Fortive (FTV) Upgraded to “Overweight” by Morgan Stanley

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Morgan Stanley upgraded shares of Fortive (NYSE:FTV) from an equal weight rating to an overweight rating in a report issued on Tuesday morning, Marketbeat Ratings reports. Morgan Stanley currently has $82.00 target price on the technology company’s stock, down from their prior target price of $84.00.

A number of other research firms have also recently weighed in on FTV. Argus raised their price target on Fortive to $94.00 and gave the company 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 target price for the company in a research note on Monday, October 1st. UBS Group lifted their target price on Fortive from $86.00 to $93.00 and gave the company a buy rating in a research note on Thursday, August 30th. Wolfe Research cut Fortive from an outperform rating to a peer perform rating in a research note on Tuesday, September 4th. Finally, Gordon Haskett initiated coverage on Fortive in a research note on Friday, October 12th. They issued a buy rating for the company. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Fortive presently has a consensus rating of Buy and a consensus target price of $86.55.

FTV stock opened at $68.10 on Tuesday. Fortive has a fifty-two week low of $67.32 and a fifty-two week high of $88.34. The firm has a market cap of $22.69 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 1.88 and a beta of 0.98. 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 quarterly earnings results on Thursday, October 25th. The technology company reported $0.86 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.02). Fortive had a net margin of 15.72% and a return on equity of 24.91%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.86 billion. As a group, equities research analysts expect that Fortive will post 3 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Stockholders of record on Friday, November 30th will be paid a $0.07 dividend. The ex-dividend date is Thursday, November 29th. This represents a $0.28 annualized dividend and a dividend yield of 0.41%. Fortive’s dividend payout ratio (DPR) is currently 9.69%.

In other news, SVP Stacey A. Walker sold 468 shares of the business’s stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $75.26, for a total value of $35,221.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William W. Pringle sold 476 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $73.18, for a total value of $34,833.68. Following the completion of the sale, the insider now owns 28,639 shares in the company, valued at $2,095,802.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 142,382 shares of company stock valued at $10,729,598. 12.20% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of FTV. Capital Research Global Investors lifted its holdings in shares of Fortive by 1,090.6% in the third quarter. Capital Research Global Investors now owns 5,072,880 shares of the technology company’s stock valued at $427,136,000 after purchasing an additional 4,646,796 shares in the last quarter. FMR LLC lifted its holdings in shares of Fortive by 20.0% in the second quarter. FMR LLC now owns 23,755,263 shares of the technology company’s stock valued at $1,831,768,000 after purchasing an additional 3,960,523 shares in the last quarter. Artisan Partners Limited Partnership bought a new stake in shares of Fortive in the second quarter valued at about $185,524,000. Pentwater Capital Management LP bought a new stake in shares of Fortive in the third quarter valued at about $125,037,000. Finally, Alpine Global Management LLC bought a new stake in shares of Fortive in the third quarter valued at about $53,088,000. Institutional investors own 81.42% of the company’s stock.

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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