Fortive (NYSE:FTV – Get Rating) had its price target hoisted by equities research analysts at Morgan Stanley from $64.00 to $68.00 in a report released on Friday, Marketbeat reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price suggests a potential upside of 5.52% from the stock’s current price.
Several other research analysts have also commented on FTV. Loop Capital dropped their price objective on shares of Fortive from $84.00 to $78.00 and set a “buy” rating for the company in a research note on Tuesday, July 19th. Robert W. Baird lowered their target price on shares of Fortive from $81.00 to $77.00 in a research note on Friday. Cowen lowered their price objective on shares of Fortive from $80.00 to $70.00 and set a “market perform” rating for the company in a research note on Thursday, June 2nd. Credit Suisse Group set a $74.00 price objective on shares of Fortive in a research note on Tuesday, July 19th. Finally, StockNews.com began coverage on shares of Fortive in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $70.00.
Fortive Price Performance
Shares of Fortive stock traded up $1.97 on Friday, hitting $64.44. 57,396 shares of the company traded hands, compared to its average volume of 2,870,062. The stock has a market capitalization of $23.10 billion, a P/E ratio of 35.44, a price-to-earnings-growth ratio of 2.03 and a beta of 1.11. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.74 and a current ratio of 0.96. Fortive has a 52 week low of $52.47 and a 52 week high of $79.87. The business has a 50-day simple moving average of $57.54 and a 200 day simple moving average of $60.91.
Fortive (NYSE:FTV – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.06. The firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Fortive had a net margin of 12.32% and a return on equity of 10.87%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share. Research analysts expect that Fortive will post 3.05 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Fortive news, Director Alan G. Spoon purchased 17,400 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The shares were bought at an average price of $58.25 per share, for a total transaction of $1,013,550.00. Following the acquisition, the director now owns 98,861 shares in the company, valued at $5,758,653.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.40% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its position in shares of Fortive by 87.9% during the 2nd quarter. Russell Investments Group Ltd. now owns 585,889 shares of the technology company’s stock valued at $31,864,000 after buying an additional 274,135 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its stake in shares of Fortive by 5.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 122,754 shares of the technology company’s stock worth $6,675,000 after acquiring an additional 6,748 shares during the last quarter. Whittier Trust Co. increased its stake in shares of Fortive by 1.1% in the 2nd quarter. Whittier Trust Co. now owns 303,014 shares of the technology company’s stock worth $16,478,000 after acquiring an additional 3,252 shares during the last quarter. Sageworth Trust Co of South Dakota increased its stake in shares of Fortive by 27.7% in the 2nd quarter. Sageworth Trust Co of South Dakota now owns 4,171 shares of the technology company’s stock worth $227,000 after acquiring an additional 905 shares during the last quarter. Finally, Park Avenue Securities LLC increased its stake in shares of Fortive by 30.3% in the 2nd quarter. Park Avenue Securities LLC now owns 17,916 shares of the technology company’s stock worth $974,000 after acquiring an additional 4,161 shares during the last quarter. Hedge funds and other institutional investors own 95.21% of the company’s stock.
About Fortive
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Intelligent Operating Solutions segment offers connected reliability tools; environment, health, safety, and quality enterprise software products; facility and asset lifecycle software; pre-construction planning and construction procurement solutions; ruggedized professional test tools; electric, pressure, and temperature calibration tools; and portable gas detection tools for a range of vertical end markets including manufacturing, process industries, healthcare, utilities and power, communications and electronics, and others.