Fortive Corp (NYSE:FTV) was the target of a large growth in short interest in the month of July. As of July 31st, there was short interest totalling 8,939,900 shares, a growth of 5.9% from the June 30th total of 8,445,400 shares. Approximately 3.1% of the company’s stock are short sold. Based on an average daily trading volume, of 1,670,000 shares, the days-to-cover ratio is presently 5.4 days.
FTV has been the subject of several research reports. Morgan Stanley cut Fortive from an “overweight” rating to an “equal weight” rating and set a $83.48 target price for the company. in a report on Wednesday, May 8th. They noted that the move was a valuation call. Zacks Investment Research cut Fortive from a “buy” rating to a “hold” rating in a research note on Monday, May 20th. Gordon Haskett cut Fortive from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Raymond James set a $84.00 price objective on Fortive and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, BMO Capital Markets upped 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. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company’s stock. Fortive presently has a consensus rating of “Hold” and an average target price of $85.87.
In other Fortive news, VP Emily A. Weaver sold 519 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $80.98, for a total value of $42,028.62. Following the completion of the sale, the vice president now directly owns 8,627 shares in the company, valued at approximately $698,614.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Stacey A. Walker sold 34,446 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $70.70, for a total value of $2,435,332.20. Following the completion of the sale, the senior vice president now owns 20,015 shares of the company’s stock, valued at $1,415,060.50. The disclosure for this sale can be found here. 12.70% of the stock is currently owned by corporate insiders.
Shares of NYSE FTV traded up $0.03 during mid-day trading on Thursday, reaching $67.33. 1,353,300 shares of the company were exchanged, compared to its average volume of 1,543,966. The company has a quick ratio of 0.98, a current ratio of 1.23 and a debt-to-equity ratio of 0.76. The stock has a market cap of $23.17 billion, a price-to-earnings ratio of 22.00, a P/E/G ratio of 2.03 and a beta of 1.19. Fortive has a 1 year low of $62.89 and a 1 year high of $89.48. The firm has a 50-day moving average of $77.41 and a 200 day moving average of $80.59.
Fortive (NYSE:FTV) last issued its quarterly earnings data on Thursday, July 25th. The technology company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.01. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Fortive had a return on equity of 18.43% and a net margin of 38.22%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.91 EPS. On average, equities analysts forecast that Fortive will post 3.53 earnings per share for the current year.
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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