Raymond James Lowers Fortive (NYSE:FTV) to Market Perform

Raymond James downgraded shares of Fortive (NYSE:FTV) from an outperform rating to a market perform rating in a research note released on Tuesday, Benzinga reports.

A number of other research firms also recently commented on FTV. Argus downgraded Fortive from a buy rating to a hold rating in a report on Monday, October 28th. Zacks Investment Research upgraded Fortive from a hold rating to a buy rating and set a $81.00 price objective for the company in a report on Friday, January 3rd. Royal Bank of Canada restated a hold rating and set a $79.00 price objective on shares of Fortive in a report on Wednesday, December 18th. Wolfe Research upgraded Fortive from a peer perform rating to an outperform rating in a report on Thursday, January 9th. Finally, JPMorgan Chase & Co. initiated coverage on Fortive in a report on Friday, November 15th. They set a neutral rating and a $72.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. Fortive presently has a consensus rating of Hold and a consensus price target of $81.85.

FTV traded up $0.58 during trading on Tuesday, hitting $77.82. The company’s stock had a trading volume of 105,963 shares, compared to its average volume of 1,747,420. The firm’s 50 day moving average price is $77.29 and its 200-day moving average price is $72.46. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.06 and a quick ratio of 0.88. The stock has a market cap of $26.64 billion, a PE ratio of 39.50, a PEG ratio of 3.55 and a beta of 1.22. Fortive has a twelve month low of $63.51 and a twelve month high of $89.48.

Fortive (NYSE:FTV) last issued its quarterly earnings results on Thursday, February 6th. The technology company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.06. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.95 billion. Fortive had a return on equity of 17.53% and a net margin of 10.09%. Fortive’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.91 EPS. Equities analysts anticipate that Fortive will post 3.75 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Investors of record on Friday, February 28th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $0.28 dividend on an annualized basis and a yield of 0.36%. Fortive’s dividend payout ratio (DPR) is 8.05%.

A number of institutional investors have recently made changes to their positions in FTV. Capital City Trust Co. FL boosted its position in Fortive by 2.5% in the 4th quarter. Capital City Trust Co. FL now owns 5,759 shares of the technology company’s stock valued at $440,000 after buying an additional 142 shares during the last quarter. Meeder Asset Management Inc. boosted its position in Fortive by 41.3% in the 4th quarter. Meeder Asset Management Inc. now owns 486 shares of the technology company’s stock valued at $37,000 after buying an additional 142 shares during the last quarter. VeraBank N.A. boosted its position in Fortive by 2.2% in the 4th quarter. VeraBank N.A. now owns 6,887 shares of the technology company’s stock valued at $526,000 after buying an additional 150 shares during the last quarter. Mirador Capital Partners LP boosted its position in Fortive by 2.3% in the 4th quarter. Mirador Capital Partners LP now owns 7,158 shares of the technology company’s stock valued at $547,000 after buying an additional 164 shares during the last quarter. Finally, MAI Capital Management boosted its position in Fortive by 2.2% in the 4th quarter. MAI Capital Management now owns 8,376 shares of the technology company’s stock valued at $640,000 after buying an additional 178 shares during the last quarter. 82.32% of the stock is owned by hedge funds and other institutional investors.

Fortive Company Profile

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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