Zacks Investment Research cut shares of Fortive (NYSE:FTV) from a buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “Fortive is benefiting from its strength in developed markets and automation businesses in North America. We, believe strategic acquisitions will continue to drive top-line growth. Ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation are the positives. We note that acquisition 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. Further, in the past 12 months, the stock has underperformed the industry it belongs to.”
Several other research firms have also commented on FTV. ValuEngine upgraded shares of Fortive from a hold rating to a buy rating in a research report on Monday, April 2nd. Barclays started coverage on shares of Fortive in a research report on Thursday, February 15th. They set an overweight rating and a $86.00 price objective for the company. BMO Capital Markets lowered their price objective on shares of Fortive from $88.00 to $87.00 and set an outperform rating for the company in a research report on Friday, February 9th. Citigroup increased their price objective on shares of Fortive from $76.00 to $79.00 and gave the company a neutral rating in a research report on Friday, February 9th. Finally, JPMorgan Chase lowered shares of Fortive from an overweight rating to a neutral rating and set a $84.00 price objective for the company. in a research report on Friday, March 9th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $77.50.
Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, February 8th. The technology company reported $0.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.78 by $0.04. Fortive had a net margin of 15.69% and a return on equity of 30.54%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the business earned $0.68 earnings per share. Fortive’s quarterly revenue was up 11.0% compared to the same quarter last year. research analysts anticipate that Fortive will post 3.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Stockholders of record on Friday, May 25th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, May 24th. This represents a $0.28 annualized dividend and a dividend yield of 0.37%. Fortive’s dividend payout ratio (DPR) is presently 9.69%.
Several institutional investors have recently added to or reduced their stakes in the company. Ashfield Capital Partners LLC lifted its holdings in shares of Fortive by 3.8% in the 4th quarter. Ashfield Capital Partners LLC now owns 18,760 shares of the technology company’s stock worth $1,357,000 after acquiring an additional 685 shares during the last quarter. Lombard Odier Asset Management Switzerland SA lifted its holdings in shares of Fortive by 2.2% in the 4th quarter. Lombard Odier Asset Management Switzerland SA now owns 36,741 shares of the technology company’s stock worth $2,658,000 after acquiring an additional 774 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in shares of Fortive by 0.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 113,914 shares of the technology company’s stock worth $8,242,000 after acquiring an additional 797 shares during the last quarter. Boston Family Office LLC lifted its holdings in shares of Fortive by 4.7% in the 4th quarter. Boston Family Office LLC now owns 18,522 shares of the technology company’s stock worth $1,340,000 after acquiring an additional 830 shares during the last quarter. Finally, Notis McConarty Edward lifted its holdings in shares of Fortive by 6.4% in the 4th quarter. Notis McConarty Edward now owns 13,792 shares of the technology company’s stock worth $998,000 after acquiring an additional 833 shares during the last quarter. Hedge funds and other institutional investors own 81.33% of the company’s stock.
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Fortive Company Profile
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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