Zacks Investment Research cut shares of Fortive (NYSE:FTV) from a buy rating to a hold rating in a research note published on Thursday morning.
According to Zacks, “Fortive’s top-line growth continues to benefit from strategic acquisitions of eMaint, Orpak, Industrial Scientific and Landauer. Moreover, expanding product portfolio and improving end market results will continue to aid its market position. Fortive remains confident about the strong performance of Fluke product line. Further, we believe strengthening Fortive Business System will continue to benefit the company. Notably, shares of Fortive have outperformed the industry it belongs to over a year. However, end market cyclicality and integration issues pose concerns. Further, uncertainties in the international markets remain headwinds.”
A number of other research firms have also weighed in on FTV. JPMorgan Chase & Co. lowered Fortive from an overweight rating to a neutral rating and set a $84.00 price objective for the company. in a research note on Friday, March 9th. TheStreet raised Fortive from a c rating to a b- rating in a research note on Monday, June 11th. Finally, ValuEngine raised Fortive from a hold rating to a buy rating in a research note on Monday, April 2nd. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $80.78.
Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, April 26th. The technology company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.75 by $0.03. The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.71 billion. Fortive had a return on equity of 29.86% and a net margin of 16.12%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.60 earnings per share. equities research analysts predict that Fortive will post 3.5 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, May 25th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date is Thursday, May 24th. Fortive’s payout ratio is presently 9.69%.
In related news, insider James A. Lico sold 75,000 shares of the stock in a transaction that occurred on Wednesday, May 2nd. The stock was sold at an average price of $71.93, for a total transaction of $5,394,750.00. Following the completion of the transaction, the insider now directly owns 307,442 shares of the company’s stock, valued at $22,114,303.06. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Emily A. Weaver sold 18,354 shares of the stock in a transaction that occurred on Tuesday, May 8th. The shares were sold at an average price of $73.80, for a total value of $1,354,525.20. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in FTV. Signaturefd LLC bought a new position in Fortive during the first quarter valued at approximately $114,000. Stratos Wealth Partners LTD. lifted its stake in shares of Fortive by 56.3% in the 1st quarter. Stratos Wealth Partners LTD. now owns 2,125 shares of the technology company’s stock valued at $165,000 after purchasing an additional 765 shares during the last quarter. Optimum Investment Advisors bought a new stake in shares of Fortive in the 1st quarter valued at approximately $172,000. Tower Research Capital LLC TRC bought a new stake in shares of Fortive in the 4th quarter valued at approximately $184,000. Finally, Rational Advisors LLC bought a new stake in shares of Fortive in the 1st quarter valued at approximately $186,000. 79.54% of the stock is owned by 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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