Zacks Investment Research Lowers Fortive Corporation (FTV) to Hold
Zacks Investment Research cut shares of Fortive Corporation (NYSE:FTV) from a buy rating to a hold rating in a research report report published on Friday morning.
According to Zacks, “Fortive Corporation 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.”
FTV has been the topic of several other research reports. Morgan Stanley restated an equal weight rating on shares of Fortive Corporation in a research report on Tuesday, July 11th. Royal Bank Of Canada restated 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. Stifel Nicolaus restated a hold rating and issued a $62.00 price objective on shares of Fortive Corporation in a research report on Sunday, July 30th. Barclays PLC set a $66.00 price objective on Fortive Corporation and gave the stock a buy rating in a research report on Sunday, April 30th. Finally, Oppenheimer Holdings, Inc. restated a hold rating on shares of Fortive Corporation in a research report on Monday, May 22nd. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $61.82.
Fortive Corporation (NYSE:FTV) opened at 64.49 on Friday. The stock has a market capitalization of $22.38 billion, a PE ratio of 25.40 and a beta of 0.23. The firm has a 50-day moving average of $64.91 and a 200-day moving average of $61.96. Fortive Corporation has a 1-year low of $46.81 and a 1-year high of $67.48.
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 net margin of 14.02% and a return on equity of 32.88%. The company had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.61 billion. During the same quarter in the prior year, the company earned $0.64 EPS. Fortive Corporation’s quarterly revenue was up 4.7% on a year-over-year basis. Equities analysts expect that Fortive Corporation will post $2.79 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, August 25th will be given a dividend of $0.07 per share. The ex-dividend date is Wednesday, August 23rd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.43%. Fortive Corporation’s dividend payout ratio (DPR) is 11.02%.
In other news, VP Emily A. Weaver sold 3,749 shares of the stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $62.27, for a total transaction of $233,450.23. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Charles E. Mclaughlin sold 6,565 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $66.09, for a total value of $433,880.85. The disclosure for this sale can be found here. Company insiders own 12.10% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Hutchens Investment Management Inc raised its position in shares of Fortive Corporation by 132.6% in the first quarter. Hutchens Investment Management Inc now owns 30,397 shares of the technology company’s stock worth $1,830,000 after buying an additional 17,331 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Fortive Corporation by 93.9% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 50,600 shares of the technology company’s stock worth $3,050,000 after buying an additional 24,500 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in shares of Fortive Corporation by 76.2% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 60,850 shares of the technology company’s stock worth $3,664,000 after buying an additional 26,311 shares during the last quarter. Nationwide Fund Advisors raised its position in shares of Fortive Corporation by 2.3% in the first quarter. Nationwide Fund Advisors now owns 275,908 shares of the technology company’s stock worth $16,615,000 after buying an additional 6,319 shares during the last quarter. Finally, Ledyard National Bank raised its position in shares of Fortive Corporation by 14.0% in the second quarter. Ledyard National Bank now owns 2,706 shares of the technology company’s stock worth $171,000 after buying an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 78.69% of the company’s stock.
Fortive Corporation Company Profile
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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