Fortive Corporation (NYSE:FTV) reached a new 52-week high on Thursday following a stronger than expected earnings report. The company traded as high as $73.44 and last traded at $73.54, with a volume of 799,902 shares traded. The stock had previously closed at $72.47.
The technology company reported $0.77 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.73 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.66 billion. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The firm’s revenue was up 7.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 EPS.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, August 25th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Wednesday, August 23rd. Fortive Corporation’s payout ratio is presently 11.02%.
Several brokerages recently commented on FTV. Stifel Nicolaus raised their price objective on Fortive Corporation from $62.00 to $72.00 and gave the stock a “hold” rating in a research note on Friday. Citigroup Inc. raised their price objective on Fortive Corporation from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Friday. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $81.00 price objective on shares of Fortive Corporation in a research note on Friday. Royal Bank Of Canada reaffirmed a “hold” rating and set a $70.00 price objective on shares of Fortive Corporation in a research note on Wednesday, October 11th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $72.00 price objective (up previously from $71.00) on shares of Fortive Corporation in a research note on Monday, October 2nd. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $69.10.
In other Fortive Corporation news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $66.09, for a total transaction of $433,880.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.10% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in FTV. BlackRock Inc. increased its holdings in Fortive Corporation by 2,497.9% during the 1st quarter. BlackRock Inc. now owns 16,554,349 shares of the technology company’s stock worth $996,902,000 after purchasing an additional 15,917,140 shares in the last quarter. Capital World Investors increased its holdings in Fortive Corporation by 37.9% during the 2nd quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after purchasing an additional 2,701,496 shares in the last quarter. Bessemer Group Inc. increased its holdings in Fortive Corporation by 64,460.2% during the 2nd quarter. Bessemer Group Inc. now owns 2,640,512 shares of the technology company’s stock worth $167,275,000 after purchasing an additional 2,636,422 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Fortive Corporation by 261.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,948,537 shares of the technology company’s stock worth $123,442,000 after purchasing an additional 1,410,000 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its holdings in Fortive Corporation by 41.2% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,330,651 shares of the technology company’s stock worth $210,997,000 after purchasing an additional 971,997 shares in the last quarter. Hedge funds and other institutional investors own 78.55% of the company’s stock.
The stock has a 50-day moving average price of $70.45 and a 200-day moving average price of $65.36. The stock has a market capitalization of $25.72 billion, a PE ratio of 29.18 and a beta of 0.39.
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Fortive Corporation Company Profile
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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