Fortive (FTV) Price Target Lowered to $84.00 at Morgan Stanley

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Fortive (NYSE:FTV) had its target price reduced by research analysts at Morgan Stanley from $90.00 to $84.00 in a research note issued on Tuesday, Marketbeat.com reports. The firm currently has a “hold” rating on the technology company’s stock. Morgan Stanley’s price objective would suggest a potential upside of 17.19% from the stock’s current price.

A number of other brokerages also recently issued reports on FTV. Argus lifted their price target on Fortive to $94.00 and gave the stock a “buy” rating in a report on Thursday, September 13th. They noted that the move was a valuation call. Zacks Investment Research raised Fortive from a “hold” rating to a “buy” rating and set a $94.00 price target for the company in a report on Monday, October 1st. UBS Group lifted their price target on Fortive from $86.00 to $93.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Wolfe Research downgraded Fortive from an “outperform” rating to a “peer perform” rating in a report on Tuesday, September 4th. Finally, Gordon Haskett assumed coverage on Fortive in a report on Friday, October 12th. They set a “buy” rating for the company. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $87.18.

FTV opened at $71.68 on Tuesday. Fortive has a 12 month low of $69.03 and a 12 month high of $88.34. The firm has a market cap of $24.40 billion, a P/E ratio of 24.80, a P/E/G ratio of 2.00 and a beta of 0.56. The company has a quick ratio of 0.79, a current ratio of 0.98 and a debt-to-equity ratio of 0.54.

Fortive (NYSE:FTV) last released its earnings results 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). Fortive had a return on equity of 24.91% and a net margin of 15.72%. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.86 billion. As a group, research analysts forecast that Fortive will post 3.2 EPS for the current fiscal year.

In other news, insider William W. Pringle sold 440 shares of the business’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $79.38, for a total value of $34,927.20. Following the completion of the sale, the insider now directly owns 20,626 shares of the company’s stock, valued at approximately $1,637,291.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan G. Spoon bought 18,000 shares of Fortive stock in a transaction dated Thursday, August 2nd. The stock was purchased at an average cost of $80.80 per share, with a total value of $1,454,400.00. Following the completion of the acquisition, the director now directly owns 48,268 shares in the company, valued at approximately $3,900,054.40. The disclosure for this purchase can be found here. Insiders have sold a total of 59,602 shares of company stock valued at $4,813,222 over the last ninety days. 12.20% of the stock is owned by company insiders.

Institutional investors have recently bought and sold shares of the company. FMR LLC raised its stake in Fortive by 20.0% during the 2nd quarter. FMR LLC now owns 23,755,263 shares of the technology company’s stock valued at $1,831,768,000 after acquiring an additional 3,960,523 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Fortive by 23.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 5,150,214 shares of the technology company’s stock valued at $397,134,000 after acquiring an additional 984,564 shares during the last quarter. Northern Trust Corp raised its stake in Fortive by 1.1% during the 2nd quarter. Northern Trust Corp now owns 4,355,498 shares of the technology company’s stock valued at $335,852,000 after acquiring an additional 47,476 shares during the last quarter. Bessemer Group Inc. raised its stake in Fortive by 0.3% during the 2nd quarter. Bessemer Group Inc. now owns 3,909,686 shares of the technology company’s stock valued at $301,477,000 after acquiring an additional 13,072 shares during the last quarter. Finally, Winslow Capital Management LLC raised its stake in Fortive by 15.2% during the 2nd quarter. Winslow Capital Management LLC now owns 2,970,792 shares of the technology company’s stock valued at $229,078,000 after acquiring an additional 391,138 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

About Fortive

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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Analyst Recommendations for Fortive (NYSE:FTV)

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