Zacks Investment Research cut shares of Fortive (NYSE:FTV) from a buy rating to a hold rating in a research note released on Tuesday.
According to Zacks, “Fortive Corporation is currently benefiting from strength in developed markets, improved performance by Tektronix and automation businesses in North America. Ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation are the positives. We note that acquisitions of Industrial Scientific and Landauer is anticipated to drive recurring revenues. The company’s subscription-based radiation exposure services are focused in the medical end market. However, end market cyclicality, integration issues and uncertainties in the international markets pose concerns. In the past 12 months, the stock has underperformed the industry it belongs to.”
Other research analysts also recently issued research reports about the stock. Citigroup lifted their price target on shares of Fortive from $72.00 to $74.00 and gave the stock a neutral rating in a research note on Friday, October 27th. Stifel Nicolaus lifted their price target on shares of Fortive from $62.00 to $72.00 and gave the stock a hold rating in a research note on Friday, October 27th. Morgan Stanley reiterated an equal weight rating and issued a $72.00 price target (up previously from $71.00) on shares of Fortive in a research note on Monday, October 2nd. Argus upgraded shares of Fortive from a hold rating to a buy rating in a research note on Friday, December 1st. Finally, ValuEngine downgraded shares of Fortive from a buy rating to a hold rating in a research note on Thursday, November 30th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Fortive has an average rating of Hold and an average price target of $71.45.
Shares of Fortive (NYSE FTV) traded up $0.77 during trading on Tuesday, reaching $74.47. 1,280,000 shares of the company were exchanged, compared to its average volume of 1,110,000. Fortive has a one year low of $53.36 and a one year high of $75.69. The company has a quick ratio of 1.54, a current ratio of 1.95 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $25,880.00 and a P/E ratio of 28.10.
Fortive (NYSE:FTV) last issued its quarterly earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. Fortive had a net margin of 14.39% and a return on equity of 31.67%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was up 7.4% on a year-over-year basis. analysts predict that Fortive will post 2.85 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, November 24th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $0.28 dividend on an annualized basis and a yield of 0.38%. Fortive’s payout ratio is currently 10.57%.
In other Fortive news, SVP Stacey A. Walker sold 4,775 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $72.49, for a total transaction of $346,139.75. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James A. Lico sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the sale, the insider now directly owns 166,014 shares in the company, valued at approximately $12,142,263.96. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC acquired a new position in shares of Fortive in the 3rd quarter valued at $135,000. Willingdon Wealth Management acquired a new position in shares of Fortive in the 3rd quarter valued at $143,000. Westwood Holdings Group Inc. acquired a new position in shares of Fortive in the 2nd quarter valued at $139,000. Sun Life Financial INC increased its holdings in shares of Fortive by 21,940.0% in the 2nd quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock valued at $140,000 after acquiring an additional 2,194 shares during the period. Finally, Captrust Financial Advisors acquired a new position in shares of Fortive in the 2nd quarter valued at $147,000. 78.75% of the stock is currently owned by institutional investors.
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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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