Fortive (NYSE:FTV) Stock Acquired Rep. Thomas H. Kean, Jr.

Representative Thomas H. Kean, Jr. (R-New Jersey) recently bought shares of Fortive Co. (NYSE:FTV). In a filing disclosed on December 16th, the Representative disclosed that they had bought between $1,001 and $15,000 in Fortive stock on November 4th. The trade occurred in the Representative’s “KEAN FAMILY PARTNERSHIP” account.

Representative Thomas H. Kean, Jr. also recently made the following trade(s):

• Sold $1,001 – $15,000 in shares of Pernod Ricard (OTCMKTS:PDRDF) on 11/4/2024.

Fortive Trading Down 1.5 %

Shares of Fortive stock opened at $75.71 on Wednesday. Fortive Co. has a fifty-two week low of $66.15 and a fifty-two week high of $87.10. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 1.25. The firm has a market capitalization of $26.27 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 2.15 and a beta of 1.14. The stock has a 50 day moving average of $76.39 and a 200 day moving average of $74.41.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.93 by $0.04. The firm had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Fortive had a net margin of 14.35% and a return on equity of 12.56%. The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.85 EPS. As a group, research analysts predict that Fortive Co. will post 3.85 earnings per share for the current year.

Fortive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.42%. Fortive’s dividend payout ratio is currently 12.75%.

Insiders Place Their Bets

In related news, SVP Peter C. Underwood sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $76.58, for a total transaction of $382,900.00. Following the completion of the transaction, the senior vice president now directly owns 48,346 shares of the company’s stock, valued at $3,702,336.68. This represents a 9.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Stacey A. Walker sold 171,808 shares of Fortive stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $71.71, for a total value of $12,320,351.68. Following the completion of the sale, the senior vice president now directly owns 42,651 shares in the company, valued at $3,058,503.21. This represents a 80.11 % decrease in their position. The disclosure for this sale can be found here. 1.01% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FTV shares. Mizuho raised Fortive from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $80.00 to $90.00 in a research report on Friday, September 6th. UBS Group began coverage on shares of Fortive in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price target for the company. Truist Financial reduced their price objective on Fortive from $90.00 to $89.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. JPMorgan Chase & Co. upgraded Fortive from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $90.00 to $92.00 in a report on Thursday, October 10th. Finally, Citigroup cut Fortive from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $92.00 to $86.00 in a research note on Monday, December 9th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $86.73.

Institutional Trading of Fortive

A number of hedge funds and other institutional investors have recently made changes to their positions in FTV. Capital Performance Advisors LLP acquired a new position in shares of Fortive in the 3rd quarter valued at $25,000. Ridgewood Investments LLC purchased a new stake in shares of Fortive in the second quarter valued at about $30,000. International Assets Investment Management LLC acquired a new stake in shares of Fortive during the second quarter worth about $30,000. Goodman Advisory Group LLC acquired a new position in Fortive in the 2nd quarter valued at about $31,000. Finally, Pinnacle Bancorp Inc. raised its stake in Fortive by 71.0% during the 3rd quarter. Pinnacle Bancorp Inc. now owns 424 shares of the technology company’s stock valued at $33,000 after acquiring an additional 176 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

About Representative Kean, Jr.

Thomas Kean Jr. (Republican Party) is a member of the U.S. House, representing New Jersey’s 7th Congressional District. He assumed office on January 3, 2023. His current term ends on January 3, 2025. Kean (Republican Party) is running for re-election to the U.S. House to represent New Jersey’s 7th Congressional District. He declared candidacy for the 2024 election. Kean has served as state Senate minority leader. He was a member of the New Jersey General Assembly from 2001 to 2003. Thomas Kean Jr. lives in Westfield, New Jersey. Kean earned a master’s degree from the Tufts University Fletcher School of Law and Diplomacy. His career experience includes working with the Environmental Protection Agency during the George H.W. Bush administration and as an advisor to former U.S. Representative Bob Franks, a firefighter, and an emergency medical technician. Kean has served as the vice president of a fire department.

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.