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.”
Several other equities analysts have also commented on FTV. Morgan Stanley lowered shares of Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 target price on the stock. in a report on Wednesday, May 8th. They noted that the move was a valuation call. Berenberg Bank initiated coverage on shares of Fortive in a research report on Wednesday, May 15th. They set a “buy” rating and a $96.00 target price on the stock. Barclays lifted their target price on shares of Fortive from $81.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 3rd. ValuEngine upgraded shares of Fortive from a “hold” rating to a “buy” rating in a research report on Saturday, April 13th. Finally, TheStreet upgraded shares of Fortive from a “c” rating to a “b-” rating in a research report on Wednesday, January 30th. Seven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $87.77.
Fortive (NYSE:FTV) last released its earnings results on Thursday, April 25th. The technology company reported $0.69 EPS for the quarter, meeting the consensus estimate of $0.69. Fortive had a net margin of 39.98% and a return on equity of 19.44%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period last year, the firm earned $0.78 EPS. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. Equities research analysts forecast that Fortive will post 3.6 earnings per share for the current fiscal year.
In other news, SVP Stacey A. Walker sold 1,783 shares of the business’s stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $81.87, for a total value of $145,974.21. Following the transaction, the senior vice president now owns 16,036 shares in the company, valued at approximately $1,312,867.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Martin Gafinowitz sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $81.74, for a total transaction of $1,634,800.00. Following the completion of the transaction, the insider now owns 91,688 shares in the company, valued at approximately $7,494,577.12. The disclosure for this sale can be found here. Insiders sold a total of 38,684 shares of company stock worth $3,213,523 in the last 90 days. Corporate insiders own 12.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. ZWJ Investment Counsel Inc. increased its stake in Fortive by 3.8% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 312,202 shares of the technology company’s stock valued at $26,191,000 after purchasing an additional 11,504 shares in the last quarter. EP Wealth Advisors LLC bought a new stake in Fortive during the 1st quarter valued at $217,000. Sandbar Asset Management LLP increased its stake in Fortive by 1,222.7% during the 1st quarter. Sandbar Asset Management LLP now owns 32,406 shares of the technology company’s stock valued at $2,719,000 after purchasing an additional 29,956 shares in the last quarter. BlueMountain Capital Management LLC bought a new stake in Fortive during the 1st quarter valued at $4,635,000. Finally, CWM Advisors LLC bought a new stake in Fortive during the 1st quarter valued at $406,000. Institutional investors own 84.70% of the company’s stock.
Fortive Company Profile
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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