Zacks Investment Research downgraded shares of Fortive (NYSE:FTV) from a buy rating to a hold rating in a research note issued to investors on Tuesday.
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.”
Several other analysts have also recently issued reports on the company. Royal Bank of Canada reiterated a hold rating and set a $79.00 target price on shares of Fortive in a research report on Thursday, January 4th. Argus upgraded Fortive from a hold rating to a buy rating in a research report on Friday, December 1st. ValuEngine cut Fortive from a buy rating to a hold rating in a research report on Thursday, November 30th. BMO Capital Markets began coverage on Fortive in a research report on Wednesday, November 15th. They set an outperform rating and a $82.00 target price for the company. Finally, SunTrust Banks reiterated a buy rating and set a $81.00 target price on shares of Fortive in a research report on Friday, October 27th. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $72.70.
Fortive (NYSE:FTV) last released its earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.04. Fortive had a return on equity of 31.67% and a net margin of 14.39%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the business posted $0.65 earnings per share. The firm’s revenue was up 7.4% on a year-over-year basis. research analysts predict that Fortive will post 2.85 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, November 24th were issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Wednesday, November 22nd. Fortive’s dividend payout ratio is presently 10.57%.
In other news, SVP Stacey A. Walker sold 4,775 shares of the firm’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $72.49, for a total value of $346,139.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James A. Lico sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $73.14, for a total value of $3,657,000.00. Following the completion of the sale, the insider now directly owns 166,014 shares of the company’s stock, valued at $12,142,263.96. The disclosure for this sale can be found here. Company insiders own 12.10% of the company’s stock.
Large investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC bought a new stake in shares of Fortive in the 3rd quarter valued at approximately $135,000. Westwood Holdings Group Inc. bought a new stake in shares of Fortive in the 2nd quarter valued at approximately $139,000. Sun Life Financial INC lifted its stake in shares of Fortive by 21,940.0% in the 2nd quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock valued at $140,000 after purchasing an additional 2,194 shares during the last quarter. Willingdon Wealth Management bought a new stake in shares of Fortive in the 3rd quarter valued at approximately $143,000. Finally, BB&T Investment Services Inc. bought a new stake in shares of Fortive in the 2nd quarter valued at approximately $157,000. 78.80% of the stock is owned by institutional investors and hedge funds.
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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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