Fortive (NYSE:FTV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors 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.”
FTV has been the topic of a number of other research reports. BMO Capital Markets began coverage on shares of Fortive in a research report on Wednesday, November 15th. They set an “outperform” rating and a $82.00 target price on the stock. Royal Bank of Canada restated a “hold” rating and set a $79.00 target price on shares of Fortive in a research report on Thursday, January 4th. Citigroup restated a “neutral” rating and set a $72.00 target price (up previously from $65.00) on shares of Fortive in a research report on Monday, October 9th. SunTrust Banks restated a “buy” rating and set a $81.00 target price on shares of Fortive in a research report on Friday, October 27th. Finally, Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Fortive presently has an average rating of “Hold” and a consensus target price of $72.70.
Fortive (FTV) traded up $0.75 during mid-day trading on Tuesday, hitting $74.74. 1,525,200 shares of the stock traded hands, compared to its average volume of 1,334,873. The firm has a market capitalization of $25,880.00 and a price-to-earnings ratio of 28.20. Fortive has a twelve month low of $53.59 and a twelve month 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.
Fortive (NYSE:FTV) last released its quarterly earnings results on Thursday, October 26th. The technology company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.73 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.66 billion. Fortive had a net margin of 14.39% and a return on equity of 31.67%. The company’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.65 earnings per share. sell-side analysts expect that Fortive will post 2.85 EPS for the current year.
In other Fortive news, insider James A. Lico sold 50,000 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the transaction, the insider now owns 166,014 shares of the company’s stock, valued at $12,142,263.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Stacey A. Walker sold 4,775 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $72.49, for a total transaction of $346,139.75. The disclosure for this sale can be found here. Company insiders own 12.10% of the company’s stock.
Large investors have recently bought and sold shares of the business. APG Asset Management N.V. raised its stake in Fortive by 49.7% during the third quarter. APG Asset Management N.V. now owns 2,182,268 shares of the technology company’s stock worth $154,483,000 after purchasing an additional 724,400 shares during the period. Toronto Dominion Bank raised its stake in shares of Fortive by 24.5% in the 2nd quarter. Toronto Dominion Bank now owns 104,177 shares of the technology company’s stock valued at $6,598,000 after acquiring an additional 20,519 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Fortive by 14.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,221,540 shares of the technology company’s stock valued at $155,332,000 after acquiring an additional 273,003 shares during the period. Park National Corp OH raised its stake in shares of Fortive by 72.9% in the 3rd quarter. Park National Corp OH now owns 46,309 shares of the technology company’s stock valued at $3,278,000 after acquiring an additional 19,529 shares during the period. Finally, Stephens Inc. AR purchased a new position in shares of Fortive in the 3rd quarter valued at $357,000. 78.80% of the stock is currently owned by institutional investors.
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Fortive 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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