Fortive Corporation (NYSE:FTV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage presently has a $78.00 price target on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.94% from the company’s current price.
According to Zacks, “Fortive Corporation Fortive Corporation is a leading supplier and manufacturer of industrial products. Its second quarter 2017 earnings were above the Zacks Consensus Estimate. The high-single digit core growth in the company’s Transportation Technologies platform, ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation remain the positives. However, end market cyclicality, integration issues and uncertainties in the international markets pose concerns. Year to date, the stock has underperformed the industry it belongs to.”
FTV has been the subject of several other reports. Royal Bank Of Canada restated a “hold” rating and set a $66.00 price objective on shares of Fortive Corporation in a research report on Friday. Stifel Nicolaus reiterated a “hold” rating and issued a $62.00 price target on shares of Fortive Corporation in a research report on Sunday, July 30th. Morgan Stanley reiterated an “equal weight” rating on shares of Fortive Corporation in a research report on Tuesday, July 11th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Fortive Corporation has a consensus rating of “Buy” and an average target price of $62.45.
Fortive Corporation (NYSE FTV) opened at 70.36 on Tuesday. The company’s 50-day moving average price is $68.82 and its 200 day moving average price is $67.38. Fortive Corporation has a 52 week low of $46.81 and a 52 week high of $70.48. The company has a market capitalization of $24.42 billion, a price-to-earnings ratio of 27.71 and a beta of 0.27.
Fortive Corporation (NYSE:FTV) last issued its quarterly earnings data on Thursday, July 27th. The technology company reported $0.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. Fortive Corporation had a net margin of 14.02% and a return on equity of 32.88%. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same period last year, the business posted $0.64 earnings per share. On average, analysts predict that Fortive Corporation will post $2.79 EPS for the current year.
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In other news, CFO Charles E. Mclaughlin sold 6,565 shares of Fortive Corporation stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $66.09, for a total value of $433,880.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.10% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hutchens Investment Management Inc increased its stake in Fortive Corporation by 132.6% in the first quarter. Hutchens Investment Management Inc now owns 30,397 shares of the technology company’s stock valued at $1,830,000 after acquiring an additional 17,331 shares during the last quarter. Swiss National Bank increased its stake in Fortive Corporation by 3.2% in the second quarter. Swiss National Bank now owns 1,137,872 shares of the technology company’s stock valued at $72,084,000 after acquiring an additional 35,300 shares during the last quarter. Hikari Power Ltd increased its stake in Fortive Corporation by 34.7% in the second quarter. Hikari Power Ltd now owns 141,700 shares of the technology company’s stock valued at $8,977,000 after acquiring an additional 36,500 shares during the last quarter. Synovus Financial Corp increased its stake in Fortive Corporation by 23.9% in the second quarter. Synovus Financial Corp now owns 29,587 shares of the technology company’s stock valued at $1,872,000 after acquiring an additional 5,715 shares during the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its stake in Fortive Corporation by 76.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 60,850 shares of the technology company’s stock valued at $3,664,000 after acquiring an additional 26,311 shares during the last quarter. Institutional investors own 78.59% 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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