Fortive Corporation (FTV) Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Fortive Corporation (NYSE:FTV) from a buy rating to a hold rating in a research note issued to investors on Friday morning.
According to Zacks, “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.”
Several other research analysts have also recently issued reports on FTV. Morgan Stanley reiterated an equal weight rating on shares of Fortive Corporation in a research report on Tuesday, July 11th. Royal Bank Of Canada reiterated a sector perform rating and issued a $66.00 price objective (up previously from $65.00) on shares of Fortive Corporation in a research report on Sunday, July 30th. Finally, Stifel Nicolaus reiterated a hold rating and issued a $62.00 price objective on shares of Fortive Corporation in a research report on Sunday, July 30th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $62.45.
Shares of Fortive Corporation (NYSE:FTV) traded up 0.14% during midday trading on Friday, reaching $70.03. 2,310,260 shares of the company traded hands. The stock’s 50-day moving average is $69.00 and its 200-day moving average is $69.00. The stock has a market capitalization of $24.31 billion, a P/E ratio of 27.58 and a beta of 0.27. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $70.53.
Fortive Corporation (NYSE:FTV) last issued its quarterly earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.02. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.61 billion. During the same period last year, the company earned $0.64 earnings per share. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts predict that Fortive Corporation will post $2.79 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be given a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.40%. The ex-dividend date is Wednesday, August 23rd. Fortive Corporation’s dividend payout ratio is currently 11.02%.
In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $66.09, for a total value of $433,880.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 12.10% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. CENTRAL TRUST Co increased its position in shares of Fortive Corporation by 1.0% in the second quarter. CENTRAL TRUST Co now owns 2,313 shares of the technology company’s stock valued at $147,000 after buying an additional 23 shares in the last quarter. Mirador Capital Partners LP increased its position in shares of Fortive Corporation by 0.4% in the second quarter. Mirador Capital Partners LP now owns 6,013 shares of the technology company’s stock valued at $404,000 after buying an additional 26 shares in the last quarter. North Star Asset Management Inc. increased its position in shares of Fortive Corporation by 0.4% in the second quarter. North Star Asset Management Inc. now owns 7,701 shares of the technology company’s stock valued at $488,000 after buying an additional 32 shares in the last quarter. Atria Investments LLC increased its position in shares of Fortive Corporation by 1.4% in the second quarter. Atria Investments LLC now owns 4,570 shares of the technology company’s stock valued at $289,000 after buying an additional 61 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in shares of Fortive Corporation by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,402 shares of the technology company’s stock valued at $1,419,000 after buying an additional 72 shares in the last quarter. Institutional investors and hedge funds own 78.59% of the company’s stock.
About Fortive Corporation
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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