Fortive (NYSE:FTV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, January 9th.
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. SunTrust Banks restated a “buy” rating and set a $81.00 price objective on shares of Fortive in a research note on Friday, October 27th. Royal Bank of Canada reiterated a “hold” rating and issued a $79.00 price target on shares of Fortive in a research note on Thursday, January 4th. Citigroup boosted their price target on Fortive from $72.00 to $74.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Argus raised Fortive from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Finally, ValuEngine lowered Fortive from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $73.30.
Shares of Fortive (NYSE FTV) traded down $0.23 during trading on Tuesday, reaching $75.35. The company had a trading volume of 1,410,000 shares, compared to its average volume of 1,352,090. Fortive has a 52-week low of $54.88 and a 52-week high of $76.68. The firm has a market capitalization of $26,188.57, a PE ratio of 27.30, a P/E/G ratio of 2.31 and a beta of 0.51. The company has a quick ratio of 1.54, a current ratio of 1.95 and a debt-to-equity ratio of 1.06.
In other news, insider James A. Lico sold 50,000 shares of the stock in a transaction 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 completion of the sale, the insider now owns 166,014 shares in the company, valued at approximately $12,142,263.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.10% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of FTV. APG Asset Management N.V. increased its position 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 buying an additional 724,400 shares during the last quarter. Toronto Dominion Bank increased its position in Fortive by 24.5% during the second quarter. Toronto Dominion Bank now owns 104,177 shares of the technology company’s stock worth $6,598,000 after buying an additional 20,519 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Fortive by 14.0% during the third 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 boosted its holdings in Fortive by 72.9% during the third 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 bought a new stake in Fortive during the third quarter valued at about $357,000. 78.86% of the stock is currently owned by institutional investors and hedge funds.
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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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