an additional 14,120,456 shares in the last quarter. Norges Bank bought a new position in Fortive during the fourth quarter valued at about $412,445,000. Price T Rowe Associates Inc. MD boosted its stake in Fortive by 164.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,730,161 shares of the technology company’s stock valued at $654,763,000 after buying an additional 5,429,566 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Fortive by 9.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 42,947,135 shares of the technology company’s stock worth $3,221,036,000 after acquiring an additional 3,810,997 shares during the period. Finally, Invesco Ltd. raised its position in Fortive by 96.6% in the first quarter. Invesco Ltd. now owns 5,626,962 shares of the technology company’s stock worth $411,781,000 after acquiring an additional 2,764,432 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.
About Fortive
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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