Fortive Corporation (FTV) Receives “Hold” Rating from Royal Bank Of Canada
Fortive Corporation (NYSE:FTV)‘s stock had its “hold” rating reaffirmed by Royal Bank Of Canada in a report released on Friday. They presently have a $66.00 target price on the technology company’s stock. Royal Bank Of Canada’s target price indicates a potential downside of 4.84% from the company’s previous close.
Other equities research analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 target price on the stock in a research note on Monday, July 24th. Morgan Stanley restated an “equal weight” rating on shares of Fortive Corporation in a research note on Tuesday, July 11th. Stifel Nicolaus restated a “hold” rating and issued a $62.00 target price on shares of Fortive Corporation in a research note on Sunday, July 30th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Fortive Corporation in a research note on Monday, May 22nd. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Fortive Corporation presently has a consensus rating of “Hold” and a consensus price target of $61.82.
Shares of Fortive Corporation (NYSE:FTV) traded up 0.25% during trading on Friday, hitting $69.36. The company’s stock had a trading volume of 2,711,691 shares. The company has a market cap of $24.07 billion, a PE ratio of 27.32 and a beta of 0.27. Fortive Corporation has a 52 week low of $46.81 and a 52 week high of $70.21. The firm’s 50 day moving average price is $68.32 and its 200-day moving average price is $62.76.
Fortive Corporation (NYSE:FTV) last issued its earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.64 EPS. On average, analysts predict that Fortive Corporation will post $2.79 earnings per share for the current year.
In related news, CFO Charles E. Mclaughlin sold 6,565 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $66.09, for a total transaction of $433,880.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 12.10% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. FMR LLC grew its position in shares of Fortive Corporation by 2.7% during the 1st quarter. FMR LLC now owns 21,506,167 shares of the technology company’s stock valued at $1,295,101,000 after buying an additional 574,042 shares during the last quarter. Vanguard Group Inc. grew its position in Fortive Corporation by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 20,614,201 shares of the technology company’s stock worth $1,305,909,000 after purchasing an additional 620,784 shares during the last quarter. BlackRock Inc. grew its position in Fortive Corporation by 11.7% in the 2nd quarter. BlackRock Inc. now owns 18,488,658 shares of the technology company’s stock worth $1,171,255,000 after purchasing an additional 1,934,309 shares during the last quarter. State Street Corp grew its position in Fortive Corporation by 1.4% in the 1st quarter. State Street Corp now owns 12,557,670 shares of the technology company’s stock worth $756,215,000 after purchasing an additional 174,619 shares during the last quarter. Finally, Capital World Investors grew its position in Fortive Corporation by 37.9% in the 2nd quarter. Capital World Investors now owns 9,834,197 shares of the technology company’s stock worth $622,996,000 after purchasing an additional 2,701,496 shares during the last quarter. 78.70% of the stock is owned by institutional investors and hedge funds.
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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