Fortive (NYSE:FTV) Posts Earnings Results, Beats Estimates By $0.04 EPS

Fortive (NYSE:FTV) issued its quarterly earnings data on Wednesday. The technology company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.04, reports. Fortive had a return on equity of 12.22% and a net margin of 14.68%. The business had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.53 billion.

Fortive Price Performance

Shares of FTV stock opened at $75.81 on Friday. The stock’s fifty day simple moving average is $84.00 and its 200 day simple moving average is $76.13. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.75. The firm has a market cap of $26.69 billion, a price-to-earnings ratio of 30.12, a P/E/G ratio of 2.32 and a beta of 1.13. Fortive has a one year low of $62.77 and a one year high of $87.10.

Fortive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.42%. The ex-dividend date of this dividend is Friday, May 31st. Fortive’s dividend payout ratio is 12.65%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FTV shares. JPMorgan Chase & Co. downgraded Fortive from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $95.00 to $90.00 in a research note on Wednesday, April 17th. Vertical Research downgraded Fortive from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. Truist Financial initiated coverage on Fortive in a research note on Thursday, March 14th. They issued a “buy” rating and a $99.00 price objective on the stock. Barclays lifted their price target on Fortive from $89.00 to $97.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 2nd. Finally, Citigroup dropped their price target on Fortive from $101.00 to $98.00 and set a “buy” rating on the stock in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $86.46.

Insider Activity at Fortive

In related news, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $86.28, for a total value of $3,523,416.36. Following the sale, the chief financial officer now owns 61,855 shares of the company’s stock, valued at approximately $5,336,849.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, CAO Christopher M. Mulhall sold 8,994 shares of the company’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $82.17, for a total value of $739,036.98. Following the completion of the sale, the chief accounting officer now owns 20,564 shares in the company, valued at $1,689,743.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Charles E. Mclaughlin sold 40,837 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $86.28, for a total value of $3,523,416.36. Following the completion of the transaction, the chief financial officer now directly owns 61,855 shares of the company’s stock, valued at $5,336,849.40. The disclosure for this sale can be found here. Insiders have sold a total of 63,937 shares of company stock valued at $5,475,122 in the last 90 days. 0.95% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Indiana Trust & Investment Management CO acquired a new stake in shares of Fortive in the first quarter valued at approximately $26,000. OFI Invest Asset Management bought a new position in shares of Fortive in the 3rd quarter valued at $25,000. Cornerstone Planning Group LLC bought a new position in shares of Fortive in the 3rd quarter valued at $28,000. Cetera Trust Company N.A bought a new stake in Fortive during the 4th quarter worth $28,000. Finally, First Command Advisory Services Inc. bought a new stake in Fortive during the 3rd quarter worth $30,000. 94.94% of the stock is owned by institutional investors and hedge funds.

Fortive Company Profile

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.