Credit Suisse Group Initiates Coverage on Fortive (FTV)

Credit Suisse Group started coverage on shares of Fortive (NYSE:FTV) in a research report report published on Friday, Marketbeat Ratings reports. The firm issued a neutral rating and a $89.00 price target on the technology company’s stock.

A number of other equities research analysts have also issued reports on the stock. Wolfe Research lowered shares of Fortive from an outperform rating to a peer perform rating in a report on Tuesday, September 4th. UBS Group increased their price objective on shares of Fortive from $86.00 to $93.00 and gave the company a buy rating in a report on Thursday, August 30th. Zacks Investment Research raised shares of Fortive from a hold rating to a buy rating and set a $94.00 price objective for the company in a report on Monday, October 1st. Argus increased their price objective on shares of Fortive to $94.00 and gave the company a buy rating in a report on Thursday, September 13th. They noted that the move was a valuation call. Finally, Morgan Stanley set a $90.00 price objective on shares of Fortive and gave the company an equal weight rating in a report on Tuesday, October 2nd. Seven research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Fortive currently has an average rating of Buy and a consensus price target of $86.33.

NYSE FTV traded up $0.62 on Friday, reaching $79.20. 2,258,476 shares of the stock were exchanged, compared to its average volume of 3,089,438. Fortive has a one year low of $69.03 and a one year high of $88.34. The stock has a market cap of $29.40 billion, a price-to-earnings ratio of 27.40, a PEG ratio of 2.04 and a beta of 0.56. The company has a current ratio of 1.96, a quick ratio of 1.68 and a debt-to-equity ratio of 0.52.

Fortive (NYSE:FTV) last released its earnings results on Thursday, July 26th. The technology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.02. Fortive had a net margin of 16.38% and a return on equity of 27.22%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the business earned $0.71 EPS. The firm’s revenue was up 13.9% compared to the same quarter last year. Sell-side analysts forecast that Fortive will post 3.49 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Friday, August 31st were issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Thursday, August 30th. Fortive’s dividend payout ratio (DPR) is presently 9.69%.

In related news, VP Raj Ratnakar sold 30,912 shares of the firm’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $80.71, for a total value of $2,494,907.52. Following the completion of the transaction, the vice president now directly owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Barbara B. Hulit sold 15,000 shares of the firm’s stock in a transaction on Wednesday, August 1st. The shares were sold at an average price of $82.29, for a total transaction of $1,234,350.00. Following the completion of the transaction, the insider now directly owns 51,113 shares of the company’s stock, valued at $4,206,088.77. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,602 shares of company stock valued at $6,047,572. 12.20% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FTV. Toth Financial Advisory Corp boosted its stake in Fortive by 105.2% during the second quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock worth $106,000 after buying an additional 705 shares during the period. Fort L.P. purchased a new position in Fortive during the second quarter worth $122,000. Flagship Harbor Advisors LLC purchased a new position in Fortive during the second quarter worth $132,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Fortive by 5,816.7% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock worth $137,000 after purchasing an additional 1,745 shares during the last quarter. Finally, AdvisorNet Financial Inc bought a new stake in shares of Fortive during the second quarter worth $143,000. 81.42% of the stock is owned by 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 maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.

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Analyst Recommendations for Fortive (NYSE:FTV)

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