Fortive Corp. (FTV) Downgraded by Zacks Investment Research to Sell
Fortive Corp. (NYSE:FTV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Fortive Corporation is an industrial growth company. Its segment comprised of Professional Instrumentation and Industrial Technologies. Professional Instrumentation segment consists of instrumentation and solutions, sensing technologies businesses. Industrial Technologies segment consists of transportation technologies, automation and specialty components and franchise distribution businesses. Fortive Corporation is based in WA, United States. “
A number of other analysts have also weighed in on the stock. Citigroup Inc. initiated coverage on shares of Fortive Corp. in a report on Tuesday, July 5th. They issued a “neutral” rating for the company. Cowen and Company started coverage on shares of Fortive Corp. in a report on Friday, July 1st. They issued a “market perform” rating and a $46.00 price target for the company. Bank of America Corp. started coverage on shares of Fortive Corp. in a report on Tuesday, July 26th. They set a “buy” rating and a $55.00 target price for the company. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $57.00 target price on shares of Fortive Corp. in a report on Thursday, July 7th. Finally, Morgan Stanley started coverage on shares of Fortive Corp. in a report on Tuesday, July 5th. They set an “overweight” rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $52.60.
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Fortive Corp. (NYSE:FTV) traded down 1.52% during mid-day trading on Wednesday, hitting $49.93. The stock had a trading volume of 1,055,658 shares. The company has a 50-day moving average price of $51.39 and a 200 day moving average price of $50.88. Fortive Corp. has a 1-year low of $46.29 and a 1-year high of $54.34. The company has a market cap of $17.25 billion and a P/E ratio of 20.19.
Fortive Corp. (NYSE:FTV) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.07. The company earned $1.56 million during the quarter, compared to analyst estimates of $1.56 million. The business’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the business earned $0.66 EPS. Equities research analysts forecast that Fortive Corp. will post $2.43 EPS for the current fiscal year.
The firm also recently declared a special dividend, which was paid on Friday, September 30th. Shareholders of record on Friday, August 26th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Wednesday, August 24th.
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