Fortive (FTV) Cut to Hold at Zacks Investment Research

Fortive (NYSE:FTV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Fortive Corporation is currently benefiting from strength in developed markets, improved performance by Tektronix and automation businesses in North America. Ongoing margin expansion owing to the Fortive Business System, acquisitions and strong free cash flow generation are the positives. We note that acquisitions of Industrial Scientific and Landauer is anticipated to drive recurring revenues. The company’s subscription-based radiation exposure services are focused in the medical end market. However, end market cyclicality, integration issues and uncertainties in the international markets pose concerns. In the past 12 months, the stock has underperformed the industry it belongs to.”

A number of other brokerages also recently weighed in on FTV. Argus upgraded shares of Fortive from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Royal Bank of Canada restated a “hold” rating and set a $79.00 target price on shares of Fortive in a report on Thursday, January 4th. SunTrust Banks restated a “buy” rating and set a $81.00 target price on shares of Fortive in a report on Friday, October 27th. Citigroup boosted their target price on shares of Fortive from $72.00 to $74.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Finally, Stifel Nicolaus boosted their target price on shares of Fortive from $62.00 to $72.00 and gave the stock a “hold” rating in a report on Friday, October 27th. Eight research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $71.45.

Shares of Fortive (NYSE FTV) traded up $0.77 on Tuesday, reaching $74.47. 1,280,000 shares of the company were exchanged, compared to its average volume of 1,110,000. The firm has a market capitalization of $25,880.00 and a P/E ratio of 28.10. Fortive has a fifty-two week low of $53.36 and a fifty-two week high of $75.69. The company has a debt-to-equity ratio of 1.06, a quick ratio of 1.54 and a current ratio of 1.95.

Fortive (NYSE:FTV) last issued its earnings results on Thursday, October 26th. The technology company reported $0.77 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.04. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.66 billion. Fortive had a net margin of 14.39% and a return on equity of 31.67%. The firm’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.65 earnings per share. analysts predict that Fortive will post 2.85 earnings per share for the current year.

In other Fortive news, SVP Stacey A. Walker sold 4,775 shares of the company’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $72.49, for a total value of $346,139.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider James A. Lico sold 50,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $73.14, for a total transaction of $3,657,000.00. Following the completion of the transaction, the insider now owns 166,014 shares in the company, valued at $12,142,263.96. The disclosure for this sale can be found here. 12.10% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in FTV. APG Asset Management N.V. boosted its position in shares of Fortive by 49.7% in the third quarter. APG Asset Management N.V. now owns 2,182,268 shares of the technology company’s stock valued at $154,483,000 after acquiring an additional 724,400 shares during the period. Toronto Dominion Bank boosted its position in shares of Fortive by 24.5% in the second quarter. Toronto Dominion Bank now owns 104,177 shares of the technology company’s stock valued at $6,598,000 after acquiring an additional 20,519 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Fortive by 14.0% in the third quarter. JPMorgan Chase & Co. now owns 2,221,540 shares of the technology company’s stock valued at $155,332,000 after acquiring an additional 273,003 shares during the period. Park National Corp OH boosted its position in shares of Fortive by 72.9% in the third quarter. Park National Corp OH now owns 46,309 shares of the technology company’s stock valued at $3,278,000 after acquiring an additional 19,529 shares during the period. Finally, Stephens Inc. AR bought a new stake in shares of Fortive in the third quarter valued at about $357,000. Hedge funds and other institutional investors own 78.75% of the company’s stock.

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About Fortive

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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