Fortive Corporation (NYSE:FTV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $78.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 11.16% from the stock’s previous close.
According to Zacks, “Fortive Corporation 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 research firms also recently weighed in on FTV. Royal Bank Of Canada reaffirmed a “hold” rating and set a $66.00 price target on shares of Fortive Corporation in a research report on Friday, September 15th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Fortive Corporation in a research report on Tuesday, July 11th. Stifel Nicolaus reaffirmed a “hold” rating and set a $62.00 price target on shares of Fortive Corporation in a research report on Sunday, July 30th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $62.45.
Fortive Corporation (NYSE:FTV) opened at 70.17 on Tuesday. The company has a market cap of $24.36 billion, a price-to-earnings ratio of 27.64 and a beta of 0.27. The company’s 50-day moving average is $69.00 and its 200 day moving average is $69.00. Fortive Corporation has a 12 month low of $46.81 and a 12 month high of $70.66.
Fortive Corporation (NYSE:FTV) last released its quarterly earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the firm posted $0.64 EPS. The business’s revenue was up 4.7% on a year-over-year basis. Equities analysts forecast that Fortive Corporation will post $2.79 earnings per share for the current fiscal year.
In other Fortive Corporation news, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $66.09, for a total transaction of $433,880.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.10% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. Jacobi Capital Management LLC increased its position in Fortive Corporation by 25.5% during the 1st quarter. Jacobi Capital Management LLC now owns 1,724 shares of the technology company’s stock worth $104,000 after buying an additional 350 shares during the period. BDO Wealth Advisors LLC bought a new position in Fortive Corporation during the 2nd quarter worth $128,000. Westwood Holdings Group Inc. bought a new position in Fortive Corporation during the 2nd quarter worth $139,000. Sun Life Financial INC increased its position in Fortive Corporation by 21,940.0% during the 2nd quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock worth $140,000 after buying an additional 2,194 shares during the period. Finally, CENTRAL TRUST Co increased its position in Fortive Corporation by 1.0% during the 2nd quarter. CENTRAL TRUST Co now owns 2,313 shares of the technology company’s stock worth $147,000 after buying an additional 23 shares during the period. Hedge funds and other institutional investors own 78.59% of the company’s stock.
Fortive Corporation 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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