Rep. Thomas H. Kean, Jr. Buys Fortive Co. (NYSE:FTV) Shares

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 Stock Performance

Shares of NYSE FTV opened at $73.66 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.25 and a quick ratio of 0.99. Fortive Co. has a 1 year low of $66.15 and a 1 year high of $87.10. The firm has a fifty day moving average price of $76.32 and a 200-day moving average price of $74.40. The stock has a market cap of $25.56 billion, a PE ratio of 29.35, a price-to-earnings-growth ratio of 2.15 and a beta of 1.14.

Fortive (NYSE:FTV) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.04. Fortive had a return on equity of 12.56% and a net margin of 14.35%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter last year, the company earned $0.85 EPS. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. Equities analysts anticipate that Fortive Co. will post 3.85 earnings per share for the current fiscal year.

Fortive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend is Friday, November 29th. Fortive’s payout ratio is 12.75%.

Hedge Funds Weigh In On Fortive

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

Analyst Ratings Changes

A number of brokerages have commented on FTV. Truist Financial dropped their price objective on shares of Fortive from $90.00 to $89.00 and set a “buy” rating for the company in a research note on Friday, November 1st. JPMorgan Chase & Co. upgraded Fortive from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $90.00 to $92.00 in a research report on Thursday, October 10th. Mizuho upgraded Fortive from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $80.00 to $90.00 in a research report on Friday, September 6th. StockNews.com upgraded Fortive from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, UBS Group initiated coverage on Fortive in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $84.00 price target for the company. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $86.73.

Insider Activity at Fortive

In other Fortive news, SVP Peter C. Underwood sold 5,000 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $76.58, for a total transaction of $382,900.00. Following the sale, the senior vice president now directly owns 48,346 shares of the company’s stock, valued at approximately $3,702,336.68. This trade represents a 9.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Stacey A. Walker sold 171,808 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was 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 owns 42,651 shares in the company, valued at $3,058,503.21. The trade was 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.

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.