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Fortive (NYSE:FTV) Lifted to "Hold" at Zacks Investment Research

Last updated on Tuesday, June 30th, 2020 by MarketBeat

Fortive (NYSE:FTV) was upgraded by Zacks Investment Research from a "sell" rating to a "hold" rating in a research report issued to clients and 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 target suggests a potential upside of 4.61% from the company's previous close.

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."

A number of other analysts have also recently weighed in on the company. Citigroup began coverage on Fortive in a research report on Monday, April 27th. They set a "buy" rating and a $70.00 price objective for the company. Robert W. Baird raised Fortive from a "neutral" rating to an "outperform" rating and set a $80.00 price objective for the company in a research note on Thursday, June 25th. Morgan Stanley raised their price objective on Fortive from $72.00 to $83.00 and gave the company an "overweight" rating in a research note on Friday, June 19th. They noted that the move was a valuation call. Barclays reaffirmed a "buy" rating and issued a $73.00 price objective on shares of Fortive in a research note on Friday, April 17th. Finally, Credit Suisse Group dropped their price target on Fortive from $85.00 to $71.00 and set an "outperform" rating for the company in a research report on Wednesday, May 6th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has an average rating of "Buy" and a consensus price target of $76.57.

Shares of NYSE:FTV traded down $0.05 on Tuesday, hitting $67.87. 39,480 shares of the company's stock were exchanged, compared to its average volume of 2,693,495. The firm's 50-day moving average is $63.37 and its 200 day moving average is $67.00. The company has a market capitalization of $22.36 billion, a PE ratio of 42.16 and a beta of 1.24. Fortive has a 1-year low of $37.31 and a 1-year high of $83.18. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.32 and a current ratio of 1.62.

Fortive (NYSE:FTV) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.71 by $0.03. The business had revenue of $1.71 billion during the quarter, compared to analysts' expectations of $1.76 billion. Fortive had a return on equity of 17.55% and a net margin of 8.28%. The business's quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.69 EPS. On average, analysts anticipate that Fortive will post 2.82 EPS for the current fiscal year.

In other news, SVP William W. Pringle sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $62.86, for a total value of $314,300.00. Following the completion of the transaction, the senior vice president now directly owns 69,183 shares in the company, valued at approximately $4,348,843.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alan G. Spoon bought 20,000 shares of the company's stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average price of $54.46 per share, with a total value of $1,089,200.00. Insiders have sold a total of 80,081 shares of company stock valued at $5,004,454 in the last ninety days. 12.60% of the stock is currently owned by insiders.

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

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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