Zacks Investment Research Upgrades Fortive (NYSE:FTV) to Hold

Fortive (NYSE:FTV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $71.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 4.61% from the company’s current price.

According to Zacks, “Fortive is benefiting from well-performing Professional Instrumentation segment. Further, strong product portfolio and positive contributions from acquisitions are driving the top-line growth of the company. The benefits from eMaint buyout are tailwinds. Additionally, solid momentum across the Industrial Technologies segment remains a positive. Further, robust Gilbarco Veeder-Root and Jacobs Vehicle Systems will upheld the company's position in North America and China. However, fluctuations in foreign exchange rates and higher expenses pose serious risks. Moreover, end-market cyclicality poses a serious threat to the company’s top-line growth. Further, uncertainties related to coronavirus pandemic are headwinds. The stock has underperformed its industry on a year-to-date basis.”

Several other equities analysts have also commented on FTV. Vertical Research upgraded Fortive from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a research note on Friday, June 5th. Cowen upgraded Fortive from an “underperform” rating to a “market perform” rating and set a $70.00 price target on the stock in a research note on Monday, March 9th. Barclays reaffirmed a “buy” rating and set a $73.00 price objective on shares of Fortive in a research report on Friday, April 17th. Citigroup started coverage on Fortive in a research report on Monday, April 27th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Morgan Stanley raised their price objective on Fortive from $72.00 to $83.00 and gave the company an “overweight” rating in a research report on Friday, June 19th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $76.57.

Shares of Fortive stock traded down $0.05 during trading on Tuesday, hitting $67.87. 39,480 shares of the stock traded hands, compared to its average volume of 2,693,495. The firm has a market cap of $22.36 billion, a P/E ratio of 42.16 and a beta of 1.24. The company has a current ratio of 1.62, a quick ratio of 1.32 and a debt-to-equity ratio of 0.82. Fortive has a 52-week low of $37.31 and a 52-week high of $83.18. The stock’s fifty day simple moving average is $63.37 and its 200 day simple moving average is $67.00.

Fortive (NYSE:FTV) last announced its quarterly earnings results on Thursday, April 30th. The technology company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.71 by $0.03. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.76 billion. Fortive had a return on equity of 17.55% and a net margin of 8.28%. The business’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.69 earnings per share. As a group, equities analysts expect that Fortive will post 2.82 EPS for the current year.

In other Fortive news, Director Alan G. Spoon bought 20,000 shares of the business’s stock in a transaction dated Wednesday, May 13th. The stock was acquired at an average cost of $54.46 per share, with a total value of $1,089,200.00. Also, Director Mitchell P. Rales sold 40,134 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $63.72, for a total value of $2,557,338.48. Following the completion of the transaction, the director now directly owns 3,399,396 shares of the company’s stock, valued at $216,609,513.12. The disclosure for this sale can be found here. Insiders sold a total of 80,081 shares of company stock worth $5,004,454 in the last quarter. Company insiders own 12.60% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FTV. TFG Advisers LLC purchased a new position in Fortive during the fourth quarter worth $28,000. Ropes Wealth Advisors LLC boosted its holdings in shares of Fortive by 78.6% during the first quarter. Ropes Wealth Advisors LLC now owns 525 shares of the technology company’s stock worth $29,000 after purchasing an additional 231 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Fortive during the fourth quarter worth $37,000. Meeder Asset Management Inc. boosted its holdings in shares of Fortive by 41.3% during the fourth quarter. Meeder Asset Management Inc. now owns 486 shares of the technology company’s stock worth $37,000 after purchasing an additional 142 shares during the last quarter. Finally, grace capital acquired a new stake in shares of Fortive during the fourth quarter worth $38,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

About Fortive

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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