Zacks: Brokerages Anticipate Fortive Corporation (FTV) Will Announce Quarterly Sales of $1.66 Billion
Brokerages predict that Fortive Corporation (NYSE:FTV) will report sales of $1.66 billion for the current quarter, according to Zacks Investment Research. Eight analysts have made estimates for Fortive Corporation’s earnings, with estimates ranging from $1.64 billion to $1.68 billion. Fortive Corporation reported sales of $1.57 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 5.7%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Thursday, October 26th.
On average, analysts expect that Fortive Corporation will report full year sales of $1.66 billion for the current year, with estimates ranging from $6.50 billion to $6.63 billion. For the next year, analysts forecast that the firm will post sales of $6.90 billion per share, with estimates ranging from $6.76 billion to $6.99 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Fortive Corporation.
Fortive Corporation (NYSE:FTV) last released its earnings results on Thursday, July 27th. The technology company reported $0.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.61 billion. Fortive Corporation had a return on equity of 32.88% and a net margin of 14.02%. The company’s revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS.
Several analysts have issued reports on the company. Zacks Investment Research upgraded Fortive Corporation from a “hold” rating to a “buy” rating and set a $71.00 price objective on the stock in a research note on Monday, July 24th. Morgan Stanley restated an “equal weight” rating on shares of Fortive Corporation in a research note 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 note 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 note on Sunday, July 30th. Finally, Citigroup Inc. restated a “neutral” rating and issued a $72.00 price objective (up previously from $65.00) on shares of Fortive Corporation in a research note on Monday, October 9th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $66.50.
Fortive Corporation (FTV) traded down 0.74% during mid-day trading on Friday, reaching $71.49. The company’s stock had a trading volume of 1,314,820 shares. The company has a 50 day moving average of $69.09 and a 200-day moving average of $64.71. The stock has a market cap of $24.81 billion, a PE ratio of 28.16 and a beta of 0.37. Fortive Corporation has a 52-week low of $46.81 and a 52-week high of $73.21.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, August 25th were given a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Wednesday, August 23rd. Fortive Corporation’s payout ratio is 11.02%.
In other news, CFO Charles E. Mclaughlin sold 6,565 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $66.09, for a total value of $433,880.85. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 12.10% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of FTV. Jacobi Capital Management LLC grew its position in shares of Fortive Corporation by 25.5% in the first quarter. Jacobi Capital Management LLC now owns 1,724 shares of the technology company’s stock valued at $104,000 after purchasing an additional 350 shares during the last quarter. BDO Wealth Advisors LLC acquired a new position in shares of Fortive Corporation in the second quarter valued at approximately $128,000. Westwood Holdings Group Inc. acquired a new position in shares of Fortive Corporation in the second quarter valued at approximately $139,000. Sun Life Financial INC grew its position in shares of Fortive Corporation by 21,940.0% in the second quarter. Sun Life Financial INC now owns 2,204 shares of the technology company’s stock valued at $140,000 after purchasing an additional 2,194 shares during the last quarter. Finally, CENTRAL TRUST Co grew 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 purchasing an additional 23 shares during the last quarter. 78.54% of the stock is currently owned by institutional investors.
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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