Fortive (FTV) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Fortive (NYSE:FTV) from a hold rating to a buy rating in a research note released on Wednesday. They currently have $81.00 price target on the technology company’s stock.
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 equities analysts have also recently issued reports on the stock. Citigroup upped their target price on shares of Fortive from $72.00 to $74.00 and gave the company a neutral rating in a research note on Friday, October 27th. Stifel Nicolaus upped their target price on shares of Fortive from $62.00 to $72.00 and gave the company a hold rating in a research note on Friday, October 27th. Morgan Stanley restated an equal weight rating and set a $72.00 target price (up previously from $71.00) on shares of Fortive in a research note on Monday, October 2nd. Argus upgraded shares of Fortive from a hold rating to a buy rating in a research note on Friday, December 1st. Finally, ValuEngine cut shares of Fortive from a buy rating to a hold rating in a research note on Thursday, November 30th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus price target of $71.36.
Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.04. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Fortive had a net margin of 14.39% and a return on equity of 31.67%. Fortive’s revenue was up 7.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.65 EPS. analysts expect that Fortive will post 2.85 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, November 24th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.38%. The ex-dividend date was Wednesday, November 22nd. Fortive’s dividend payout ratio is currently 10.57%.
In other news, SVP Stacey A. Walker sold 4,775 shares of the stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $72.49, for a total value of $346,139.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James A. Lico sold 50,000 shares of the stock in a transaction that occurred on 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 owns 166,014 shares in the company, valued at approximately $12,142,263.96. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by corporate insiders.
Several large investors have recently modified their holdings of FTV. Steward Partners Investment Advisory LLC bought a new position in shares of Fortive in the 3rd quarter worth approximately $135,000. Westwood Holdings Group Inc. bought a new position in shares of Fortive in the 2nd quarter worth approximately $139,000. Sun Life Financial INC lifted its stake in shares of Fortive by 21,940.0% in the 2nd quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock worth $140,000 after purchasing an additional 2,194 shares during the period. Willingdon Wealth Management bought a new position in shares of Fortive in the 3rd quarter worth approximately $143,000. Finally, Captrust Financial Advisors bought a new position in shares of Fortive in the 2nd quarter worth approximately $147,000. Hedge funds and other institutional investors own 78.74% of the company’s stock.
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Fortive Company Profile
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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