Equities analysts expect Fortive Corp (NYSE:FTV) to report $1.62 billion in sales for the current quarter, according to Zacks. Eight analysts have made estimates for Fortive Corp’s earnings. The lowest sales estimate is $1.61 billion and the highest is $1.66 billion. Fortive Corp reported sales of $1.56 billion in the same quarter last year, which would suggest a positive year over year growth rate of 3.8%. The firm is scheduled to issue its next quarterly earnings results on Tuesday, August 1st.
According to Zacks, analysts expect that Fortive Corp will report full-year sales of $1.62 billion for the current year, with estimates ranging from $6.38 billion to $6.57 billion. For the next year, analysts expect that the firm will post sales of $6.69 billion per share, with estimates ranging from $6.52 billion to $6.88 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Fortive Corp.
Fortive Corp (NYSE:FTV) last posted its quarterly earnings data on Thursday, April 27th. The technology company reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.03. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the business earned $0.60 EPS. The firm’s quarterly revenue was up 4.1% on a year-over-year basis.
FTV has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised Fortive Corp from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $56.00 to $66.00 in a research report on Friday, March 24th. Zacks Investment Research raised Fortive Corp from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Wednesday, April 12th. Royal Bank of Canada initiated coverage on Fortive Corp in a research report on Thursday, March 23rd. They set a “sector perform” rating and a $63.00 price target on the stock. SunTrust Banks, Inc. raised Fortive Corp from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Wednesday, March 29th. Finally, Credit Suisse Group AG raised Fortive Corp from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $54.00 to $60.00 in a research report on Friday, January 13th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Fortive Corp has an average rating of “Hold” and an average target price of $59.14.
In other news, insider James A. Lico sold 131,994 shares of the stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $62.34, for a total transaction of $8,228,505.96. Following the sale, the insider now directly owns 191,101 shares of the company’s stock, valued at approximately $11,913,236.34. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.
Large investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in Fortive Corp during the fourth quarter valued at about $138,599,000. Prudential Financial Inc. raised its stake in Fortive Corp by 109.8% in the first quarter. Prudential Financial Inc. now owns 2,160,610 shares of the technology company’s stock valued at $130,112,000 after buying an additional 1,130,600 shares during the last quarter. William Blair Investment Management LLC raised its stake in Fortive Corp by 149.5% in the first quarter. William Blair Investment Management LLC now owns 1,880,734 shares of the technology company’s stock valued at $113,258,000 after buying an additional 1,126,991 shares during the last quarter. Luminus Management LLC purchased a new stake in Fortive Corp during the fourth quarter valued at about $58,943,000. Finally, First Eagle Investment Management LLC raised its stake in Fortive Corp by 25.5% in the first quarter. First Eagle Investment Management LLC now owns 4,718,316 shares of the technology company’s stock valued at $284,137,000 after buying an additional 957,431 shares during the last quarter. 77.18% of the stock is currently owned by institutional investors and hedge funds.
Fortive Corp (NYSE:FTV) traded down 0.21% on Thursday, reaching $62.57. The company had a trading volume of 1,048,468 shares. The company has a market capitalization of $21.69 billion and a P/E ratio of 24.55. Fortive Corp has a 52 week low of $43.00 and a 52 week high of $64.27. The stock’s 50-day moving average is $60.72 and its 200-day moving average is $56.38.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Friday, May 26th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 0.45%. The ex-dividend date is Wednesday, May 24th.
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About Fortive Corp
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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