Fortive Corporation (FTV) Stock Rating Lowered by Zacks Investment Research
Fortive Corporation (NYSE:FTV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Fortive Corporation is a leading supplier and manufacturer of industrial products. Its second quarter 2017 earnings were above the Zacks Consensus Estimate. The high-single digit core growth in the company’s Transportation Technologies platform, ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation remain the positives. However, end market cyclicality, integration issues and uncertainties in the international markets pose concerns. Year to date, the stock has underperformed the industry it belongs to.”
A number of other equities research analysts have also recently weighed in on FTV. Morgan Stanley reiterated an “equal weight” rating on shares of Fortive Corporation in a research note on Tuesday, July 11th. Stifel Nicolaus reiterated a “hold” rating and issued a $62.00 price objective on shares of Fortive Corporation in a research note on Sunday, July 30th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $66.00 price objective (up previously from $65.00) on shares of Fortive Corporation in a research note on Sunday, July 30th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Fortive Corporation presently has an average rating of “Hold” and an average target price of $62.90.
Fortive Corporation (FTV) opened at 70.03 on Friday. Fortive Corporation has a one year low of $46.81 and a one year high of $70.53. The company has a 50-day moving average of $69.00 and a 200 day moving average of $69.00. The firm has a market cap of $24.31 billion, a P/E ratio of 27.58 and a beta of 0.27.
Fortive Corporation (NYSE:FTV) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.61 billion. During the same quarter in the previous year, the business earned $0.64 earnings per share. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities research analysts expect that Fortive Corporation will post $2.79 earnings per share for the current fiscal year.
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In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $66.09, for a total value of $433,880.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 12.10% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Hikari Tsushin Inc. increased its holdings in shares of Fortive Corporation by 70.9% in the second quarter. Hikari Tsushin Inc. now owns 51,117 shares of the technology company’s stock valued at $3,238,000 after purchasing an additional 21,200 shares during the period. Griffin Asset Management Inc. acquired a new position in shares of Fortive Corporation in the second quarter valued at approximately $1,297,000. Lord Abbett & CO. LLC acquired a new position in shares of Fortive Corporation in the second quarter valued at approximately $17,098,000. J.P. Marvel Investment Advisors LLC increased its holdings in shares of Fortive Corporation by 0.5% in the second quarter. J.P. Marvel Investment Advisors LLC now owns 16,785 shares of the technology company’s stock valued at $1,063,000 after purchasing an additional 90 shares during the period. Finally, Toronto Dominion Bank increased its holdings in shares of Fortive Corporation by 24.5% in the second quarter. Toronto Dominion Bank now owns 104,177 shares of the technology company’s stock valued at $6,598,000 after purchasing an additional 20,519 shares during the period. 78.59% of the stock is currently owned by institutional investors and hedge funds.
About Fortive Corporation
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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