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.”
Several other analysts have also weighed in on the company. Royal Bank of Canada reaffirmed a “hold” rating and issued a $79.00 price objective on shares of Fortive in a research note on Thursday, January 4th. Argus raised Fortive from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. ValuEngine lowered Fortive from a “buy” rating to a “hold” rating in a research note on Thursday, November 30th. BMO Capital Markets began coverage on Fortive in a research note on Wednesday, November 15th. They issued an “outperform” rating and a $82.00 price objective on the stock. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Fortive in a research note on Friday, October 27th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $72.70.
Fortive (NYSE:FTV) last released its earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.66 billion. Fortive had a return on equity of 31.67% and a net margin of 14.39%. Fortive’s quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.65 EPS. equities analysts anticipate that Fortive will post 2.85 EPS for the current year.
In other news, insider James A. Lico sold 50,000 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 166,014 shares in the company, valued at $12,142,263.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Stacey A. Walker sold 4,775 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $72.49, for a total value of $346,139.75. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of FTV. Capital World Investors raised its position in shares of Fortive by 37.9% during the second quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after acquiring an additional 2,701,496 shares during the last quarter. BlackRock Inc. increased its holdings in Fortive by 11.7% in the second quarter. BlackRock Inc. now owns 18,488,658 shares of the technology company’s stock worth $1,171,255,000 after purchasing an additional 1,934,309 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in Fortive by 41.2% in the second quarter. TIAA CREF Investment Management LLC now owns 3,330,651 shares of the technology company’s stock worth $210,997,000 after purchasing an additional 971,997 shares in the last quarter. APG Asset Management N.V. increased its holdings in Fortive by 49.7% in 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 in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Fortive by 3.1% in the second quarter. Vanguard Group Inc. now owns 20,614,201 shares of the technology company’s stock worth $1,305,909,000 after purchasing an additional 620,784 shares in the last quarter. Institutional investors own 78.80% of the company’s stock.
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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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