Morgan Stanley Trims Fortive (FTV) Target Price to $84.00

Fortive (NYSE:FTV) had its price target trimmed by Morgan Stanley from $90.00 to $84.00 in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage currently has a hold rating on the technology company’s stock.

Several other equities analysts also recently commented on FTV. Zacks Investment Research downgraded shares of Fortive from a buy rating to a hold rating in a research note on Thursday, July 12th. BMO Capital Markets increased their price objective on shares of Fortive from $88.00 to $90.00 and gave the company an outperform rating in a research note on Friday, July 27th. Citigroup increased their price objective on shares of Fortive from $80.00 to $84.00 and gave the company a neutral rating in a research note on Monday, July 30th. Argus increased their price objective on shares of Fortive from $84.00 to $88.00 and gave the company a buy rating in a research note on Tuesday, August 14th. Finally, UBS Group increased their price objective on shares of Fortive from $86.00 to $93.00 and gave the company a buy rating in a research note on Thursday, August 30th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of Buy and a consensus target price of $87.18.

Shares of Fortive stock traded down $0.05 on Tuesday, reaching $74.76. 88,852 shares of the stock were exchanged, compared to its average volume of 4,426,232. Fortive has a one year low of $69.03 and a one year high of $88.34. The company has a current ratio of 0.98, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54. The company has a market cap of $23.94 billion, a PE ratio of 26.09, a price-to-earnings-growth ratio of 1.89 and a beta of 0.56.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, October 25th. The technology company reported $0.86 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.02). The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. Fortive had a net margin of 15.72% and a return on equity of 24.91%. Research analysts forecast that Fortive will post 3.12 earnings per share for the current year.

In other news, insider William W. Pringle sold 440 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $79.38, for a total transaction of $34,927.20. Following the completion of the transaction, the insider now owns 20,626 shares of the company’s stock, valued at $1,637,291.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Raj Ratnakar sold 30,912 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $80.71, for a total transaction of $2,494,907.52. Following the transaction, the vice president now directly owns 13,244 shares of the company’s stock, valued at approximately $1,068,923.24. The disclosure for this sale can be found here. Insiders have sold 54,088 shares of company stock valued at $4,367,194 in the last ninety days. Insiders own 12.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in FTV. First Financial Bank Trust Division bought a new position in shares of Fortive during the second quarter valued at $214,000. DnB Asset Management AS increased its position in shares of Fortive by 7.7% during the second quarter. DnB Asset Management AS now owns 61,827 shares of the technology company’s stock worth $4,767,000 after buying an additional 4,400 shares during the period. Clinton Group Inc. acquired a new stake in shares of Fortive during the second quarter worth $1,817,000. Boltwood Capital Management increased its position in shares of Fortive by 10.2% during the second quarter. Boltwood Capital Management now owns 15,497 shares of the technology company’s stock worth $1,194,000 after buying an additional 1,432 shares during the period. Finally, IFM Investors Pty Ltd increased its position in shares of Fortive by 48.5% during the second quarter. IFM Investors Pty Ltd now owns 14,200 shares of the technology company’s stock worth $1,095,000 after buying an additional 4,639 shares during the period. 81.49% of the stock is owned by hedge funds and other institutional investors.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

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