Fortive (FTV) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Fortive (NYSE:FTV) from a hold rating to a buy rating in a report issued on Thursday, Zacks.com reports. They currently have $91.00 price target on the technology company’s stock.

According to Zacks, “Fortive reported mixed first-quarter results with earnings surpassing the Zacks Consensus Estimate while revenues missing the same. Nevertheless, the company witnessed robust growth across sensing and transportation technologies. Further, well-performing Professional Instrumentation and Industrial Technologies segments drove the top-line growth. Also, Fortive's strong product pipelines and increasing buyouts should continue to improve its market share. Further, robust Gilbarco Veeder-Root and Jacobs Vehicle Systems remain positive for its position in North America and China. However, Fortive faces some near-term headwinds in the Professional Instrumentation segment. Also, fluctuations in foreign exchange rates and higher expenses pose a serious risk. Moreover, end market cyclicality poses a serious threat to the company’s top-line growth. Notably, shares of Fortive have underperformed the industry it belongs to over a year.”

A number of other analysts also recently commented on the company. BMO Capital Markets boosted their price objective on Fortive from $96.00 to $99.00 and gave the stock an outperform rating in a research note on Friday, April 26th. Argus reissued a buy rating on shares of Fortive in a research note on Tuesday, April 30th. William Blair reissued a market perform rating on shares of Fortive in a research note on Tuesday, February 12th. TheStreet raised Fortive from a c rating to a b- rating in a research note on Wednesday, January 30th. Finally, ValuEngine raised Fortive from a hold rating to a buy rating in a research note on Saturday, April 13th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $87.77.

Shares of FTV stock opened at $80.52 on Thursday. The company has a quick ratio of 1.97, a current ratio of 2.20 and a debt-to-equity ratio of 0.69. Fortive has a 1 year low of $62.89 and a 1 year high of $89.48. The firm has a market cap of $26.98 billion, a price-to-earnings ratio of 26.31, a price-to-earnings-growth ratio of 1.72 and a beta of 1.13.

Fortive (NYSE:FTV) last posted its quarterly earnings data on Thursday, April 25th. The technology company reported $0.69 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.69. Fortive had a return on equity of 19.44% and a net margin of 39.98%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same quarter in the previous year, the business earned $0.78 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. Equities analysts expect that Fortive will post 3.6 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, May 31st will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Thursday, May 30th. Fortive’s dividend payout ratio (DPR) is presently 9.15%.

In other news, insider William W. Pringle sold 435 shares of the business’s stock in a transaction on Wednesday, February 20th. The stock was sold at an average price of $80.66, for a total transaction of $35,087.10. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Stacey A. Walker sold 1,783 shares of the business’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $81.87, for a total value of $145,974.21. Following the sale, the senior vice president now directly owns 16,036 shares in the company, valued at $1,312,867.32. The disclosure for this sale can be found here. Insiders have sold 38,600 shares of company stock worth $3,206,581 over the last ninety days. 12.70% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in FTV. FNY Investment Advisers LLC purchased a new position in shares of Fortive during the first quarter valued at $25,000. Glassman Wealth Services grew its holdings in shares of Fortive by 158.8% during the first quarter. Glassman Wealth Services now owns 308 shares of the technology company’s stock valued at $26,000 after buying an additional 189 shares in the last quarter. Baystate Wealth Management LLC grew its holdings in shares of Fortive by 837.8% during the fourth quarter. Baystate Wealth Management LLC now owns 347 shares of the technology company’s stock valued at $25,000 after buying an additional 310 shares in the last quarter. Baldwin Brothers Inc. MA purchased a new position in shares of Fortive during the first quarter valued at $29,000. Finally, Pinnacle Bank purchased a new position in shares of Fortive during the fourth quarter valued at $27,000. 84.70% of the stock is currently owned by institutional investors.

About Fortive

Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and software, data analytics, and services for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

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