Fortive (FTV) Lifted to “Buy” at Zacks Investment Research

Fortive (NYSE:FTV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $83.00 price target on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.09% from the company’s current price.

According to Zacks, “Fortive’s fourth-quarter 2017 results are driven by strong revenues growth. Acquisitions contribute 5.9% to top-line growth. The company is benefiting from strength in developed markets 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.”

A number of other brokerages also recently weighed in on FTV. BMO Capital Markets lowered their price target on Fortive from $88.00 to $87.00 and set an “outperform” rating on the stock in a research report on Friday, February 9th. SunTrust Banks reaffirmed a “buy” rating and issued a $81.00 target price on shares of Fortive in a research report on Friday, October 27th. Citigroup upped their target price on Fortive from $76.00 to $79.00 and gave the company a “neutral” rating in a research report on Friday, February 9th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $79.00 target price on shares of Fortive in a research report on Thursday, January 4th. Finally, JPMorgan Chase & Co. upped their target price on Fortive from $82.00 to $84.00 and gave the company an “overweight” rating in a research report on Monday. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $75.50.

Shares of Fortive (NYSE:FTV) traded down $0.09 during midday trading on Wednesday, reaching $74.05. The company’s stock had a trading volume of 687,779 shares, compared to its average volume of 1,717,324. The firm has a market capitalization of $25,841.54, a P/E ratio of 25.00, a PEG ratio of 2.08 and a beta of 0.51. The company has a current ratio of 1.83, a quick ratio of 1.47 and a debt-to-equity ratio of 1.07. Fortive has a 1 year low of $56.73 and a 1 year high of $76.68.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, February 8th. The technology company reported $0.82 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.04. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.77 billion. Fortive had a return on equity of 30.54% and a net margin of 15.69%. The business’s revenue was up 11.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.68 earnings per share. equities analysts forecast that Fortive will post 3.42 EPS for the current fiscal year.

Several institutional investors have recently bought and sold shares of FTV. APG Asset Management N.V. grew its position in shares of Fortive by 49.7% in the third quarter. APG Asset Management N.V. now owns 2,182,268 shares of the technology company’s stock valued at $154,483,000 after purchasing an additional 724,400 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Fortive by 202.2% in the fourth quarter. Renaissance Technologies LLC now owns 869,000 shares of the technology company’s stock valued at $62,872,000 after buying an additional 581,400 shares during the period. Sumitomo Mitsui Asset Management Company LTD boosted its stake in shares of Fortive by 1,737.6% in the third quarter. Sumitomo Mitsui Asset Management Company LTD now owns 455,129 shares of the technology company’s stock valued at $32,218,000 after buying an additional 430,362 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Fortive by 106.3% in the third quarter. Janus Henderson Group PLC now owns 821,560 shares of the technology company’s stock valued at $58,157,000 after buying an additional 423,247 shares during the period. Finally, Schroder Investment Management Group boosted its stake in shares of Fortive by 39.4% in the fourth quarter. Schroder Investment Management Group now owns 1,364,280 shares of the technology company’s stock valued at $98,706,000 after buying an additional 385,630 shares during the period. 78.59% of the stock is currently owned by institutional investors.

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About Fortive

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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