Fortive (NYSE:FTV) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Fortive (NYSE:FTV) had its price target cut by JPMorgan Chase & Co. from $64.00 to $56.00 in a research report released on Friday,Benzinga reports. They currently have an underweight rating on the technology company’s stock.

Several other equities research analysts have also recently weighed in on the company. Argus reissued a “buy” rating and issued a $68.00 price target on shares of Fortive in a research note on Wednesday, August 19th. Weiss Ratings downgraded Fortive from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, August 27th. Truist Financial cut their price objective on Fortive from $68.00 to $63.00 and set a “hold” rating on the stock in a research note on Monday, October 5th. Finally, Evercore began coverage on Fortive in a report on Monday, September 28th. They issued a “hold” rating and a $60.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Fortive has a consensus rating of “Hold” and an average target price of $61.64.

Fortive Stock Performance

NYSE FTV opened at $57.25 on Friday. The company has a market capitalization of $17.29 billion, a price-to-earnings ratio of 33.88, a PEG ratio of 2.37 and a beta of 1.07. Fortive has a twelve month low of $47.71 and a twelve month high of $64.56. The stock has a fifty day simple moving average of $57.93 and a 200 day simple moving average of $59.28. The company has a quick ratio of 1.00, a current ratio of 1.24 and a debt-to-equity ratio of 0.58.

Fortive (NYSE:FTV) last announced its earnings results on Wednesday, July 29th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.03. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.07 billion. Fortive had a return on equity of 15.33% and a net margin of 12.38%. Fortive’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the company earned $0.90 EPS. Fortive has set its FY 2026 guidance at 2.950-3.050 EPS. Sell-side analysts expect that Fortive will post 3.02 EPS for the current year.

Fortive Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 0.5%. This is a boost from Fortive’s previous quarterly dividend of $0.06. The ex-dividend date was Friday, September 4th. Fortive’s dividend payout ratio is currently 16.57%.

Insider Buying and Selling at Fortive

In related news, SVP Peter C. Underwood sold 8,662 shares of Fortive stock in a transaction on Monday, August 10th. The shares were sold at an average price of $61.59, for a total transaction of $533,492.58. Following the completion of the transaction, the senior vice president owned 79,118 shares of the company’s stock, valued at $4,872,877.62. This trade represents a 9.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fortive

Several hedge funds and other institutional investors have recently bought and sold shares of FTV. Arrowstreet Capital Limited Partnership bought a new stake in Fortive in the first quarter worth approximately $11,854,000. Hsbc Holdings PLC lifted its stake in Fortive by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 2,026,810 shares of the technology company’s stock valued at $112,066,000 after buying an additional 133,447 shares during the period. Congruence Capital LLC acquired a new position in Fortive in the fourth quarter valued at approximately $21,060,000. First Nebraska Trust Co bought a new position in shares of Fortive during the 1st quarter worth approximately $2,453,000. Finally, OP Asset Management Ltd bought a new position in shares of Fortive during the 1st quarter worth approximately $1,900,000. Institutional investors and hedge funds own 94.94% of the company’s stock.

About Fortive

Fortive Corporation (NYSE:FTV) is a diversified industrial technology company that develops and provides connected products, software, and services for customers in healthcare, manufacturing, infrastructure, and other regulated or asset-intensive industries. Its offerings are designed to improve productivity, operating efficiency, safety, compliance, and the reliability of critical equipment and processes.

The company’s businesses have included electronic test and measurement instruments, calibration and asset-management solutions, workplace and public-safety products, industrial software, and healthcare technologies.