Fortive (NYSE:FTV) Upgraded by Zacks Research to “Hold” Rating

Fortive (NYSE:FTV) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts also recently issued reports on the company. Mizuho cut their price objective on Fortive from $85.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, July 16th. Wall Street Zen upgraded Fortive to a “hold” rating in a research report on Friday, September 5th. Royal Bank Of Canada cut their price objective on Fortive from $58.00 to $56.00 and set a “sector perform” rating for the company in a research report on Thursday, July 31st. Raymond James Financial cut their price objective on Fortive from $90.00 to $65.00 and set an “outperform” rating for the company in a research report on Tuesday, July 1st. Finally, Truist Financial reaffirmed a “hold” rating and set a $55.00 price target (down previously from $60.00) on shares of Fortive in a research note on Thursday, July 31st. Four research analysts have rated the stock with a Buy rating and fourteen have given a Hold rating to the company. According to data from MarketBeat, Fortive has a consensus rating of “Hold” and an average target price of $62.79.

Fortive Trading Up 0.5%

Shares of FTV opened at $48.81 on Monday. The stock has a fifty day moving average price of $49.02 and a two-hundred day moving average price of $62.32. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.82 and a current ratio of 0.98. Fortive has a 52-week low of $46.34 and a 52-week high of $83.32. The company has a market cap of $16.51 billion, a price-to-earnings ratio of 21.99, a PEG ratio of 3.08 and a beta of 1.10.

Fortive (NYSE:FTV) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). Fortive had a net margin of 13.62% and a return on equity of 11.96%. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same quarter in the previous year, the firm posted $0.93 EPS. The company’s revenue for the quarter was down .4% compared to the same quarter last year. Fortive has set its FY 2025 guidance at 2.500-2.600 EPS. Analysts predict that Fortive will post 4.05 EPS for the current fiscal year.

Fortive announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that permits the company to repurchase 15,630,000 outstanding shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Fortive

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Osaic Holdings Inc. raised its position in Fortive by 467.7% in the 2nd quarter. Osaic Holdings Inc. now owns 100,248 shares of the technology company’s stock valued at $5,226,000 after buying an additional 82,589 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Fortive by 9.5% in the second quarter. Thrivent Financial for Lutherans now owns 146,629 shares of the technology company’s stock valued at $7,644,000 after purchasing an additional 12,680 shares in the last quarter. Kentucky Retirement Systems increased its position in shares of Fortive by 1.8% during the 2nd quarter. Kentucky Retirement Systems now owns 24,097 shares of the technology company’s stock worth $1,256,000 after purchasing an additional 421 shares during the last quarter. Advisory Services Network LLC acquired a new position in shares of Fortive during the 2nd quarter worth approximately $447,000. Finally, Caxton Associates LLP increased its position in shares of Fortive by 19.9% during the 2nd quarter. Caxton Associates LLP now owns 33,446 shares of the technology company’s stock worth $1,744,000 after purchasing an additional 5,546 shares during the last quarter. Institutional investors and hedge funds own 94.94% of the company’s stock.

Fortive Company Profile

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.