Fortive Corporation (NYSE:FTV) issued its earnings results on Thursday. The technology company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02, Bloomberg Earnings reports. Fortive Corporation had a return on equity of 34.27% and a net margin of 14.02%. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the previous year, the company posted $0.64 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. Fortive Corporation updated its Q3 guidance to $0.69-$0.73 EPS and its FY17 guidance to $2.72-$2.80 EPS.
Fortive Corporation (NYSE FTV) traded up 3.02% during trading on Friday, hitting $64.47. The company had a trading volume of 2,210,705 shares. Fortive Corporation has a one year low of $46.81 and a one year high of $65.21. The stock has a market capitalization of $22.34 billion and a PE ratio of 25.29. The stock has a 50-day moving average of $63.70 and a 200-day moving average of $60.42.
FTV has been the topic of a number of recent research reports. Morgan Stanley downgraded Fortive Corporation from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $61.00 to $65.00 in a research note on Tuesday, May 2nd. They noted that the move was a valuation call. Zacks Investment Research upgraded Fortive Corporation from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a research note on Wednesday, April 12th. Cowen and Company upped their price target on Fortive Corporation from $46.00 to $52.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 19th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fortive Corporation in a research note on Monday, May 22nd. Finally, Barclays PLC set a $66.00 price target on Fortive Corporation and gave the stock a “buy” rating in a research note on Sunday, April 30th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $60.64.
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In related news, insider James A. Lico sold 131,994 shares of Fortive Corporation stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $62.34, for a total transaction of $8,228,505.96. Following the completion of the transaction, the insider now owns 191,101 shares in the company, valued at $11,913,236.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Emily A. Weaver sold 3,749 shares of Fortive Corporation stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total value of $233,450.23. The disclosure for this sale can be found here. Insiders have sold 147,385 shares of company stock valued at $9,187,369 in the last quarter. 12.10% of the stock is currently owned by corporate insiders.
Institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC raised its stake in shares of Fortive Corporation by 0.4% in the first quarter. Quadrant Capital Group LLC now owns 1,991 shares of the technology company’s stock worth $112,000 after buying an additional 7 shares during the period. CENTRAL TRUST Co raised its stake in shares of Fortive Corporation by 1.0% in the second quarter. CENTRAL TRUST Co now owns 2,313 shares of the technology company’s stock worth $147,000 after buying an additional 23 shares during the period. Advisor Partners LLC raised its stake in shares of Fortive Corporation by 0.7% in the first quarter. Advisor Partners LLC now owns 7,150 shares of the technology company’s stock worth $431,000 after buying an additional 51 shares during the period. Atria Investments LLC raised its stake in shares of Fortive Corporation by 1.4% in the second quarter. Atria Investments LLC now owns 4,570 shares of the technology company’s stock worth $289,000 after buying an additional 61 shares during the period. Finally, ING Groep NV raised its stake in shares of Fortive Corporation by 0.6% in the second quarter. ING Groep NV now owns 15,448 shares of the technology company’s stock worth $979,000 after buying an additional 89 shares during the period. Institutional investors and hedge funds own 79.16% of the company’s stock.
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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