Zacks Investment Research lowered shares of Fortive (NYSE:FTV) from a buy rating to a hold rating in a research note released on Tuesday morning.
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.”
Other equities research analysts have also recently issued reports about the stock. SunTrust Banks reiterated a buy rating and set a $81.00 price target on shares of Fortive in a research report on Friday, October 27th. Argus upgraded shares of Fortive from a hold rating to a buy rating in a research report on Friday, December 1st. Morgan Stanley reiterated an equal weight rating and set a $72.00 price target (up from $71.00) on shares of Fortive in a research report on Monday, October 2nd. Royal Bank of Canada reiterated a hold rating and set a $79.00 price target on shares of Fortive in a research report on Thursday, January 4th. Finally, ValuEngine cut shares of Fortive from a buy rating to a hold rating in a research report on Thursday, November 30th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $71.45.
Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. Fortive had a net margin of 14.39% and a return on equity of 31.67%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the business earned $0.65 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. equities analysts forecast that Fortive will post 2.85 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Friday, November 24th were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend was Wednesday, November 22nd. Fortive’s dividend payout ratio (DPR) is currently 10.57%.
In related news, SVP Stacey A. Walker sold 4,775 shares of Fortive 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 Securities & Exchange Commission, which is available at the SEC website. Also, insider James A. Lico sold 50,000 shares of Fortive stock in a transaction that occurred on Tuesday, November 7th. The shares were 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 of the company’s stock, valued at approximately $12,142,263.96. The disclosure for this sale can be found here. Insiders own 12.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in shares of Fortive by 3.1% in the second quarter. Vanguard Group Inc. now owns 20,614,201 shares of the technology company’s stock valued at $1,305,909,000 after purchasing an additional 620,784 shares in the last quarter. BlackRock Inc. grew its holdings in Fortive by 11.7% during the 2nd quarter. BlackRock Inc. now owns 18,488,658 shares of the technology company’s stock worth $1,171,255,000 after acquiring an additional 1,934,309 shares in the last quarter. Capital World Investors grew its holdings in Fortive by 37.9% during the 2nd quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after acquiring an additional 2,701,496 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in Fortive by 41.2% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 3,330,651 shares of the technology company’s stock worth $210,997,000 after acquiring an additional 971,997 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Fortive by 14.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,221,540 shares of the technology company’s stock worth $155,332,000 after acquiring an additional 273,003 shares in the last quarter. Hedge funds and other institutional investors own 78.75% 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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