Fortive (NYSE:FTV) Downgraded by Melius to Hold

Melius lowered shares of Fortive (NYSE:FTV - Free Report) from a buy rating to a hold rating in a research note issued to investors on Tuesday, Marketbeat reports. The firm currently has $62.00 price target on the technology company's stock.

Several other equities analysts also recently weighed in on FTV. Robert W. Baird reduced their price target on Fortive from $88.00 to $82.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Citigroup dropped their price objective on Fortive from $84.00 to $69.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. BNP Paribas reaffirmed a "neutral" rating on shares of Fortive in a research report on Thursday, June 12th. Mizuho dropped their price objective on Fortive from $85.00 to $65.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 16th. Finally, Barclays dropped their price objective on Fortive from $86.00 to $58.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 9th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $69.36.

Fortive Trading Up 1.9%

Shares of Fortive stock traded up $0.94 during midday trading on Tuesday, reaching $51.08. 2,758,354 shares of the company's stock traded hands, compared to its average volume of 2,863,702. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.78 and a current ratio of 0.99. The company has a market cap of $17.36 billion, a PE ratio of 12.79, a price-to-earnings-growth ratio of 3.11 and a beta of 1.09. The stock has a 50 day moving average of $65.56 and a 200-day moving average of $71.31. Fortive has a 12 month low of $49.56 and a 12 month high of $83.32.

Fortive (NYSE:FTV - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The technology company reported $0.85 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.85. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.49 billion. Fortive had a return on equity of 13.19% and a net margin of 12.90%. The firm's quarterly revenue was down 3.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 earnings per share. As a group, equities analysts expect that Fortive will post 4.05 EPS for the current fiscal year.

Fortive declared that its board has approved a stock repurchase program on Tuesday, May 27th that authorizes the company to repurchase 15,630,000 outstanding shares. This repurchase authorization authorizes the technology company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, CEO James A. Lico sold 175,000 shares of Fortive stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $72.40, for a total transaction of $12,670,000.00. Following the sale, the chief executive officer owned 428,585 shares of the company's stock, valued at approximately $31,029,554. This trade represents a 28.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Peter C. Underwood sold 14,327 shares of Fortive stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $73.88, for a total value of $1,058,478.76. Following the sale, the senior vice president directly owned 51,750 shares in the company, valued at $3,823,290. This trade represents a 21.68% decrease in their position. The disclosure for this sale can be found here. 0.92% of the stock is owned by company insiders.

Institutional Trading of Fortive

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Parvin Asset Management LLC bought a new stake in Fortive during the 4th quarter valued at approximately $26,000. American National Bank & Trust bought a new stake in Fortive in the 1st quarter worth approximately $26,000. Accent Capital Management LLC bought a new stake in Fortive in the 1st quarter worth approximately $26,000. Global X Japan Co. Ltd. increased its stake in Fortive by 114.2% in the 1st quarter. Global X Japan Co. Ltd. now owns 377 shares of the technology company's stock worth $28,000 after acquiring an additional 201 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new stake in Fortive in the 4th quarter worth approximately $30,000. Institutional investors own 94.94% of the company's stock.

About Fortive

Fortive Corporation designs, develops, manufactures, and services professional and engineered products, software, and services in the United States, China, and internationally. It operates in three segments: Intelligent Operating Solutions, Precision Technologies, and Advanced Healthcare Solutions. The Intelligent Operating Solutions segment provides advanced instrumentation, software, and services, including electrical test and measurement, facility and asset lifecycle software applications, and connected worker safety and compliance solutions for manufacturing, process industries, healthcare, utilities and power, communications and electronics, and other industries.