Fortive (NYSE:FTV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $83.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.05% from the company’s previous close.
According to Zacks, “Fortive Corporation is currently benefiting from strength in developed markets, improved performance by Tektronix and automation businesses in North America. Ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation are the positives. We note that acquisitions 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. In the past 12 months, the stock has underperformed the industry it belongs to.”
FTV has been the subject of a number of other research reports. BMO Capital Markets started coverage on shares of Fortive in a research report on Wednesday, November 15th. They set an “outperform” rating and a $82.00 price objective for the company. Royal Bank of Canada reissued a “hold” rating and set a $79.00 price objective on shares of Fortive in a research report on Thursday, January 4th. Citigroup reissued a “neutral” rating and set a $72.00 price objective (up previously from $65.00) on shares of Fortive in a research report on Monday, October 9th. SunTrust Banks reissued a “buy” rating and set a $81.00 price objective on shares of Fortive in a research report on Friday, October 27th. Finally, Argus raised shares of Fortive from a “hold” rating to a “buy” rating in a research report on Friday, December 1st. Eight analysts have rated the stock with a hold rating and six have given a buy rating to the company. Fortive currently has a consensus rating of “Hold” and a consensus price target of $72.70.
Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. Fortive had a net margin of 14.39% and a return on equity of 31.67%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the previous year, the firm posted $0.65 EPS. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. sell-side analysts expect that Fortive will post 2.85 earnings per share for the current fiscal year.
In related news, SVP Stacey A. Walker sold 4,775 shares of Fortive stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $72.49, for a total transaction of $346,139.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider James A. Lico sold 50,000 shares of Fortive stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the transaction, the insider now owns 166,014 shares in the company, valued at approximately $12,142,263.96. The disclosure for this sale can be found here. 12.10% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. lifted its stake in Fortive by 4.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 1,062,217 shares of the technology company’s stock worth $76,852,000 after purchasing an additional 45,602 shares in the last quarter. Creative Planning lifted its stake in Fortive by 11.1% in the 4th quarter. Creative Planning now owns 9,366 shares of the technology company’s stock worth $678,000 after purchasing an additional 934 shares in the last quarter. National Pension Service lifted its stake in Fortive by 2.8% in the 4th quarter. National Pension Service now owns 342,352 shares of the technology company’s stock worth $24,769,000 after purchasing an additional 9,436 shares in the last quarter. Bank of Montreal Can lifted its stake in Fortive by 17.9% in the 4th quarter. Bank of Montreal Can now owns 279,777 shares of the technology company’s stock worth $20,242,000 after purchasing an additional 42,444 shares in the last quarter. Finally, Whalerock Point Partners LLC purchased a new stake in Fortive in the 4th quarter worth $217,000. Institutional investors and hedge funds own 78.80% of the company’s stock.
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Fortive 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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